I often turn away 99 people with bad credit before I find the one with decent credit.
If a renter had decent or excellent credit, why wouldn't they buy? I have accepted many people with questionable credit and tend to have a larger security deposit (two months rent) which will cover the amount of time for an eviction if necessary (30-45days). But everyone is a case-by-case basis with all the information I have on them. Application, credit, eviction report, and criminal report. I think my pool of renters tends to be 6 people before I find one that feels 'right'.
There are hundreds of reasons people will rent instead of buying with good credit:
Moving to a new area and getting to know it first
One spouse relocating for work
Temporary work engagement
Primary residence not habitable
Fire damage
Storm damage
Remodel
Still under construction
Residence sold before new purchase
Anticipating a move in under 3 years
Not having saved a down payment
Hates maintenance
Just don't want to
Etc.
Also in my jurisdiction, any deposit greater than one month is deemed excessive and the LL will owe interest back on the entire deposit amount.
I rent to students so I do not check credit. I do require, however, cosigners, and each tenant and cosigner is jointly and severably liable for the entirety of the lease and thus the rent.
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