New York City renters were less at risk of default nationwide in the fourth quarter of 2012 than in the same quarter of 2011, according to CoreLogic’s Renter Applicant Risk Index, released today.
The index evaluates credit quality and risk of default among renters applying for apartments in both single and multifamily buildings. A mark above 100 on the index indicates decreased risk, and a value below 100 indicates increased risk.
According to the data, New York City posted one of the steepest declines in risk: 124 in the fourth quarter, compared to 120 the year before. In the northeast, the index value remained constant at 110, although it decreased slightly from the previous quarter’s value of 113.
Across the U.S., there was an index value of 103 in the fourth quarter of 2012 compared to a value of 101 in the fourth quarter of 2011. —Zachary Kussin