Most apartments take 1 to 3 business days to get approved. This is generally the case, but it could change based on different factors. One factor could be the property manager’s heavy workload or the completeness of your application.
Our article breaks down these factors and shares some tips on speeding up the process.
Factors Affecting Approval Time
The below factors can affect the time it takes to get your application approved.
1. Application Completeness
One of the biggest factors in getting your rental application approved is making sure it’s complete. This simply means having all the required documents and details ready when you submit your application.
If anything is missing, it could slow things down or even cause your application to be rejected. So, what exactly does a complete application look like?
Here are the key documents that landlords or property managers usually want:
⦿ Proof of Income
First up, proof of income. This could be recent pay stubs, tax returns if you’re self-employed, or a letter from your employer.
It’s all about showing the landlord that you have a steady income and can comfortably afford the rent.
⦿ Credit Report
Then, there’s your credit report. Some landlords might check this themselves, but others may ask you to provide a recent copy. It helps them see how reliable you are when it comes to paying bills.
⦿ Identification
To verify your identity, you’ll also need some form of identification, such as a driver’s license or passport.
⦿ Rental History
Next is rental history. You might be asked for contact details of previous landlords or even a recommendation letter. This gives the new landlord a peek into your history as a tenant.
If your application is incomplete, the landlord might have to chase you down for missing information. This slows things down and gives other applicants a better chance of getting approved before you.
2. Credit Score
Your credit score is a number that shows how trustworthy you are in managing and paying back debt.
FICO, a well-known credit scoring company, says credit scores typically range from 300 to 850. The higher your score, the better. A score over 700 is considered good, while anything above 800 is excellent. On the other hand, if your score is below 580, it is bad.
Why is this number important?
Landlords use your credit score as a quick way to check your financial stability. A high score usually means you pay your bills on time, manage debt well, and are financially responsible overall. This gives landlords confidence that you’ll likely pay your rent on time, which is their primary concern.
If your score isn’t great, it could slow things down.
The landlord might ask for more details about any negative marks on your credit report or request extra financial security, like a bigger deposit.
In some cases, especially in competitive rental markets, a low credit score might even lead to a denied application.
Interesting Read: How to Rent an Apartment With Bad Credit
3. Market Demand
Just like any market, the rental market is all about supply and demand. When we talk about demand in rentals, we mean the number of people looking to rent in a particular area compared to the number of rental properties available.
For instance, in popular cities, rental demand can be really high.
Reports show that vacancy rates might drop below 5% in these areas, making it very competitive. During peak times of the year, like summer, demand tends to go up, which means more competition and potentially longer approval times.
In contrast, vacancy rates can go up, sometimes over 10%, during quieter times or in less popular areas. Here, landlords might get fewer applications, so the approval process can be quicker.
Knowing this can help you set your expectations. If you’re applying for a place in a hot neighborhood during a busy season, be prepared for a longer wait. Landlords might have a lot of applications to sift through.
4. Apartment Complex Policies
Different apartments have different policies, impacting how fast your rental application gets processed.
Here’s a quick look at what you might encounter:
⦿ Application Deadlines:
Each apartment might have its own deadline for when applications need to be submitted. Some places ask you to apply within a specific timeframe after they list a property, while others have rolling deadlines.
If you miss these deadlines, it could delay how quickly your application is reviewed.
⦿ Processing Timeframes:
How long it takes to process applications can also vary. Some complexes might make decisions in just a few days, while others could take a few weeks.
This usually depends on how many applications they’re handling and how quickly they can get through them.
⦿ Waiting Lists:
In popular areas or high-demand complexes, you might end up on a waiting list if there aren’t any units available right away.
The length of these lists and how long you might have to wait for a unit can be very different from one complex to another.
Tips for Speeding Up the Approval Process
Now that you know what can affect the time it takes to process your apartment application let’s discuss how to speed up the approval process.
Be Prepared
Before you start the application, have all your documents ready. This includes proof of income, your credit report, ID, rental history, and references.
Being organized means you won’t be scrambling at the last minute and can quickly provide what the landlord needs.
Submit a Complete Application
Make sure every part of your application is filled out correctly. It might seem easy, but even small mistakes or missing info can delay things. Double-check everything and be clear if something doesn’t apply to you.
An incomplete application can slow things down, as the landlord might need to contact you for more details.
Follow Up
If you haven’t heard back from the landlord or property manager in a reasonable amount of time, give them a friendly follow-up. A quick phone call or email can remind them of your application and show you’re still interested.
Sometimes, applications can get overlooked, and a gentle nudge can help move things along.
Be Flexible
If your first choice for a unit or location isn’t available right away, consider other options. Look at different units in the same building or explore nearby areas.
Being flexible with your choices can speed up finding a place and help you avoid long waits if your top pick isn’t ready.
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FAQs
Here are some common questions about how long it takes to get approved for an apartment.
