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How Long Does It Take To Get Approved For An Apartment

How Long Does It Take To Get Approved For An Apartment?

When you finally decide that it's time to make a move, you want to get out of your current arrangement and into a new apartment as quickly as possible. Unfortunately, there is often an application process that you must go through before securing approval. What can you expect as a timeline for the approval process for a new apartment? 

Here are some guidelines you may want to keep in mind when working with a property manager:

Collecting Information on Your Rental Application

For a prospective tenant, one of the longest parts of the process of approval is actually getting your documents ready for the apartment application. Prepare well in advance by compiling your personal documents. 

This can include recent bank statements for an income and credit check. Most places want to see a specific monthly income that exceeds the rent amount by 2.5 to 3 times. The leasing office may also require a background check as part of their process. 

If you go into the rental application process prepared with paperwork in hand, then you will be more than ready to submit everything for approval quickly. 

How Long Does It Take To Be Approved for an Apartment?

In many cases, the apartment application process can happen quite fast if you have your ducks in a row up front. A property manager may be able to clear your rental application in just 24 hours or so. In some instances, it might take a few days to get back your credit history, rental history, and data from previous landlords. 

Once you have all the necessary documents submitted, the speed of a property management company will determine how long it takes to go from application to paying rent. 

When they have more stringent guidelines and criteria, it may take longer to verify your information. If you know what might hold you up such as financial history or insufficient tax returns, it's important to address this in the initial talks with a leasing agent. They might be able to offer guidance to get you approved faster. 

Make the Most of Your Approval

After the approval has been issued, it's important that you follow through to secure your new place to live. Sign the lease as soon as it is available and make any necessary payments. This will include a security deposit as well as any additional fees. This is also the time to set up utilities in your name at your new address. 

This is the only way that you will reserve a unit after the apartment application approval. 

Globe Property Management can help you find the perfect apartment and guide you to getting your apartment application approved quickly. When you need a Winnipeg apartment rental, let our agents work with you to do the heavy lifting required to get you into a new space! 

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