How High of a Credit Score Must You Have to Rent an Apartment

Requirements for a Credit Score

There isn’t a one-size-fits-all solution when it comes to credit score criteria. However, when we asked 15 experts, most of them said that you need a credit score of at least 650 to get an apartment without any extra requirements, such as larger deposits, guarantors, or paying extra rent in advance. The experts also mentioned that different landlords or buildings may have different credit score requirements. While some landlords might be more forgiving with a score of 600, others would demand a minimum score of 700.

Typical credit score requirements for landlords in NYC, for instance, are 650 or above. It’s uncommon to find a landlord that will take a credit score below 650. Some landlords can be a little harsher and need minimum credit scores of 700. Landlords may opt to ignore some components of a renter’s application if their credit score is low, even if they often don’t cut rents for applicants with better credit ratings.

In comparison to larger businesses, smaller property management firms or boutique agencies typically have more lenient credit score criteria. A high credit score is necessary since certain landlords may value credit more than income. Even if a tenant has a poor credit score, others can be more understanding if they have a sizable salary.

Credit Score on Average

The average credit score for millennials ranges from 652 for younger millennials (age 22 to 28) to 665 for older millennials (age 29 to 35). This implies that the majority of millennials will only scrape by with the required minimum credit score of 650.

Even if your credit score might not be excellent, you can still rent an apartment. To make up for a low credit score, landlords or rental agencies could work with you and request more upfront rent, more references, or a bigger security deposit.