Passing a Credit Check for Furnished Rentals in Denver

Corporate Housing Solutions | Nov.25, 2017

A recent article in the Westword referencing a new study found Denver to be one of the hardest cities for renters to pass a credit check in,

"The credit score required for renters to get approved in Denver remains among the highest in the country, partly because of the still-red-hot housing market in the Mile High City.So says Nadia Balint, author of a new study for RENTCafe. The analysis found that the average credit score of approved renters in fifty major cities across the country stands at 650, a number that's risen by 12 points in the last three years. In Colorado Springs, the median credit score is mighty close to the aforementioned national number: 651. But in Denver, the average figure stands at 676, landing the community just inside the top fifteen for U.S. cities with the highest average rent credit score needed for approval. And the average credit score of rejected Denver rent applicants — 553 — is on the high side, too." (Westword)

For renters this has always been a challenge. When management companies qualify a renter they are looking at a few things as indicators as to how you will treat the rental property, and also whether or not you have the income to pay every month of the lease agreement. To determine this a credit check is almost always done.

While most rental companies have stringent guidelines this is mainly because of the multiple month lease agreement. Having to pay for a long term lease means the renter will need to prove that they have been, and will be financially stable for the duration of the lease agreement.

Now this may be true for long-term rentals, but with furnished housing, and short-term rentals the management company can be a little more flexible. This is mainly due to the fact that the renter isn't signing a long-term leasing contract but only for a maybe a month or two. The criteria for stability is not as tight for a short-term rental like it would be on a long-term rental lease. While the credit check and the income qualification will always be a part of making this determination, short-term rentals will always be slightly easier as a result, and may be a good first step to helping get a renters credit back in shape for long-term credit situations.

Another factor is with furnished rentals, typically all the utilities and other things that may need credit checks for use are lumped into the rental price. Corporate Housing Solution provides all of these things in addition to a short-term rental solution.

"We offer furniture, housewares , local telephone service with features, unlimited domestic long distance, expanded basic cable, high-speed internet, utilities and more – everything you need to settle in to your new place. Move in with your clothes and personal items and make only one payment a month. You’ll have everything you need to make your stay successful and comfortable." (CHS)

One of things you can do is check with your management company to see if they can help you get into a furnished rental with the idea of using that as a means to rebuild credit to better position yourself for a long-term or even mortgage situation in the future. Here are a few more tips on how to establish your credit.