DALLAS—This is a record-breaking year in more ways than one, with more new apartments coming on line annually than at any time in the last 20 years. Homeownership is at an historic low, rents are growing and the renter cohort keeps expanding.
The percentage of rental applications approved has been constantly increasing since 2014, according to a recent analysis by RENTCafé of resident screening data provided by RentGrow, a tenant screening service.
“Nationally, 81.7% of applications for lease submitted in 2014 were approved and the rate has gone up to 83.2% in 2017. The percentage point change may seem inconsequential, but for every 1 million applications, the increase translates into an additional 15,000 approvals,” RentCafe real estate editor Nadia Balint tells GlobeSt.com.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
