What credit score do you need to rent an apartment? (2024)

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• Credit score requirements for apartments vary by landlord, but most require at least a 670.
• Landlords can also view your credit report for any delinquencies or accounts in collections.
• If you have a low credit score, landlords may ask for upfront payments, guarantors, or references.

Your credit score measures how responsible you are with your finances and debt repayments. These are often used by lenders to assess the risk you pose as a borrower. However, landlords can also look at your credit report and make rental decisions based off your credit score.

What credit score do you need to rent an apartment?

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. Of course, having a low credit score doesn't automatically disqualify you from renting an apartment, but a solid score will give you a higher chance of getting the keys.

While your credit score will suffice for some landlords, under the Fair Credit Reporting Act, landlords are also allowed to view your credit reports. This does not result in a hard inquiry on your credit report. Instead, it will appear as a soft inquiry, which does not affect your credit score.

What do landlords look for on your credit report?

Landlords check your credit reports for the same reason lenders do: To assess your ability to pay bills on time and how risky you are to work with. To determine this, they'll look for a few pieces of information.

• Your rental and payment history. If you have a history of paying rent late or defaulting on loans, your landlord may view you as a risky potential tenant and deny your rental application.
• Collection items and public records. Evictions, unpaid utilities, accounts in collections, and bankruptcy can all leave a stain on your credit report for up to seven years, sometimes even ten. These negative items are often deal breakers for landlords.

So, before submitting your rental application, request a free copy of your credit reports from the three major credit bureaus — Experian, Equifax, and TransUnion — at AnnualCreditReport.com so you know exactly where your credit stands.

How to rent an apartment with a low credit score?

You can still find an apartment to rent despite having a less-than-ideal FICO score. Here are a few strategies to try:

• Check all your credit scores.With three credit bureaus and multiple iterations of credit scoring algorithms FICO and VantageScore, you'll have multiple credit scores to choose from and some may be higher than others. While you won't see an immense difference between your credit scores, you may see 10 to 20-point variations that could make the difference between a fair and good credit score.
• Pay more upfront. One way to make landlords less hesitant about renting to you is by offering a higher security deposit or paying a few months' rent upfront. This way, in the unlikely event that you default on your lease, your landlord will have more money to cover losses.
• Get a guarantor. A guarantor signs your rental agreement with you and promises to pay your rent if you default. They are another way to make you a more attractive applicant, as they assure your landlord that rent will be paid one way or another. Guarantors can be family members, friends, or a third-party service. However, the income requirements are often much higher for guarantors than tenants.
• Prove your stable income. If you can demonstrate that you make at least three to four times your rent and have been earning a stable income for some time, landlords may view you as a more trustworthy tenant.
• Get references. Having previous landlords vouch for you is another way to convince future landlords that you're a responsible tenant despite your low credit score.
• Find a roommate. If your roommate has an excellent credit score, landlords may be willing to overlook yours. Having a roommate also increases the overall qualifying income on your rental application.

Ways to boost your credit score

If your credit score isn't stellar right now, don't worry. Here are a few steps you can take to improve your credit score and make yourself the ideal candidate for an apartment.

Improve your credit utilization. Credit utilization refers to the ratio of your current credit balances to your credit limits. For example, if you have a total credit card balance of $1,000 and a total credit limit of $5,000, your credit utilization would be 20%. Most financial experts recommend keeping it under 30%, though the lower the better.

"You could improve your credit utilization by paying down existing debt or asking for higher credit limits," suggested Kendall Meade, Certified Financial Planner at SoFi. Note that some credit card companies may increase your credit limits automatically, but for others, you may have to call in to request it. Additionally, credit card companies may

Build out your credit history.Building credit often takes time. As a result, younger consumers generally have lower credit scores than those with more extensive credit histories. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745.

Fortunately, there are tools that can help you build credit. Credit builder loans and rent reporting companies can help you add credit history onto your credit report. Using these products, you can build credit without the temptation to overspend that comes with a traditional credit card.

Both the best credit builder loans and the best rent reporting companies will report your payments to all three credit bureaus.

Sign up for credit monitoring programs. Credit monitoring services like CreditWise and Aura can keep you updated on where your credit stands. Though these services won't directly help you build credit, keeping track of your credit score is a crucial part of the credit building process. Some of the best credit monitoring services are even free.

Don't open any new accounts. While opening a new account may positively impact your total credit availability, "it will lower the average age of your accounts and result in an inquiry, both of which lower your score," warned Jay Zigmont, PhD, CFP®, Founder and CEO of Childfree Wealth. If you know you're going to be applying for an apartment, Zigmont suggests that you refrain from opening any new credit accounts for six months beforehand.

Pay bills on time. Your payment history accounts for 35% of your credit score, making it the most influential factor. If you often forget to pay rent, credit card payments, or utilities on time, set up automatic bill payments so you never have to worry about accidentally missing a payment.

Apartment credit score requirements frequently asked questions