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Deposits Aren’t Enough, It Takes Great Credit Scores To Rent In Boston

By Jim Morrison | Banker & Tradesman Staff | Nov 13, 2017 | Reprints | Unlock Link

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The Massachusetts Office for Refugees and Immigrants last week launched the Financial Literacy for Newcomers Program

Potential renters have to come up with more than a deposit to rent in the Boston market these days; they’ll need excellent credit as well.

The average credit score of successful renters in the “city on a hill” is 737, which is both the highest in the country and 87 points higher than the national average, according to a report released by the apartment search site RentCafe.

Boston is the third most expensive city for renters in the country, with an average monthly rent of $3,232, according to Yardi Matrix. The reports says rents in Boston have increased 25 percent in the last five years.

The average credit score of a rejected applicant was 667, which is higher than the average credit score of most successful applicants in 35 of the 50 cities in the study.

B&T Daily