How long does it take to process a rental application?
So, you’ve found the perfect rental property and submitted your application, now the wait begins to see if you’re the successful applicant.
But how long does it take to have that application processed? Here’s what happens in between submission and approval and the average length of time it takes to find out if you’ve been successful.
Processing times
Typically, a rental application takes between one and three business days to process.
In between, the property manager will gather up all applications, check the details provided by each applicant, and liaise with the property owner about who they believe suits their property best.
The reason this time frame can be longer in some instances than others is there is a fair bit of information to process.
The property manager needs to check your identity documents, verify your employment, speak with any referees along with previous property managers, and ensure you can afford the property.
This involves contacting people, waiting to hear back from them, and then cross checking the information provided.
The application process is critical
As lengthy as the rental application process might feel, it is designed to ensure the rental occupier is a good fit for the property.
It’s also about protecting all parties involved.
In the case of the occupier, it’s about ensuring this is a property that you can afford which will suit your needs. For the rental owner it’s about making sure their property is looked after, cared for, and that the rent will be paid on time.
It’s also about protecting a major financial asset in the knowledge most rental properties in Australia are owned by Mum and Dad investors who have a mortgage to pay themselves.
How you can help
One of the biggest hurdles to processing any rental application is incomplete information.
In fact, an incomplete application is the reason some applicants aren’t even considered for a property.
That’s why it pays to familiarise yourself with what’s required and ensure the information required is completed in full.
All rental applications require the following:
- 100 points of identification, including photo ID.
- Employment information
- Previous rental or living arrangement history and a rental or personal referee
- Proof of income and ability to pay
- A list of all the occupants who will be residing at the property, including any pets
All people who are on the rental agreement need to complete this information in full, and your prospective property manager will cross-check what has been provided, before speaking with the owner of the property.
Then, if you are the successful applicant, you will be provided with a rental agreement to sign, will need to pay the required bond, and ultimately will be given the keys to your new rental home!
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
