Your future landlord wants assurance that you'll be able to make rent payments on time each month. Generally, you should be making three times the rent to qualify, and you'll need to prove that you have this income.
This is where you'll need two or three recent pay stubs, bank statements, tax statements or a W-2 if you've had your job for more than a year. They may also call your employer to get proof of your employment, as well as questions about you and your salary.
When applying for the apartment, you'll also have to give the landlord permission to check your credit. Checking on how financially responsible you are is an indicator of how well you'll pay your rent on time.
If you have bad credit, it may hurt your chances of getting approved, as this is an indicator that shows you're not financially dependable. New credit may be easier to explain to landlords, especially if you've just graduated and now have your first job.
You may want to disclose this when you apply. Consider finding a cosigner or ask if the landlord would accept a lump sum of a few months' rent upfront. Within the application, you'll need to agree that it's OK for the landlord to do a background check. Like the credit check, a background check shows your personality and dependability. Previous convictions or pending charges may be cause for concern and hinder your ability to rent the apartment.
You may see a line on the application that gives you a place to explain anything of concern that may show up in your background check report. Providing context around anything that might raise red flags for the landlord may go a long way.
Explain your side of the story and why it shouldn't be a problem. 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. 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:. In order to complete the application process, be prepared to pay an application or processing fee, which is typically a nominal amount.
You may be asked to submit any of the following:. To reduce the apartment application approval time, it is always better to provide as much information as possible or as required by the landlord. Be sure to clarify! You can use pay stubs and bank statements to prove your income. If you are moving to a new city for a new job and don't have paystubs yet, you can use your offer letter for your proof of income.
The property management company or landlord will require you to authorize a credit check for them to proceed with your rental application. They conduct a credit score check to make sure that you are a financially responsible person. A landlord may see a low credit score as an implication of poor dependability. In case this applies to you, consider finding a cosigner or talk to your roommate about using their credit score.
The landlord will conduct a background check for the same reason as a credit check. They want to know how dependable you are. If you have anything in your past that may raise questions, you might want to explain ahead of time. In case your credit score or income is 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. Check out our guide to figure out if you need an apartment cosigner.
You may need to provide proof of good standing with your previous landlords. This is especially true if you have low credit, an issue with your background check, or limited rental history.
Your potential landlord might ask you to deliver eviction judgment from the last five years, documentation of your rental history, or landlord references. It would be best to provide recommendations from people other than your family members. Try asking your employers, professors, or fellow volunteers for letters that describe your work ethic and other important character traits. Check out our article on rental reference letters for more information. Paying a security deposit usually comes next.
Prepare to pay between month's rent for your deposit. Take great care of your apartment and you'll get your security deposit refunded when moving out. So how long does it take to get approved for an apartment? Typically, the 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.
In other cases, the landlord may take a more hands-off approach and use a third-party to process the application, slowing things down. The most common things that can delay the approval process are an incomplete application or a finicky landlord. Another thing that can drag the process out is any issue regarding your credit or rental history. Having to explain something like a charged off debt or a complaint filed in housing court can add days to the approval process.
In some cases, it can take a very long time to get approved for an apartment.
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