The time has come. You’ve found the perfect apartment in Chicago, assembled all the necessary documents, filled out the completed rental application, and paid the application fee. You meet all the qualifications, and you’re certain you’re a shoo-in to get approved. But, then…nothing. You’re left in the dark, waiting to hear back from the landlord about whether they approved your application or not. While it’s frustrating, there are valid reasons why your rental application may take longer to approve, so you shouldn’t panic. Keep reading to find out how long the apartment approval process takes.
How long does it take to get approved for an apartment?
Typically, the apartment application approval process should take between 24 and 72 hours. It’s possible that your application might face some delays, so don’t be discouraged if the approval process takes a little longer. Ensuring that there are no gaps in your application will go a long way in ensuring a quicker review period.
If you submit your application late in the day or on a Friday, the rental application won’t move forward until business hours resume. Submitting your application early in the week or the day sets you up for success and avoids unnecessary delays.
However, if you’ve done your research and submitted all the right materials at the right time, getting approved for an apartment could take only a few hours.
Why is the property manager taking so long with the rental application process?
Knowing what you know now about the length of the approval process, you might wonder what might cause a delay. There are numerous factors that go into a rental application, taking more or less time to approve. This is primarily because your potential landlord needs to verify or confirm a lot of information, some of which takes longer to verify.
If you’re waiting and waiting to hear back from a landlord about whether you’ve been approved for an apartment or not, these are the most likely reasons for the delay.
1. Gaps in required documentation
If you didn’t completely fill out the rental application with all the necessary information, the landlord will need to reach out to you for the missing details. It slows the rental application process down, and it doesn’t leave the best impression on the landlord. When filling out the rental application, completely fill in every section. Don’t forget to include identifying personal information like your name, current address, contact information and Social Security Number. After you’ve completed the rental application, read back through it to make sure you didn’t miss anything.
Similarly, not providing the right supporting documents slows the landlord down. They need the correct documents like your SSN and driver’s license number in order to run a background check on a potential tenant.
2. Running background and credit checks
Either working through an agency or independently, landlords need to run background checks on prospective tenants. It’s one of the fastest ways to verify all the key information like identity verification, monthly income and if you have a criminal record. If any essential information is missing from the initial application, the landlord, property management company or background check company will take longer to find and confirm that missing information.
If the property manager needs your credit report, make sure that you don’t have a freeze on your credit when they run a credit check. They’ll have to reach out to you to remove the freeze in order to check your credit score and credit history. While removing the freeze is relatively straightforward, it still wastes valuable time.
If you have bad credit, that also slows down the process. You’ll may need to bring a co-signer or co-applicant on board in order to move forward.
3. Confirming your employment history and income
During the apartment rental application process, landlords reach out to your employers. In addition to verifying your employment status, place and length of employment and income, employers are great character references.
If landlords are held up at this step of the process, it’s likely because they’ve run into issues attempting to contact your place of current and previous employment. They may have a hard time getting in touch with your boss. If you’re in the process of applying for a new apartment, let your employer know. They can look for a call or email from the landlord and will know to answer in a timely manner.
4. Confirming your rental history
Similar to digging into your employment history, landlords also explore your rental history report to ensure you’ll be a good tenant. Typically, they’ll reach out to your past landlords. They’ll ask your previous landlords to confirm your previous addresses and get a sense of how you are as a tenant, such as if you have any issues with paying rent on time. You’ll likely need to provide contact information for at least two prior landlords or a leasing office to contact. If you owned a home in the past, they may even want to contact the real estate agent.
Make sure your past landlord knows to expect a call regarding your rental history. That way, your potential landlord doesn’t have to chase down your landlord references. Keeping everyone informed about the process speeds up the approval process.
They’ll also look into whether you’ve had any evictions or dealings in landlord-tenant court.
5. Verifying your income
In order to get approved for an apartment, the landlord needs to make sure you can comfortably afford to pay rent, as well as your other financial necessities. That’s why many landlords require a gross monthly income three times greater than the cost of monthly rent. In your initial application, you should submit several months worth of pay stubs, bank statements or proof of annual income like tax returns.
In some cases, the pay stubs or bank statements you provided aren’t enough proof of income. They’ll let you know that you need to provide additional income verification materials. If you have a non-traditional job, such as freelance work, you’ll likely need to provide more background financial information.
6. Contacting your personal references
Along with your ex-landlords and employers, some landlords like to hear from your friends and colleagues during the rental application process. It sheds light on you as an overall person, vouching for your reliability, stability and ability to be a good tenant.
Before submitting the name of someone you know as a personal reference, ask for that person’s permission first. Then, let them know approximately when they can expect to hear from the landlord.
7. Needing additional documentation
A landlord will need to hit pause on your rental application if they need more verification. They’ll reach out to you to let you know exactly what else they need to move the approval process forward.
Try to get them the documents or materials they need as soon as possible to reduce the delay.
8. Approving your co-applicant or co-signer
If your credit report reveals a bad credit score or your monthly income isn’t high enough, you might not get approved on your own. However, the landlord can move forward if you have someone like a family member act as a co-signer. Your co-signer or co-applicant needs better financial standing than you, with a better credit score, income and assets.
Your co-signer will still need approval, as well, though. So, it may take anywhere from a few hours to an additional day or so to approve your co-signer.
9. Your payment didn’t clear
This can happen if you overdraw your account while trying to pay the processing fee or put down a security deposit. Have all your money set beforehand to avoid this mishap, which may sour the landlords’ impressions of your finances.
How can I speed up my apartment application?
As competitive as the rental landscape is, a delay in your rental application puts you at risk of losing that dream apartment. Here’s how you can speed up the process of getting approved for an apartment and avoid delays.
1. Complete the rental application with all the necessary information
Make sure you’ve completely filled out all the sections of your rental application. Don’t leave any sections blank and ensure all vital information like your name and SSN are clearly listed.
2. Have all your documents ready
Have originals and copies of all supporting documents ready to go, so the landlord doesn’t need to chase them down or contact you again and again.
3. Have proof of income
The more proof of income you can provide, the better. The further back it goes, the steady stream of income shows reliability and dependability. That’s why you should have at least two to three months’ worth of pay stubs ready to go.
If you’re a freelancer or work a less conventional job, have additional income documents going back several months as well.
4. Have a co-signer ready, if necessary
If you suspect you may need a co-signer in order to get approved, ask someone in advance so they can quickly hop on board if the need arises.
How long does it take for an apartment application to get approved? Not too long if you prepare
At the end of the day, preparation is key. Having your application held up in processing puts you at risk of losing the apartment you wanted. The more prepared you are, the faster you could be in the dream rental property.
