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Rental Application Approvals Are Up, Where are Highest Approval Rates?
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Thriving urban hubs across the U.S. are experiencing a record-number of new apartment projects deliveries, as well as swelling renter populations. A recent study by RENTCafe and Yardi Resident Screening data looked at the application process to determine how easy it is to get into these projects, as well as the average incomes of applicants that made it or were rejected.
Key findings include:
- Approvals of rental applications are up, from 81.7% in 2014 to 83.2% in 2017, with Gen-Z applicants boasting the highest acceptance rates: 91.8%.
- Gen-X-ers, generally regarded as the most debt-laden generation in the U.S., also have the lowest approval rates on rental applications, 77.5%.
- 90.3% of Los Angeles applicants get accepted, the fifth-highest approval rate in the country.
- LA.’s applicant pool is largely made up of millennial renters, roughly 62.6%, followed by Baby Boomers at 12.6%.
- The average income of approved submissions in Los Angeles is around $99,000, vs. $79,000 for those rejected.
- At 29.2%, Scottsdale has the highest rejection rate in the country.
- Roughly 33% of applications are rejected because of accounts in default, collection, or charged-off, from minor to severe levels.
Top Cities with Highest Application Rates for Renters
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