{"id":2793,"date":"2021-09-21T03:18:32","date_gmt":"2021-09-21T09:18:32","guid":{"rendered":"https:\/\/fourwalls.rentler.com\/?p=2793"},"modified":"2021-09-21T03:18:41","modified_gmt":"2021-09-21T09:18:41","slug":"what-to-expect-during-the-rental-application-process","status":"publish","type":"post","link":"https:\/\/www.rentler.com\/blog\/tenants\/what-to-expect-during-the-rental-application-process\/","title":{"rendered":"What to Expect During the Rental Application Process"},"content":{"rendered":"\n<p>After touring apartments and finding one that suits your budget and needs, you need to be quick in starting the application process. After all,\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2021-08-26\/house-rentals-the-u-s-rental-market-is-surging-right-now-here-s-what-to-do\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg<\/a>\u00a0reports that the US is witnessing the biggest increase in tenants in history. In fact, the rental occupancy rate just hit 97% in July, and leases are being signed in record time. The\u00a0<a href=\"https:\/\/www.jchs.harvard.edu\/blog\/five-major-findings-2021-state-nations-housing-report\" target=\"_blank\" rel=\"noreferrer noopener\">Joint Center For Housing Studies<\/a>\u00a0points out that home prices are increasing rapidly, rising from a 4% rate in 2020 to 13% just a year later, which explains why so many people are looking to rent spaces instead of buying.<br><br>Just as every apartment and its landlord is different, so are the different rental application processes. Some applications can be completed online, while others are still filled as hard copies in traditional offices. Regardless of the method, there are certain documents that the landlord will definitely ask for. The more prepared you are, the smoother your application process will be.<br><br>Here\u2019s some of the information you\u2019ll need to prepare for your application, in order to be able to move into your new home as soon as possible.<br><br><strong>Applicant Overview<\/strong><br><br>This contains your basic information and what the landlord needs to know when they process your application. You can usually find this form online, or at the leasing office. It will ask for the following:<br><br>\u2022 Name<br>\u2022 Contact numbers\/email address<br>\u2022 Date of birth<br>\u2022 Whether you have pets or not<br>\u2022 Whether you own a vehicle or not<br>\u2022 Whether you smoke<br>\u2022 Whether you will be providing references, and how many<br>\u2022 Financial details<br><br>Some forms will also leave you with a space to introduce yourself and to explain why you are interested in renting a new place. It\u2019s important to fill this part out as it provides the landlord insights into what you\u2019re like as a tenant, and improves your credibility, too. And, as pointed out in the article on &#8216;<a href=\"https:\/\/fourwalls.rentler.com\/2021\/08\/26\/tips-on-renting-a-place-for-the-first-time\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tips on Renting a Place for the First Time<\/a>&#8216;, don&#8217;t be afraid to raise questions. More specifically, ask for clarification if there\u2019s any rental jargon that might be on the application form to protect yourself and help you work out better rental agreements that should be put down in writing.<br><br><strong>Employment and Income<\/strong><br><br>To prove your income and employment status, there are a few documents that you need to prepare:<br><br>\u2022 Letter of income verification<br>\u2022 Copies of tax returns<br>\u2022 Copies of bank statements<br><br>Financial site\u00a0<a href=\"https:\/\/www.askmoney.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">AskMoney<\/a>\u00a0explains that a letter of income verification proves that you indeed work where you claim to and can validate your salary. Ask your human resources department or your employer if they can provide you with said document. While this won\u2019t always be necessary, it\u2019s fairly common in situations where you\u2019re applying for a loan to rent a home. Tax returns and bank statements are also essential to verify your financial information. These documents are simple ways for landlords to ensure that their tenants will be able to pay rent on time and cover damages or any other fees associated with the rental property. If you\u2019re self-employed, you\u2019ll need to state your financial details in the forms.<br><br><strong>Rent or Residence History<\/strong><br><br>This is where you\u2019ll need to list your current and past residences. List the addresses of all of the spaces that you\u2019ve rented. Management might also ask for the contact information of your previous landlords to verify your rental history and demeanor as a tenant. They might ask for other supporting documents as well, such as recommendations from your boss, a previous neighbor, or anyone else who can vouch for your character.<br><br>Community education platform\u00a0<a href=\"https:\/\/www.consumer-action.org\/helpdesk\/articles\/tenant_reports\" target=\"_blank\" rel=\"noreferrer noopener\">Consumer Action<\/a>\u00a0notes that you can get a free copy from sources like LexisNexis and RentBureau. They state that you need to request a report early on to make time to correct errors or inaccuracies.<br><br><strong>Fees<\/strong><br><br>Finally, as part of the application process, you will probably be charged for the following:<br><br>\u2022 Renter&#8217;s application fee<br>\u2022 Processing fee<br>\u2022 Security deposit<br><br>These non-refundable fees will go towards background check and credit check costs, and to determine if you have any criminal records. Application and screening fees can range from $35 to $75 per person. The security deposit usually comes after the application, but it can be quite expensive, sometimes in the realm of a month\u2019s rent or maybe even two.<br><br>Although this list isn\u2019t a one size fits all guide, it includes the most common requirements that you may encounter when you apply for a lease.<br><br><strong>So what are the key takeaways?<br><\/strong><br>You need to be diligent and reliable from the get-go. These qualities will ensure that you make a great first impression on your potential landlord, and will get your foot in the door, hopefully resulting in you being able to move into your dream apartment or home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After touring apartments and finding one that suits your budget and needs, you need to be quick in starting the application process. After all,\u00a0Bloomberg\u00a0reports that the US is witnessing the biggest increase in tenants in history. In fact, the rental occupancy rate just hit 97% in July, and leases are being signed in record time. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,130],"tags":[],"class_list":["post-2793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tenants","category-renting-101"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What to Expect During the Rental Application Process &#183; Four Walls by Rentler<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentler.com\/blog\/tenants\/what-to-expect-during-the-rental-application-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What to Expect During the Rental Application Process &#183; Four Walls by Rentler\" \/>\n<meta property=\"og:description\" content=\"After touring apartments and finding one that suits your budget and needs, you need to be quick in starting the application process. 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