The answer probably won’t come as a surprise:  It depends — on a lot of other things.

A high credit score certainly won’t disqualify you from a good rental opportunity.  On the contrary, a proven record of responsible credit management — and the high credit score that accompanies it — makes you more attractive to landlords than a low or middling credit score would.

Rent opportunities that can help you save money on housing are available in good numbers these days.  Here are a few factors driving the rental market:

No central authority
The rental industry isn’t controlled by one or even a few central interests that can coordinate rental prices and share information on renters.  The largest third-party managers of multi-family housing handle fewer than 200,000 units nationwide.  Since competitors don’t share information with each other, there’s no coordinated national effort to target high credit scorers with special rental offers.

Unemployment
With the economy still struggling to create jobs for millions of under- and unemployed workers, the rental industry is in a state of flux.  More and more, individuals and families are moving back home with their parents or are “doubling up,” i.e., moving into apartments or homes that are already occupied by friends or relatives.  This is driving down the number of potential renters.

Low demand
This slackening demand is a factor that individual landlords and property management companies take into consideration when determining rental prices.  They can’t make any money on unoccupied units, but if rents are excessively low, the monthly rent payments may not cover their mortgage costs.  Some landlords and management firms are offering rent prices that are less expensive or at least flat compared to prices offered two or three years ago.

Bottom line
From a big-picture perspective, the availability of lower rental rates is caused more by the continuing weak economy than by high credit scores.

On a case-by-case basis, landlords may look more favorably on a high credit scorer than a low scorer, but the final rent price will very much depend on the local rental market and the competition among renters for the unit in question.  However, a high credit score can separate you from other applicants vying for rentals, which is just one more way that a high credit score can help you get the rental price you’re looking for.

After all, if you’re always on time with your payments, you’d like to see this reflected in your credit score.  On the other hand, if you’ve been late on a few payments or skipped them altogether, it’s useful to know how badly you’ll be penalized, if you’re penalized at all.

Unfortunately, the question of whether your rent payment history will influence your credit scores can’t be answered by a simple “yes” or “no.”  The answer depends in good part on how well you maintain a history of on-time rent payments.

Landlords and credit bureaus
Landlords of large apartment communities deal with so many customers, it may be more efficient for these companies to track customer payment histories through one or more credit bureaus.  Therefore, these landlords are likely to report rental payments to a credit bureau, although none are required to do so.

In June 2010, Experian acquired RentBureau, a large credit bureau that compiles data on more than 7 million renters in the U.S.  This could lead to an expansion of the information used to calculate credit scores, which would benefit on-time rent payers and penalize inconsistent rent payers.

Late or missed payments
If you maintain an on-time payment history, you don’t have to worry about whether it’s reported to the credit bureaus.  However, if you’re consistently late with your payments, or if you’re several months in arrears, it could be sent to a collection agency.  Any such action can be (and typically is) reported to the credit bureaus.

Once a collection agency has an outstanding account of 30 days or more, it can report the delinquency to the credit bureaus.  (Collectors even use this as leverage:  “If you don’t pay up, we’ll report you to the credit bureaus.”)

Being reported to the credit bureaus could drive down your credit score, which could take years to repair as you work to re-establish a history of on-time payments.

Simply put, it is critical to consistently pay your rent on time to maintain a good credit score.

A weak U.S. economy and high unemployment rate have reduced the overall purchasing power of consumers and driven down many a consumer’s credit scores in the last few years.  As a result, millions of would-be renters have moved in with their parents or expanded the ranks of roommates, filling an empty room or an empty couch in other people’s rental units.

There is a silver lining, though:  With so many people opting to move into already-occupied homes, the rental market is opening up.  In many areas, vacancy rates are high, resulting in more affordable deals and more options for desirable tenants.  Therefore, if you have good credit, you rental dollar may go a lot further than you thought, provided you can prove your credit-worthiness to a landlord.

Here are a few tips on how to use your good credit (and the good things it says about you) to get the best possible rental:

• Discuss your credit status with the landlord. It’s to your advantage to make potential landlords aware of your high credit score. When you let them know that you’ve built a strong credit history by paying your bills on time and managing your finances wisely, they’re more likely to consider you a good risk.

• Get a recommendation from previous landlords. Assuming your rent payment history is good, a word of support from former landlords is a way of validating yourself as a responsible renter with good credit.

• Provide character references. It’s commonly known that more and more employers run credit checks. Regardless, a letter from your employer (on official company letterhead) that highlights your responsible nature and offers proof of gainful employment can work in your favor.

• Offer to pay several months’ rent upfront. It would certainly add to your good impression to offer several months’ rent upfront in addition to the common “first month, last month, and one month’s security” arrangement.  Demonstrating that you have the resources to pay the rent months in advance can impress upon a landlord the fact that you’re financially dependable.

Of course, even if you do all of the above, a landlord may still check your credit score. But as in most situations that involve credit checks, you’ll find the rental process is much easier and your options more plentiful if you can support your claims of credit worthiness and financial stability.