What happens after you apply for a rental property?

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Renting a property for some requirements is not that much easy as it seems. There are some procedures or steps that a tenant and the landlord must go through during leasing a property. Nowadays, rental properties are providing a good advantage for many people, including landlords and tenants. Currently, it is estimated that there are over 1,022,984 rental apartments worldwide. In this article, we’ll read about What happens after you apply for a rental property? You can use tools like Fire calculator and prorated rent calculators.

While considering the part of tenants, they will have to apply for a rental property, wait for approval (sometimes not), visit the rented apartment (to check for available services), provide details and sign the lease, remit the advance funds, and many others. In detail, some information regarding the next steps or procedures after applying for a rental property is provided here. 

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What is meant by renting a property?

A rental property is referred to any kind of place like houses, apartments, or buildings that are rented to some other person by its owners. In this case, the person who holds the property is considered the landlord, and the other who leases it for a particular period is called the tenant. Renting a property refers to an individual (the tenant) occupying some other property (the landlord) by paying a monthly or weekly rent based on an agreement that they have made earlier. Rented properties can be shops, apartments, houses, business organizations, companies, hotels, or any other related place. 

How to apply for a rental property?

Applying for a rental property has become easier these days with the development of online application facilities. Nowadays, you can apply for a rental property by searching for available properties on different online platforms. You can easily use a mobile or computer to search for rental properties until you find the best one of your choices. You can also apply for a rental property by directly contacting them, but most of all, the landlords are accepting applications through online methods these days. Once you find a rental property that suits your requirements, you can complete the application form. In most cases, the application will be provided already, and if it is not available, you can ask the landlord for it. 

Basic requirements to fill out the renter’s application form

While filling out the application form for renting a property, you must provide certain details and documents. The landlord can ask you to upload digital copies of necessary documents; thus, it is always better to have them beforehand. Some of the important documents that are necessary for filling out the renter’s application form are listed below.

  • Identification card (like driving license or passport)
  • Contact details like email address, phone number, etc
  • Proof of income – Pay stubs
  • Bank statement (mostly an alternative source if you do not have income proof)
  • Offer letter (if you are lacking income proof or bank statement)
  • Credit reports
  • Recommendation letters from other people (mainly landlords to get trust)

What happens next after you complete the rental property application?

After the rental property application, you will have to wait for some time to get approval. It is the landlord’s choice to make the approval and rent the property to you. Mostly, the decisions are made within 24 to 72 hours, but it can also take some more time in certain cases (for around one week). Many people will have applied for the rental property, so the landlord will have to choose the best candidate that meets up with their expectations. The approval takes time because the landlords will have to go through certain steps and procedures like 

  • Check the tenants’ details like their history, rental payments done in the last place, and property damage (if any).
  • To confirm all the necessary details and documents that are submitted.
  • To ensure the income range is suitable for paying the rent.
  • Confirming the employment status of the tenant.

After examining all these things, the landlords will short-list the total applications and will approve the application by renting the property to a tenant on the list. If your rental application is accepted, the landlord will contact you through any means (like sending an email that shows that your application form is accepted). 

Signing the lease or rent agreement 

Signing the lease agreement is the next thing that you will have to do after your rental application is approved. In general, the rental agreement will have most of all the details like 

  • Names, addresses, and other information of the landlord and the tenant
  • Terms and conditions of the tenancy
  • The period of the tenancy (the date until the agreement is valid)
  • Monthly or weekly rent amount and the security deposits that are to be paid (including late charges)
  • Certain restrictions made by both the tenants and the landlord (like pet restrictions made by an apartment owner)
  • Conditions for termination of the agreement (if one fails to follow the terms in the rental agreement, the other will be able to break the lease)

In most cases, the lease agreement will be created by an agent who is appointed by both the tenant and the landlord (favorable to both of them). Both of them must go through the whole terms and conditions provided in the agreement before signing it to avoid trouble later. Witnesses are also necessary to overcome any problematic situations in the future. Once the tenant and the landlord sign the lease agreement, they must strictly follow the conditions, and breaking it is considered a crime (the individual will have to pay a fine). 

Pay the security deposit and move into the rented property.

The last thing to do in renting a property is to pay the security deposit. It is an amount that has to be paid for security reasons, and it will be used to repair damages caused by the tenant in the property (if any). And finally, after completing all these steps, you can use the rented property for your needs. 

What happens after you apply for a rental property? Conclusion

Renting a property has become common these days because of certain advantages it offers to both the landlord and the tenant. Those who are trying to find an answer to the question, what happens next after you apply for a rental property, can make use of this article to find the best answer. Detailed information regarding all the necessary processes is provided here. 

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