How Long Does It Take To Get An Apartment

Apartment Approval Process: How Long Does it Take to Get Approved?

By: ROS Team February 4, 2021

Have you moved to a new city or are you looking for your first place after living with your parents? Regardless of the reason, finding a new home can be an equally fun and daunting task. It consumes energy, time, and funds. Unlike grocery shopping, finding an apartment is a process that consists of many steps.

Knowing how long it takes to get approved for an apartment will help you schedule your planned move. But first, you must know the basics of the approval process and what you need to do in order to get approved.

The Apartment Approval Process

The length of time it takes to get approved for an apartment may vary from building to building depending on the building management's requirements.  However, the process to get an apartment starts with filling out a rental application. Thoroughly completing the form will help expedite your approval time since the landlord or agent will have all information they need.

Different buildings may call for different application methods, but most will be one of the following:

• An online application on the apartment's website;
• A hardcopy application submitted to the landlord or property manager;
• Submitting an application at the apartment building's office; or
• Applying during an open house.

Simply put, ask the building's management about the application process to see whether you can submit it online or if a hardcopy is required.

Read Also: Tips for Choosing a Personal Reference for an Apartment Rental Application

Renter's Application Fee

In order to complete the application process, be prepared to pay an application or processing fee, which is typically a nominal amount. The fee is mainly to show you're serious about securing an apartment, so only complete the application if you are serious about moving into the building.

Here is How to Apply

Once you find the apartment you want, you'll need to provide certain documents as part of the application process.  You may be asked to submit any of the following:

• A copy of your driver's license
• A letter verifying your employment
• Letters of recommendation from previous landlords
• Bank statements from the last two or three months
• Copy of tax returns
• Copy of your credit report
• Official documents of assets
• Vehicle information
• Pet information (if applicable)
• Contact information

To reduce the apartment application approval time, it is always better to provide as much information as possible or as required by the landlord.

What do Property Managers Look for in Rental Applications?

• Proof of Income

Landlords are investors who want to make the most out of the property investment. They look for an additional and consistent source of income when renting out their homes. Above all else, they want to make sure they get their monthly rent on time. To this end, your monthly income is usually the first thing they want to know. Generally, a tenant's monthly income should be the equivalent of three months' rent. Providing copies of your pay stubs and taxes is the best way to demonstrate whether or not you meet this standard.

•  Your Credit Check

Your credit score reflects how well you have managed your financial obligations in the past. Having a good credit score is proof that you pay your bills on time. However, if you have not taken out loans in the past or have no prior credit history, inform the landlord or mention it on the application.

• Background Check

Besides the financial aspect, landlords want to ensure you're an upstanding citizen who hasn't had any major run-ins with the law. Any legal convictions or pending court charges might negatively impact your rental approval by delaying the process if you have to provide an explanation of the matter as part of the application process.

• Landlord References

Last but not least, landlords and property managers want to know what kind of tenant you've been in the past. Homes are not only investments for owners but they don't want a tenant who has a history of damaging property. For this reason, reference letters from your previous or current landlords are often required with your rental application.

How Long Does it Take to Get an Apartment?

Given the unique circumstances related to each property, there is no set time frame within which you may get the response. However, it usually takes 2 to 3 days to hear whether or not you're approved once you've submitted your application.  If in doubt, ask the property manager or landlord how long it will take to hear back from them on the status of your application.

Conclusion:

While there is no set time limit, you should strive to keep the required time needed to approve your apartment application to a minimum. You can do that by providing all the information necessary about your financial health and any other documentation requested by the landlord or property manager.  Doing so will significantly reduce the time it takes to get approved for an apartment.

How Long Does It Take To Get An Apartment

Source: https://www.nyrentownsell.com/blog/how-long-does-it-take-to-get-approved-for-an-apartment/

Posted by: woodardvatimphady.blogspot.com

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