Lease approval rates registered 67.3% for Swapalease.com in March, which were 2% higher than the month before and signify a possible upswing in approval rates, according to the company.
January lease approval rates registered 57.8%, an unusually low rate, according to Swapalease. Since that time, approval rates have been on the rise. The amount of lease applicants in March were fewer than those in February, however, the fewer applicants registered a higher approval rate.
“The last three months have shown a little less volatility in the lease approvals rate, perhaps a sign of higher concentration of lease shoppers with slightly stronger credit for taking over a lease,” said Scott Hall, executive vice president at Swapalease.
This recent upswing has been positive news for lease approval rates at Swapalease, however, lease approval rates are still noticeably lower than the approval rates posted the same time a year ago. In March 2017, 75% of lease applicants were approved, compared to the 67.3% of applicants approved this year.