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Renters Now Able to Afford More, Report Says

Renters Now Able to Afford More, Report Says

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By Shelby Bremer

CoreLogic recently released its Rental Applicant Risk report for the first quarter of 2013, and it looks promising for consumers on the hunt for a place to rent this year. The report provides market-based research intended to shed some light on the housing market specifically for renters. Their Renter Applicant Risk index evaluates applicants’ credit quality and their risk of default, and the RAR index for the first quarter of 2013 is at a healthy 104, up 2 points from last year and up from 99 at this time in 2011.

A RAR index above 100 indicates applicants have better credit, and are better able to meet their lease obligations. “As the economy continues to grow slowly, conditions appear cautiously optimistic for continued improvement in renter applicant qualifications in the year ahead,” said CoreLogic SafeRent senior director Jay Harris. “During this relatively upbeat period, renter trends are pointing toward increased confidence among property owners and applicants.”

While this shows that the overall credit quality of prospective renters in the U.S. improved in the past …read more