Study: Bay Area renters have high credit scores
A new RENTCafé study shows San Francisco is tops in the nation for highest credit scores for renting. It also ranks as the most competitive market in terms of credit for the youngest generations of renters.
The report notes:
- San Francisco renters have an average credit score of 719, 81 points higher than the national average of 638.
- For Millennials renting in San Francisco the apartment market is all the more challenging as the average credit score for their age segment here is 726 – the highest for Millennials anywhere. Their younger peers renting in San Francisco, Gen Zs have an average credit score of 688 points, a score only surpassed by Gen Zs renting in Boston (691).
- Even San Francisco renters living in more affordable apartments have a very competitive average credit score – 703. With a similar score, they could easily get a high-end apartment in Sacramento or across the border in Las Vegas.
- The East and South bays are also present among the nation’s areas with the highest credit scores to rent an apartment, with Oakland (702 average credit score) and San Jose (699) ranking 5th and 6th respectively.
- San Jose and Oakland are also the 5th and 6th most competitive renter hubs for Millennials. Gen Y renters living in these two cities have average credit scores of 712 and 713, respectively. According to a previous study, Oakland is expected to be the third future hotspot for Millennial renters.
To read the full study, and see how other markets rank visit: https://www.rentcafe.com/blog/rental-market/credit-score-to-rent-an-apartment/
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