What does it mean when your rental application is progressing?

Have you submitted a rental property application and are now waiting for the approval process to take its due course? Like most people in the rental market, you have finally found the property you like after weeks of hunting, and once you have applied, the waiting game begins.

At the same time (whilst you wait), the Property Manager is trying to determine if you are the best applicant for the property. You might be wondering how long it takes to process your request and when you’ll get an answer. This article provides you a clear idea on what is happening in the background of your application process.

1. Understanding the rental application process

The application process may not be as simple as you think – most property managers need to go through a somewhat lengthy process before accepting or declining your application, this is part of the due diligence requirements.

It could be as little as 24 hours and some applications may take between 48 – 72 hours for a decision. We have seen cases that took longer than 72 hours.

2. What causes delays in rental applications?

Some of the more common causes for delays are delay in reference checks and incomplete applications. By having accurate details on your application form as well as providing all required information are keys to ensure a smooth approval process.

3. What happens in the rental application approval process?

It might seem like a long time, but multiple checks take place, which means your application can take 48 – 72 hours to process and be approved. These can include, but are not limited to:

• Checking relevant tenancy default databases, so they’re aware of any past rental history – it is important for the landlord to look for good tenant(s).Making sure that your application is completed accordingly with all the require info and supporting documents
• Assessing your affordability – based on your annual income and the asking rent
• Confirming your previous living arrangements i.e., renting, home owning or living with family
• Verifying your employment details and income or proof of regular income such as Centrelink or any other sources if you are a student for example
• Checking the next of kin or emergency contact details
• Checking references – if the agent failed to contact your nominated referees, your application approval may be delayed. Again, having notify your references before hand would help facilitate this process and faster outcome for you.
• Once the above checks and verifications have been completed, the agent will then submit all shortlisted applications to the property owner (landlord) with the recommendation for the most suitable tenant. The final decision will sit with the landlord.

4. What happens if you get rejected?

Rejection can sometimes be hard to handle but be aware that the rejection may not be personal. Some of the most common reasons for rejection are:

• Your income did not pass the affordability assessment
• Another more suitable applicant was successful
• The terms you have offered were not suitable for the landlord

Whilst it is not guaranteed that you can get feedback for the reason(s) of rejection, there’s no harm asking the property agent. Most often, they may be able to offer (or willing to offer) some insights and guidance for your future applications.

5. Tips for getting your dream home 

More is good – there is no such thing as ‘providing too much information’. Keep in mind it is in the property agent and the landlord’s interest to find a good / responsible tenant, so the above-mentioned due diligence is taken very seriously, and they would like to get to know you as thoroughly as possible.

Ensure the identification and supporting documents are clear and legible, provide email and phone number for your references, employment, and previous rental agencies. We have also created the 7 Tips to help you meet the tenant selection criteria and get that winning application!

Do not hesitate to follow up with a call or an email if you have not heard back after a few days. When you do, remind them about the property address as they usually manage multiple properties and deal with multiple applications at the same time!

For further advice around rental properties and property management check out our blog. Or, if you are currently looking for a place to rent in Sydney, have a look at our listings here.

Best of luck with finding your next lease!

What does it mean when a rental application is being processed?

What does it mean if my application is with the property manager?

What does it mean to be shortlisted for a rental?

Is it rude to follow up on a rental application?