Are You Looking To Rent An Apartment?

The higher the credit score, the higher the chances one can rent the apartment of their dreams. Since 2018, the average credit score to rent an apartment in the U.S. has been going up by one point each year, reaching 638 in 2020, according to a new analysis by RENTCafé of 5 million lease applications nationwide.

Summary Analysis

Highest Average Credit Score

By generation, Baby Boomer renters led all other generations in 2020 with an average credit score of 683. Since they’ve had more time to build up their scores, they’re in better shape than Gen Xers (653), Millennials (644) and the youngest renters, just starting to live on their own, Gen Zers (586).

2020 Average Credit Scores of Renters by Generation and Building Type

Baby Boomers lead the way again with some of the highest average credit scores for all three types of buildings, followed by Gen Xers, Millennials and Gen Zers. The only discrepancy is in low-end buildings. In this case – and just behind Baby Boomers – Millennial applicants have a higher average credit score (612) than both Gen Z (551) and Gen X (606).

Top 10 cities with the highest and lowest credit scores to rent apartments

According to data from the top 50 largest cities, credit scores of apartment renters range from more than 700 in some of the most competitive markets – like San Francisco, Boston, New York, Seattle and Oakland, CA to less than 600 in Arlington, TX, Memphis, TN, Las Vegas, Indianapolis and Baltimore.

Over the last 3 years, renters living in Detroit improved their credit scores constantly, bringing the city's average to 636 by 2020. Out of the 50 largest cities in the U.S. ranked by the average credit score, Detroit is the 25th

• Over the last 3 years, the average credit score in Detroit went up by 48 points, reaching 636 by the end of 2020. This increase results from renters of all ages upgrading their credit scores since 2018.
• Curious who improved their credit scores the most? Despite being young, Gen Z renters made the most impressive leap in terms of credit — 173 points in the last 3 years, reaching 617 in 2020.
• By the end of 2020, Millennials renting in Detroit were in a better credit shape than Baby Boomers (622) and Gen Xers (632), the preceding generations, reaching an average score of 648.
• The average score for renting in a high-end building in Detroit is 682. So, renters would need an additional 46 points to secure a lease in this type of building.

To view the full study visit https://www.rentcafe.com/blog/rental-market/credit-score-to-rent-an-apartment/