How Long Does It Take To Get Approved For An Apartment?
The anticipation of waiting for approval for your next apartment can be all-consuming and full of excitement and anxiety. As the days pass, you may start to fixate on the situation. Did my references say nice things about me? Did I put my phone number down correctly? There are many intricacies that can affect the timeline of the rental approval process.
In this blog, we will break down how long it typically takes to get approved for an apartment, what details may impact this timeline and how you can assist in speeding up the process.
How Long Does It Take to Get Approved?
Typically, it takes around 24 to 72 business hours to get approved for an apartment. However, there can be delays in the process that are out of both the landlord’s control and yours.
What Factors May Impact Your Application Time?
For landlords, there is a lot of work to do before approving a prospective tenant which may result in a delay. This can happen from the first moment when submitting the application. Some landlords prefer online submissions while others may prefer a physical application.
Once the property manager has the application, they need to analyze everything thoroughly. This will involve contacting references, employers and/or previous landlords. They also need to analyze your income and assess your credit. They may also choose to pursue a background check. Depending on the services and the completeness of the application and records, this process could take anywhere from a couple of days to a few weeks. They also have to complete this process with potentially numerous applicants. While reviewing each person may be quick, the cumulative process of checking them all takes time. It is an important decision as they work to decide who would be a suitable candidate for their rental property.
If the landlord decides to choose you as their next tenant, it will take a couple of days to prepare the rental agreement and have it sent over to sign. Depending on their preferences, they may send it to you digitally or have you come to a specific spot to sign it in-person, therefore lengthening the process even more.
Another thing to consider is who is assisting you with the application process. If you are working through an agent, they serve as an extra layer of communication. Unfortunately, these individuals may be busy and only work during business hours, which will impact the response time.
How To Help Speed Up the Application Time
There are ways to help speed up the process before you even apply. First, be thorough when filling out the documents. Make sure they are complete with plenty of detail, leaving no blanks or missing information. Most importantly, check that your contact information is correct. Double- and triple-check the application before you submit it. This shows the property manager that you are detail-oriented, respectful, honest and responsible – in more ways than financially. By giving them a detailed application, it shows you are serious about wanting the apartment and don’t want to waste the landlord’s time. Next, include all the documents that have been specifically asked for. These typically include rental history, credit reports, reference contacts, letters of employment and proof of income – which can come in the form of pay stubs, bank statements or tax returns. Before you apply, check with your bank that any down payments are available and funds can be easily accessed.
Once you have applied, be prepared to respond at a moment’s notice. If you are in a position where you can, speak with your employers and colleagues and tell them that you are waiting on a phone call and may need to rush away at any given time promptly. As well, have a co-signer on standby if one is needed to guarantee you get the apartment.
What If You Don’t Hear Back After 72 Hours?
If you haven’t heard from either the landlord or your agent, reach out and ask them about the status of your application. Keep in mind that there may or may not be an answer, so approach it with kindness and respect. Ensure you have sent them all the necessary information and are considerate of their time.
