Much like every other thriving urban hub around the country, L.A. has a record-high number of new apartments entering the market and a steadily growing renter population. But how easy is it really to get into an L.A. apartment? And what are the average incomes associated with applications that are accepted or rejected? These are all key points of the most recent RENTCafé study on rental applications :
- 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.
- L.A.’s applicant pool is largely made up of millennial renters – approx. 62.6%, followed by Baby Boomers at 12.6%.
- How much do you need to earn to easily get into a Los Angeles apartment? The average income of approved submissions is around $99,000 vs. $79,000 for those rejected.
- If more apartments mean more choice for renters – and higher acceptance rates in general – things are less rosy for renters in cities where demand is strong and available rental stock is limited. At 29.2%, Scottsdale has the highest rejection rate in the country.
- And finally, what’s keeping renters out of their apartments? Income is one of the main things that allow renters to pursue the homes they desire; but it’s not the most likely criterion that will get you ousted. About 33% of applications are rejected because of accounts in default, collection, or charged-off, from minor to severe levels.
For the full report, visit https://www.rentcafe.com/blog/renting/rental-application-approvals-highest-approval-rates-millennial-hubs-seattle-portland/.
