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Renting In Austin? Landlords Look for these Credit Indicators

Looking to rent an Austin apartment? You'll want to make sure that your credit hasn't fallen prey to these indicators, and that you're taking steps to grow your credit and rental history in the right direction. Our friends at The Phenix Group are able to help you with credit repair so our Austin apartment locators can help you crush your Austin apartment search.

Austin, TX is a booming city, especially if you are a young professional. Modern jobs in industries like technology are plentiful, the city is bustling with life and housing developments are popping up all over the city. Sound enticing?

You may be chomping at the bit to rent an apartment in Austin but also wondering if your credit history is up to snuff. If so, congratulations: you have made the first responsible consideration for renting in Austin.

Let’s look over the aspects of your credit report that landlords have been known to consider in Austin.

Evictions

Have you ever been evicted from a rental property before? If so, don’t give up hope just yet. Not all rental agreements are a matter of public record. Even if you have been evicted, it may not show up on your credit report.

Still:

If you have been evicted and that particular lease was indeed reported to the credit bureaus, you may find it very difficult to rent in Austin.

Stated by credit repair Austin companies, landlords look at your prior lease agreements to determine how trustworthy they can expect you to be, how you treated the lease contract and how you behaved in other rental properties.

Have you ever heard of the saying “history repeats itself?” This is how landlords will view evictions in your credit report. An eviction is generally a huge red flag, signifying that you may be destructive to property or a nuisance to neighbors.

A landlord will also look at prior lease agreements to contact your old landlords or to see if you still owe money.

Stability and Consistency

Owners and management companies in Austin will also be looking for consistency and stability. They will look at your credit report to see if you make payments on time to multiple accounts.

They may also want to see whether or not you have a reliable work history. If you have jumped from job to job, never staying with one for more than a year, it signifies an unstable income to a landlord.

How can you be trusted to pay your rent on time when you are constantly changing jobs?

You may want to rent in Austin right now, but it may be best to put your aspirations on hold for a while if you haven’t established yourself long-term with a single employer yet.

Debt to Income Ratio

You never want to have to dedicate more than 50% of your income to your current debts.This tells a landlord that you are most likely ill-equipped to pay the rent.

You may have big dreams of Austin, but if your amount of monthly debt is near half what you make in a month, consider working your debt down before applying for apartments. We know you’ll want a place where all of the action is so you can fully absorb everything Austin has to offer.

A landlord needs to see that you will be able to pay them along with other debts you currently hold. High levels of debt may not necessarily be a bad thing, so long as you have a significantly higher amount of income.

A credit score is usually a good indicator of this and an easy way for landlords to narrow down their potential tenants. So, what is considered a good credit score anyway? Typically a score of 700 or above is considered to be a good credit score on a scale from 300 to 850.

However:

The necessary credit score to rent a property depends on the landlord and the property where you are wanting to rent. Think the higher the monthly rent the higher the credit score you will most likely need to have. Our friends at Phenix Credit Repair are here to help you!

Be sure to check your credit score often, practice good spending and debt payment habits and find out ways you can improve your credit. Happy Austin apartment hunting!

about the author

Drew Johnson

Owner + Broker

512.468.9454

drew@craftapartmentlocators.com

Originally from Ft. Worth, Texas, Drew fell in love with the city of Austin as a kid when he was captivated by its eclectically progressive lifestyle and music scene. Drew spent four years at Trinity University earning his degree in Business Marketing, during which time he spent a semester abroad in Sevilla, Spain.

Upon landing in Austin in 2010, Drew hit the ground running by becoming a top apartment locator in Austin before leveling-up to be a Realtor to help folks with buying homes. But being just a Realtor wasn't enough, and Drew had a vision for a brokerage that did both sales and apartment locating at a high level. With this dual expertise, Drew founded Austin Craft Realty in early 2016.

In late 2019, Drew decided to pivot his company towards the fast-paced, fun, and opportunity-friendly apartment locating industry. Already experts in the field, ACR was re-branded to Craft Apartment Locators in October and is no longer be associated with the Austin Board of Realtors. Drew is very excited for the opportunities that come with focusing on what his company does best: helping Austinites find fantastic deals on Austin apartments.

While Drew is no longer a Realtor himself, he has excellent connections in real estate and is happy to recommend a great Realtor to you.

When Drew isn’t working hard to constantly improve Craft Apartment Locators, you might find him bicycling around town, serving on the board of the Young Men’s Business League, playing saxophone at some of Austin's best venues, and enjoying the latest craft brews. He is a proud homeowner in the exciting and vibrant East Austin 78702.

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