If you have absolutely no clue how an agency picks and chooses which rental applications are approved or rejected, you are not alone.
After finding your ideal rental and submitting an application to an agent, it is common to feel a bit lost about the next steps.
Luckily, finding an answer to the question ‘how long does a rental application take to be approved’ is not as headache-inducing as you may think.
Typically, most applications take around 48 to 72 hours for processing and approval. However, there are some cases in which the rental application process might take longer.
Whatever the reason, it is imperative to understand the application process for the ease of renting a property. Unless you have managed property on your own or been a property manager yourself, you will not know what is happening in the background of the tenant application process.
Read on for some of Soho’s best renter hacks.
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The rental application approval process
So, you’ve nailed introducing yourself to your new roommates are now waiting on the application result.
After you have set up your 1form profile, applying can be done with a simple click of a button. Your ID (like your passport document number), bank statements, and references are uploaded easily! And you might think, great, these are all the documents I need to rent an apartment!
Unfortunately, this is not considered the hard part. Waiting for approval can be a stressful time. Continuously asking yourself ‘how long does a rental application take to be approved’ won’t make the rental application process move any faster.
After you have submitted, the property manager must perform background checks on international tenancy databases in order to verify all information provided is accurate. This is both on the personal and professional scale.
The property manager will also use this time to check for proof of income to corroborate the tenant’s financial commitment. After this, they will request written reference checks by contacting previous landlords or agents. Waiting to hear back from rental applications takes time because of all that needs to be cross-referenced.
The property manager wants all this information in order to give the landlord the most accurate information when it comes to the applicant’s history. This is to ensure that you will make a suitable tenant for their property. So the query ‘how long does a rental application take to be approved’ has more to do with your own history rather than just the application itself.
If the property listing is now showing ‘under application‘, this means the landlord and property management team are reviewing applicants.
Common Delays in the Rental Application Process
When you apply for a rental property, there are several factors that can delay the application process. One of the most common issues is incomplete or incorrect information.
Ensuring you provide all necessary application materials is crucial. This includes your past rental history, employment details, and emergency contact details.
Additionally, property managers often need to verify your credit report and check references from previous landlords or employers. This can take time, especially if they encounter delays in getting responses.
Reference checks
One of the ways your application can be delayed is if there is a delay in reference checks. You may want to blame the rental agent, but most of the time, it is out of their control. Because they have to make multiple reference checks, waiting on others is an unfortunate part of their jobs.
Pestering them with ‘how long does a rental application take to be approved’ will probably just add to their own anxiety.
But when it comes to references, you might want to know that it’s a good sign if a real estate agent calls your references. It shows that they are investing time into your application.
Incomplete applications
Another reason why the process can be delayed is if you have turned in an incomplete application. If you submitted it digitally or as a hard copy, there is still a possibility that you did not fill it out as you should have.
A blank section, non-legible photos of identification, or even improper documentation are all ways in which your rental application could be delayed.
This is because the property manager would then be forced to send requests back for the necessary information. This also means that the property manager will have to refocus their attention on the next application.
Why Complete Applications Matter
Submitting a complete application with all required documents can significantly speed up the approval process. When property managers receive an application that includes a thorough credit report, proof of income, and detailed past rental history, they can process it more quickly.
Incomplete applications, on the other hand, often get pushed to the bottom of the pile. This is because property managers need to focus on applications that are ready to be approved without additional follow-up.
What if my rental application is rejected?
In the face of rejection, you can be completely discouraged for one reason or another. It is important that this rejection does not taint your rental application process entirely. Of course, there is a sure reason for why your application was rejected, but that just means you have received fairly important feedback.
If your application was rejected, it most likely has to do with the individual landlord. If this is the case, some unsuccessful applicants have been able to get necessary feedback on ways to improve their application or if the problem actually has to do with background information and income.
The question of ‘how long does a rental application take to be approved’ may not even matter much until you tighten up your application and get things in order. Sometimes, property agents even offer some useful advice to help in your future application endeavours. It is important to try and take all feedback and information to improve your chances of landing your dream rental.
One thing that will not help if you get rejected is allowing it to discourage you altogether.
Once you have received the necessary feedback, your next rental application is more likely to hit all the right places. A large portion of the Australian population rents their homes, so it can definitely happen for you if you don’t give up too easily!
The Role of Property Management Companies
A property management company plays a critical role in the rental application process. They are responsible for reviewing applications, conducting background checks, and ensuring all required documents are submitted.
These companies also handle communication with previous landlords and employers to verify your rental history and employment status. Their goal is to provide the landlord with all the information needed to make a final decision.
Improving Your Chances of Approval
To improve your chances of having your application approved, make sure you provide all necessary information upfront. This includes your credit report, emergency contact details, and any relevant documentation about your employment status.
You didn’t think we would leave you without a few helpful tips, did you? Knowing a few tips and tricks to improve your application and increase your chances of getting your application approved can only help. Then, you can learn what happens after your rental application is approved!
It is important to note that applicants can never give too much information on their applications. As long as you demonstrated all the right things you want to tell the landlord about yourself and demonstrated your reliability.
If you turn in a completed, flawless application, you are more likely to just fly through the process. You can also look up our examples of how to answer the ”please share a few details about your history as a renter’ question.
Another tip is to make sure that the identification and all supporting documents are legible and clear for the property agent. Giving emails and phone numbers for your references as well as detailed employment and past rental agencies are more helpful than not. This way, there is no room for assumption or question on the agent’s part.
If you are planning on renting with pets, it is also essential to include a pet profile on your rental application. Having a photo also helps the landlord get a better picture of what having you as a tenant will entail.
Why Communication is Key
Good communication can also make a difference. If there are any delays, it helps to know why. Often, it’s because the property management company is waiting to hear back from your references or verifying your information.
Staying in touch and providing any additional information promptly can help speed up the process. If you need to check on the status of your application, it’s best to inquire politely and be patient.
Additional Tips for Tenants
For those interested in renting with pets, including a pet profile on your application can also help. Having clear and legible identification and supporting documents can make the process smoother.
Providing detailed information about your income and previous rental agencies can help ensure there are no delays.
Conclusion
Understanding the rental application process and ensuring you provide all required documents can help make the process smoother and faster.
Remember to stay organized, provide complete information, and communicate effectively with the property management company.
FAQ Section on Rental Applications in Australia
How long does it typically take for a rental application to be approved?
Rental applications usually take between 48 to 72 hours to process. However, depending on various factors, this timeframe can extend.
Will I be notified if my rental application is denied?
While some agents inform applicants of unsuccessful applications, it’s more common to only hear back when you’ve been successful.
What factors affect the time it takes to hear back from a rental application in Sydney?
The approval process can range from one to three business days, influenced by factors like the completeness of your application and how quickly references respond.
Is it challenging to find a rental property in Australia currently?
Due to low vacancy rates since the pandemic, finding available rentals in Australia has become increasingly difficult, making the market competitive for renters.
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