Lease approval rates registered 57.8% in January, a roughly 4% drop from December, when lease approval rates were at 62%, according to Swapalease.com.
The decline came as a result of a higher-than-average number of applicants in January. More people looking to get into a lease during the month, allowed for a higher number of people to not qualify for a lease, according to the company.
“With holiday promotions and strong emphasis on luxury lease offers typically signaling heavy applicant volume in December, the marketplace saw a continuation of high volume applicants opening the New Year in January. With this higher volume comes a variety of credit histories, including more applicants with less-than-stellar credit approved by the banks.”
Even with the approval rate decline experienced in January, lease approval rates are still higher this year when compared to the last. Lease approval rates in January 2017 registered at 50%, nearly 8% lower than this year.