Understanding the rental process and knowing which personal and financial documents you need to gather may save you time and headaches when applying for an apartment. You've gathered all of the documents needed to rent an apartment, now what? Here are the next steps of the apartment application process.
1. Fill Out the Application
First thing’s first, you are going to have to fill out the apartment rental application.
2. Provide Proof of Income
Prove you can pay rent, one of the key components of a completed rental application is your proof of income. Your landlord will want assurance in that you can pay for the apartment next month and the month after that. For this, you can use your pay stubs, bank statements, or possibly your tax returns. Be ready to present your employment history and possibly be able to provide validation for it.
3. Approve a Credit Check
The property management company or landlord will require you to authorize a credit check in order for them to proceed with your rental application. They conduct a credit score check to make sure that you are a fiscally responsible person, as well as to determine how timely you are likely to be with your rent payments. A landlord may see a low credit score as an implication of poor dependability.
4. Approve a Background Check
The landlord will conduct a background check for the same reason as a credit check. They want to know how dependable you are. Previous convictions or pending charges may interfere with your ability to get a hold of the apartment you’re after. If you have anything in your past that may raise questions, you might want to provide an explanation ahead of time.
5. Find a Cosigner (If Needed)
In case your credit score or income are not high enough for you to secure the apartment, consider asking a trusted person to be your cosigner. A cosigner is someone who signs the lease with you and agrees to pay your rent and fees in case you fail to do so. Having a cosigner is a legal way to increase your landlord’s trust in you.
6. Provide Past Landlords and Personal References
You may need to provide proof of good standing with your previous landlords. Show them that you are an agreeable renter. Usually, landlords want to know from previous landlords what type of tenant you are. Were you a bit on the noisy side? Did you abide by the policy? All this typically may come in the form of a letter from the former landlord.
Your potential landlord might ask you to deliver eviction judgment from the last five years, documentation of your rental history, or landlord references. In this case you’d have to provide proof that no previous landlords have evicted you in that period of time.
7. Pay a Security Deposit
Once you’ve been approved for the apartment, your road to a new home is just beginning. Paying a security deposit usually comes next. Prepare to pay between 1-2 month's rent for your deposit. Take great care of your apartment and you'll get your security deposit refunded when moving out.
8. Prepare to Wait
So how long does it take to get approved for an apartment? Typically, waiting time for an apartment application approval is 24 to 72 hours. In some cases, you can be approved the same day you applied. Keep in mind, at the end of the day it will depend on the individual landlord or property management company.
Make sure to ask this question prior to submitting your application, especially if you are in a hurry to move out of your current apartment. You can try to speed things up by providing copies of your ID/Passport, credit report and rental reference letters from your employer and previous landlords so they don't have to call them.
9. Sign the lease
You’ve passed the application process, inspected the premises, checked for parking space, made a quick note of the neighbors, and went through your checklist of essential things you must do before you commit to a new apartment. It’s time to sign the lease!
Often, a landlord will also require you to make a payment towards the rent when you sign a lease. Some landlords will not ask for this, but in more competitive rental markets, it’s common practice. You may be asked to pay first month’s rent, or, in some cases, first and last month’s rent.
It goes without saying that reading the lease agreement carefully is essential. You might be blinded by the floor plan and storage space your new place has, but make sure you take your time to understand the details in your lease before planning your move-in date, such as what happens if you must break the lease in case of unexpected circumstances.