How to apply for a rental property

Renting a home or apartment can be difficult in the current market, with so much competition when a place becomes available. Making sure your application gives you the best possible chance to get the property you want takes a little advance planning. You need to ensure that you’re in pole position by following these tips.

Doing market research of rental properties

The first thing to do is to check what properties are available or may become available in the near future. Visit your real estate agents and surf the Internet for what’s in your area of choice and within your budget. You can then target specific properties or areas, saving time by avoiding unsuitable places. Real estate agents can be invaluable in your search. They have detailed property listings, and they may be able to get you a viewing sooner than if you wait until it’s advertised. The sooner you view, the sooner you can get your application in, beating others to the punch.

Preparing in advance

Once you’ve spotted some properties that interest you, there are some steps you can take in advance that will save you time later. When you’ve found the place you want to rent, you’ll want to get in there straight away, so get some things ready beforehand.

Money

The first and most obvious step is to have the money ready. You’ll need to have bond money on hand. as well as advance rent – usually a month, but sometimes less. If you have the money already, you can pay the landlord immediately, speeding up the moving in process. Landlords can’t afford to have their properties sitting empty while potential tenants gather up the cash, so if you can prove you’ve got it, you’re putting yourself in a great position.

Application form 

You can fill in the application form in advance too so that you’re ready to go. Most real estate agents will have general application forms containing details such as references, contact information, proof of funds, etc. You can enter most of these details in advance, leaving the specifics such as the rental address until you’re ready to go. This will save some time, giving you an important head start on other applicants.

References

All landlords will check your references before they rent you their property. The best way to ensure this goes smoothly is to inform the people you use as references that they should expect a call or email. This will give them a heads up, and they’ll have time to think about what they want to say to give you the best chance of getting the rental.

What to do once your application has been approved

Read the lease first

Do not just sign the lease! A lease is a legal document, and it is important that you read it, from start to finish, prior to signing. A lease is a legally binding document, and failure to understand it can mean serious financial and legal repercussions on your part. If you have any questions about the lease, ask before signing, and make sure that every agreed upon term is included in the body of the lease. For example, your landlord says that the apartment is pet-friendly, but it is not stated in the lease. Be sure to get his permission in writing to back yourself up in the future. And lastly, you will need to be sure that the rent amount indicated in the lease is what you agreed to when you toured your property.

Fill out a property condition report

A property condition report highlights the condition of the property you are renting when you first move in. The purpose of this is so that you cannot be held liable for any damages to the property that existed prior to you moving into your apartment or rental house. Always make sure to fill out the property condition report thoroughly and honestly, and keep a copy for your own records. Feel free to mention the slightest flaw that you see.

How long is the lease?

Leases come in a variety of durations, so it is vital that you check how long the lease is before signing on the dotted line. Rental leases typically span from 6-24 months, so it is important that you understand the terms of the agreement before signing. It is important to note that if you leave the rental property before the end of your lease, your landlord can hold you liable for rent until the end of your lease agreement. Once your lease expires, you will have the option to renew, as long as it is still beneficial for both you and your landlord.

Beware of agency fees when signing a residential lease

Rental fees charged by real estate agents, more commonly known as agency fees, should not be overlooked at the time of signing the lease.