You found a great apartment and you’re excited! From this moment forward, you want things to go as smoothly as possible, from getting approved to moving in.
Here’s a comprehensive guide to expediting the application timeline. These practical tips will help:
- Enhance your odds of approval
- Save time
- Make the process more seamless and stress-free
Keep in mind that a quick application and approval process benefits the lessor and lessee alike. For landlords and property managers, speedy approvals reduce vacancy rates. Every month a unit sits empty is revenue lost forever.
As you look for your next home, location, amenities, and cost will all be considerations. However, also be sure to assess the nature of property management. Check online reviews when possible. Look for real estate companies that are invested in modern technology.
If you are touring an apartment and applying in person, put your best foot forward. Be courteous and on time. Building confidence can only help – it may even speed an approval.
Once you’ve found an apartment you want, an online application process often follows. Complete all mandatory fields, as mistakes and omissions will tend to delay the process. Before you apply, note that your social media presence is an integral part of your digital footprint. Conduct a quick review of your privacy settings. Ensure that you’re comfortable with any public content.
Be proactive with a cover letter
To make your application stand out, consider adding a brief cover letter. It provides an opportunity for you to highlight why you’d be a great tenant.
It also allows you to address any concerns in advance. Maybe medical bills impacted your credit score. Or, income is modest but there is a clear path to career advancement. It’s also better to address a past eviction or felony up front. Expedite the approval process by reducing the need for further exchanges later on.
Preparing essential documents
To survive and thrive during the rental application process, preparation is key. Identify and assemble essential documents before you tour an apartment. Be thorough when you provide contact information. Submit both personal and work phone numbers and emails, when possible. You want the leasing agent to easily reach you at home, work, and on the road.
Have your documents ready so you’re poised to pounce the moment an appealing new listing hits the market. This is especially true in high-demand markets and apartment communities.
Steps in the approval process
While precise requirements vary from one leasing agent to another, the following steps are common.
The various checks help a landlord answer two common sense questions. First, does the prospective renter pay bills on time? Second, does the renter have enough monthly income to cover their expenses, including unexpected ones?
Under ideal circumstances, it is possible to complete many of these steps in a matter of minutes to hours. In general, the overall application process takes one to three days.
Identity and reference check – Be ready to present your driver’s license, non-driver ID, or passport. A heads up to any references you list also makes the process more efficient.
Credit check – Lessors conduct a credit check to determine an applicant’s history of paying bills on time. Most information comes from the three primary credit reporting agencies. Experian, Equifax, and Transunion. You can get a copy of your current credit report for free. If you have a limited credit history, anticipate a thorough review of other important factors like current employment and references.
Employment/income check – Have pay stubs, W2s, and several months of bank statements ready to go. In some instances, management may request two years’ worth of tax returns. This may occur with self-employed individuals or those with a limited credit history.
Background check – A property’s manager/owner must have formal approval to conduct credit and background checks. Landlords want to be aware of the circumstances surrounding any late rent payments in the past, for example. Again, speed up the process by being ready to address such questions.
Rental verification – Rental verification is a common source of delays. To expedite the process, let your current landlord know that there may be an inquiry.
Pets – Are you a pet owner? Speed your journey from apartment search to move-in day. Be aware of all pet requirements, in advance. Confirm in advance that the apartment community allows the number, type, and breed of pet(s) you have. Many luxury apartment communities welcome pets within common-sense parameters.
Co-signer – A co-signer is also called a financial guarantor. Such an individual takes responsibility if the primary lessee falls behind on the rent. Many elements of the application process also apply to co-signers. To avoid delays, it is wise to make arrangements with your co-signer in advance.
Leveraging modern technology
Today’s renter is often digitally savvy. Real estate firms that embrace the latest online technology are a good match. With many apartment communities, the days of having to appear at the leasing office during business hours are long gone. It is now possible to complete online applications at any time of day or night.
However, if you apply off-hours, look for a confirmation of receipt. Otherwise, make a follow-up call the next business day.
Virtual tours make it simple for out-of-town applicants to decide to apply. Landlords accepting electronic signatures make it possible to complete the entire process online. Application fees are easily paid for via credit or debit card. Together, all parties enjoy convenience and time savings.
Finally, it’s ideal if the ease of online transactions continues after you move in. Look for opportunities to both pay rent and make maintenance requests online.
Applying at a Draper and Kramer property
Draper and Kramer is a full-service real estate firm founded in 1893. D&K’s application process offers key advantages compared to competing property managers and landlords. Features commonly include virtual tours and streamlined online communication.
Our luxury apartment communities always work toward a prompt review of rental applications. You’ll find D&K luxury apartments from Illinois to Texas, Missouri, Arizona, and Colorado. Browse D&K’s complete inventory of luxury apartment properties here.
