How Long Does It Take To Get Approved For An Apartment?
Go Back To Previous PageGetting approved for an apartment typically takes between 1 and 3 business days. However, submitting an incomplete application can delay the approval process. To expedite the process and make a positive impression on your prospective landlord, it’s advisable to gather all necessary supporting documents and submit a completed rental application promptly.
What Goes Into Apartment Application Approval?
The approval process for an apartment application typically takes at least 24 hours and can extend up to three business days. Depending on the landlord’s procedures, this waiting period
It can be stressful to get accepted for a rental property.
Landlords have different methods for handling rental applications. Some may quickly pull your credit report and review your paperwork, potentially approving within a few hours.
Others may take a more thorough approach, including contacting your employer or previous landlord.
Additionally, some landlords may delegate the application process to a third party, which can lengthen the approval timeline.
Several factors can affect how long it takes to get approved for an apartment. One significant factor is who you are communicating with. You can expect a quicker response if you deal directly with the landlord. In contrast, communicating through a real estate agent or management company may lead to longer wait times, as they must consult with the landlord before deciding.
How Do You Know If Your Rental Application Is Approved?
After you submit your rental application, the landlord will review it and respond with either an approval or a denial. If your application is approved, you will receive a phone call providing details about the next steps.
These steps include providing rent and security deposit payment information and scheduling your move-in date. If your application is denied, the landlord will explain the reasons for the rejection, helping you understand why it was not accepted.
Why Does It Take So Long For A Rental Application To Be Approved?
Renting an apartment can be lengthy, as much of it isn’t automated. While some aspects, such as credit checks, can be completed quickly, landlords or property managers still review most of the application manually before approving it.
This review process often includes contacting your employer, requesting additional documents, or seeking explanations for past late payments or expenses. As a result, it may take some time to get your rental application approved.
What Can Delay The Approval Process?
1. Incomplete Application
The approval process can be delayed for a few reasons. This can happen if the application is incomplete or the landlord has difficulty. Suppose your documents are not organized, your prospective landlord insists on speaking with your previous landlord, or requests additional paperwork. In that case, the process may take over a week to complete.
2. Issues With Your Credit or Rental History
The rental process can sometimes be delayed due to credit or rental history issues. If a landlord discovers something concerning but not necessarily disqualifying, they may ask you to explain it. This situation can be frustrating and time-consuming.
For instance, you may need to address a charged-off debt or a complaint filed against you in housing court. These issues can extend the approval process by several days, so it is essential to be transparent about your history and proactively address any landlord concerns.
3. Applying For a Stabilized or Income Restricted Apartment
If you want to rent a rent-stabilized or income-restricted apartment, be prepared for a lengthy application process. Your application will undergo stricter scrutiny, which may take longer for approval.
While the extended waiting period can be frustrating, the effort is worthwhile, as renting one of these apartments can lead to significant savings on your monthly rent payments.
Tips to Get Approved For An Apartment Faster
1. Submit A Complete Rental Application
When renting an apartment, the fastest way to get approved is to submit a complete rental application and all the necessary supporting documents. One common mistake renters make is failing to prepare in advance.
To gain approval, you must provide a comprehensive rental application that includes all the information and documents requested by the landlord.
While this may seem straightforward, it’s crucial to be thorough and ensure that everything is included. A complete rental application can often be approved on the same day it is submitted. In contrast, incomplete applications with missing information or documents will take longer to process.
Therefore, being organized and prepared is essential to avoid any unnecessary delays.
2. Be Ready To Show Complete Paperwork and Proof of Income Documents
When applying for an apartment, you must submit several supporting documents, including bank statements, a letter of employment, and reference letters from previous landlords. Not having these documents ready during your application can delay the process. Also, have your tax returns, pay stubs, or other income verification documents handy.
Income requirements can vary significantly depending on your location. In some areas, you may need to demonstrate a gross monthly income three times the monthly rent; in others, it could be 40 or even 50 times the monthly rent annually.
In places like New York City (NYC), the most stringent approval criteria and application processes exist. Having all the necessary paperwork ready is best to ensure a quick approval process.
3. Consider A Cosigner
Consider finding a cosigner if your income or credit score is insufficient. This can help you get approved for an apartment more quickly, especially if your income is low or your credit isn’t ideal. If a family member or friend is willing to cosign your lease agreement, it can significantly increase the likelihood of your application being approved.
Having a cosigner also makes your application more appealing to landlords, providing additional assurance that rent will be paid. This can significantly enhance your chances of securing the apartment you want.
4. Work With a Real Estate Agent
Consider working with a real estate agent to expedite approval for an apartment. Agents can help pressure the landlord to move things along more quickly. It is advisable to have your agent follow up and check on the progress rather than do it yourself.
This approach helps you avoid appearing pushy or becoming a problematic tenant.
5. Prepare for Background and Credit Checks
Once you have found the ideal apartment and submitted your application, you might be unsure about what happens next. Here’s a brief overview of the process the landlord will follow behind the scenes.
First, they will review your credit report and rental history. If your credit score meets their criteria and you don’t have a history of disputes in landlord-tenant court, they will move on to the next steps of your application.
Typically, this involves verifying your employment status and income to ensure you meet the apartment’s approval requirements.
6. Always Be Reachable.
You must remain readily accessible to your landlord, even after you’ve submitted all required documents. Questions may arise, and you must respond promptly.
Whether your landlord needs additional paperwork or clarification on something in your credit report, be ready to answer their calls, emails, or texts as quickly as possible. This will demonstrate your responsibility and capability, ultimately expediting the approval of your rental application.
Waiting For Apartment Application Approval Bottom Line
The time it takes to get an apartment approved depends on how quickly you and the landlord complete the necessary steps. You can receive approval on the same day if you submit a completed application and all required documents.
However, if there are any issues with your paperwork or the landlord uses a third party to process your application, it may take a few days.
It’s best to be prepared by providing the landlord with all the required paperwork to expedite the approval process. If you have additional documents that can help verify your income and rental history, include those.
Complete the rental application and submit all necessary documents promptly to avoid delays in your apartment application approval.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
