Renting in the Digital Age: Why Your Credit Score Matters
A new era in rental houses: Pay attention to your credit score!
As the ongoing disputes between landlords and tenants persist, a new era has emerged in the housing rental market. Nowadays, homeowners are increasingly requesting a working civil servant to act as a guarantor when renting out their properties. Additionally, tenants with low credit scores are facing difficulties in securing rental accommodations.
One significant development in the rental market is the implementation of a 25 percent limit on rent increases, which was put into effect in 2022. However, this limit is set to expire on July 1, 2024, causing concerns among landlords who argue that they are subject to restrictions even when tenants pay significantly below market rental rates. Landlords are now calling for the removal of the limit on rent increases to take place as soon as possible.
In light of these challenges, landlords are taking steps to protect themselves by requesting various documents from tenants. These documents often include a credit score report, SSI certificate, and a copy of the tenant’s criminal record. Additionally, eviction commitments are now standard in every rental contract, giving landlords the right to evict tenants at any time.
Landlords emphasize the importance of renting to tenants with good credit scores and are increasingly requesting a public servant to serve as their guarantor. This shift in the rental market indicates a growing emphasis on financial stability and reliability among tenants.
As the rental housing market continues to evolve, both landlords and tenants are navigating new challenges and requirements. Paying attention to credit scores and meeting the demands of landlords are becoming essential factors in securing rental accommodations in this changing landscape.
