Having a place of your own is perhaps every person’s dream. Renting your first apartment or house can be exciting.
However, the process can be long and complicated. Here is more information on what you need when applying for a rental.
What is the Typical Rental Process?
Here are steps to help get you started.
1. List your preferences: Where do you want to live? Do you want to live in a house or apartment? How long do you plan to rent? Will you live all alone or with someone else? What facilities do you require? And what is your budget? These are some of the questions you need to answer before you start your rental search. Make a list, so you know your priorities.
2. Start your search: Sure, it might sound easy if your friend says, “I know someone who’s renting their place,” but most rental searches require time and research. You can start looking for a house or apartment to rent online. Or, you can use a real estate agent to help you in your search. Make sure to do your due diligence and be on the lookout for unfortunate rental scams.
3. Examine the house or apartment: Make sure you do one or more tours or the rental unit. Ask questions, so you can help avoid problems later. For instance, does the place have air conditioning? Do you get the place furnished? Does rent include utilities?
4. Meet the landlord: You should meet your landlord and start your rental relationship off right. You also need to go over the terms of the rental agreement.
What Documents Do I Need for an Apartment Application?
Once you’ve found a good fit, you can start the rental application process. Here are some of the documents you might need.
1. Personal Information: You may need to provide your driver’s license, Social Security information or other form of photo ID.
2. Proof of Income: You need to provide evidence of your income. This can include pay stubs, bank details, debt records or other financial information.
3. Referrals: You may need to provide positive referrals from previous landlords or other recommendations.
How Long Does It Take to Get Approved for an Apartment?
The timeframe for application approval depends on your landlord, the real estate agent, your state authorities for background checks and other factors. Some applications are processed within a week; some can take up to a month. If you wish to check the status of your application, you can send a follow-up email or text message to landlord or real estate agent.
What is the Next Step After Your Rental Application is Approved?
Once you’ve secured your new rental, it’s important to use a rent payment reporting provider to help build and establish your credit history.