Stars And Stripes Real Estate Blog

“Strong local economies coupled with low unemployment rates are likely driving the improvement in the average ResidentScore," Doherty said in a statement. “This is positive news for renters as fewer applicants are likely to be declined or be subject to higher deposits. For property management companies, this is a major plus as the likelihood of evictions, which can cost thousands of dollars, drops precipitously when renters have a higher ResidentScore,” he added. To create this report, TransUnion examined over 500,000 move-ins and payment performance over a 15-month period as reported by property managers.Over that 15-month period, only 1.1% of the residents with renter scores of 720 or higher were evicted or skipped out on their leases. That percentage increases drastically as you move down in quality of credit. A whopping 41.9% of residents with credit scores below 540 were evicted or skipped their leases. On average, renters who skip out on their leases leave with $4,215 in expenses that property managers must eat.