In the January 2010 issue of RentGrow, a national tenant screening company and NARPM Affiliate, stated that 2009 was filled with enormous job loss and record high foreclosures causing a turbulent rental market. RentGrow stated that rental traffic in 2009 was down because would-be tenants were staying put or moving in with family. First Rate Property Management saw this trend as well, but found that tenants weren’t just moving back home with mom and dad, many were consolidating households to save money. With no indications of an improved job market within the Boise area, I predict that 2010 will be similar to 2009 as far as the amount of applications processed.
RentGrow did predict a Decline in Credit Quality of Applicants. They stated that with job losses and home foreclosures at record highs in 2008 and 2009, the credit worthiness of the average American declined significantly. With economic recovery, individuals will be trying to re-enter the rental market, but their credit scores won’t be as quick to recover. I believe this to be very accurate, as we’ve been seeing the quality of our applicants declining each and every year for several years now.
RentGrow also anticipated an Increase in Applicants with No Credit History. In their newsletter, they cited that the percentage of applicants with no credit history is expected to increase in 2010 due to a growing rental population of young adults and major legislative reform effecting credit card companies.
Visit http://www.rentgrow.com/ to view their January 2010 newsletter
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