Based on the evolving world conditions, rising rent is a trickle down effect in real estate for rental properties. Rent has almost doubled and salaries remained nearly the same, food and gasoline prices has increased. It is expected for rent to rise up to 7.1% before the year is out. Many ask when is there an end to this? This is a national problem and wondering how or when it will be resolved. There is a good ratio of renter's sitting on a very low credit score during these times. However it is a great time for landlord's to sell, for many tenants landlord's are cashing out at the all time high housing market to sell. Therefore, being that if a tenant has bad credit this can cause a major issue to low credit score. With a housing shortage it is difficult to rent and buy a home. The top priority in the landlord eyes to accept a tenant they must have very good credit due to the volume of applicants for a home.
It is vital to maintain good credit at all times and monitor and understand the credit reporting system. Learn about the proper procedures and how to dispute to correct certain items on your credit report. Equifax, Trans-union and Experian are the three major reporting credit bureau's to determine if you are credit worthy for loans and credit cards. This system is designed around you credit score. Each business has a different model and profile. All three have different credit reporting, models and profiles, each one may report different score.
As applications come in, you are competing against others and you must shine on paper compared to others to be accepted. There is an abundance of renters looking for the last few years since the pandemic hit. So let's be educated to be on your way.