Applying for a rental home can be overwhelming, especially if you don’t know what to expect. That said, the rental application process involves more than just filling out a form. For instance, landlords will want to review your background, finances, and rental history before making a decision. Today, we’re reviewing each step of the rental application process and how to improve your chances of being approved.
Contents of This Article:
- What Is the Rental Application Process?
- Step-by-Step Guide to the Rental Application Process
- What Do Landlords Look for in a Rental Application?
- Commons Fees and Costs to Expect
- What Happens If You’re Denied?
- Work With a Trusted Property Management Company
What Is the Rental Application Process?
The rental application process is the steps you would take to apply for a rental property.
This process typically begins after touring a rental property and involves submitting personal and financial information to assess whether you’re a suitable and reliable tenant.
Your landlord or property manager in Northern Virginia will consider factors such as income, credit history, rental history, and references. Once they’ve made a decision on whether they’re going to approve, deny, or request more documentation, the next step in the process is signing a lease agreement.
Step-by-Step Guide to the Rental Application Process
The rental application process is the steps it takes to secure a lease for a rental property. While each landlord or property manager may have different requirements, the general steps are usually the same. Here’s a breakdown of what you can expect.
- Find and Tour a Rental Property- The first step is to find local listings, schedule showings, and find a home that meets your needs.
- Request an Application- Once you’ve found a property, request an application from the landlord or property manager and complete it.
- Submit Your Application- Fill out the application completely and submit it, along with any additional documentation, to your landlord or property manager.
- Pay the Application Fee- Most landlords charge a non-refundable application fee to cover background and credit checks, so prepare to pay that.
- Undergo a Background and Credit Check- Landlords will want to look for any red flags and confirm that you’re financially responsible.
- Wait for Approval or Denial- The landlord or property manager will review your application and make a decision, which usually takes anywhere from 1 to 3 days.
- Sign the Lease and Pay the Security Deposit- If you’re approved, you’ll sign the lease and pay the security deposit and the first month’s rent.
- Move Into Your New Rental- Once you’ve made the necessary payments and completed the paperwork, you’re ready to move into your new home!
What Do Landlords Look for in a Rental Application?
When reviewing rental applications, landlords look for reliable tenants who are likely to pay rent on time, take care of their property, and follow the lease terms. That said, some of the things landlords will look for in a rental application include the following.
- Income and Employment
- Credit History
- Rental History
- Background Check
- References
Income and Employment
Landlords need to know that you can afford the rent. Usually, they look for applicants with a monthly income that’s at least 2.5 to 3 times the rent amount. That said, you may have to show proof of stable employment, like pay stubs, offer letters, or tax returns.
Credit History
A good credit score shows that you’re able to manage debt and make payments on time. Landlords will look at your credit history to check for red flags like unpaid bills, collections, bankruptcies, or frequent late payments.
Rental History
Your past rental experiences can tell a lot about how you’ll treat a new home. As such, landlords often contact previous landlords to confirm that you paid rent on time, didn’t cause any damage, and followed the lease rules.
Background Check
Some landlords run criminal background checks to ensure the safety of their property and other tenants or neighbors. That said, a history of violent crimes, property damage, or drug-related offenses can be cause for concern.
References
Providing professional or personal references can help landlords learn more about your character and reliability. These references are crucial for reinforcing the positive qualities listed on your application and may help you stand out from other applicants.
Common Fees and Costs to Expect
Applying for a rental property typically comes with a few small costs. Here are some of the most common ones to plan for.
- Application Fee- Some landlords or property management companies charge an application fee, which can range from $25 to $75. This usually covers the cost of background and credit checks.
- Security Deposit- The security deposit is typically equal to one month’s rent and is used in the event of damages or unpaid rent during your tenancy.
- First Month’s Rent- Most landlords require the first month’s rent, along with the security deposit, upfront when you sign the lease.
- Pet Rent, Fee, or Deposit- If the rental you’re applying for allows pets, you may be required to pay a monthly pet rent, a one-time deposit, or a fee.
What Happens If You’re Denied?
Getting denied for a rental can be extremely frustrating, but it doesn’t mean you’ll never find housing. If a landlord has reviewed your application and decided not to go through with it, they’ll typically send you a written notice explaining their decision. They should explain why you were denied, whether it’s due to your credit, income, or rental history.
If the denial was based on your credit or background check, you’re allowed to request a copy of the report used in the decision. That said, depending on the reason they denied your application, you may be able to correct the issue (such as paying down debt or finding a co-signer) and reapply somewhere else.
If you’ve been denied and you’re still looking for housing, consider applying to units with fewer applicants or more flexible requirements. You’ll also want to prepare more. For instance, you may need to offer a higher deposit or secure a co-signer to improve your chances of approval.
Work With a Trusted Property Management Company
Navigating the rental application process is much easier when working with a professional property management company. Experienced property managers can help guide you through the steps, let you know what documentation you need, and ensure a smooth experience for both parties.
Whether you’re a renter or a landlord, Professional Property Management in Northern Virginia can help you connect. Our team of reliable property management professionals can help with every step in the rental process. Contact us today to learn more about our full-service rental management.