How To Rent Out My Apartment – Learning how to rent an apartment can be overwhelming. Keep reading to learn the basics of renting an apartment and tips for renters to help you get approved.
Despite facing an average of 2,654 new tenants per day, getting an apartment doesn’t have to be difficult when you understand the approval process and specific apartment requirements for your desired unit. However, before you sign a lease and move in, you’ll also need to complete the steps for an apartment rental application.
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Do not worry. It’s something every renter goes through, so we want to guide you on how to get approved for an apartment. Here’s a look at everything you need to apply for an apartment, the forms required for the application process and tips to help you make sure you get approved.
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Applying for an apartment is the first step. Once you apply for an apartment, the wait for your apartment application to be approved usually takes 24 to 72 hours.
Fortunately, the docs will often guide you through the process with questions and requests. Answer everything as completely as possible and submit supporting documents, such as references.
To rent an apartment, you’ll also need to pay a nonrefundable application fee of about $30 to $50. The landlord charges this apartment application fee to cover the costs of screening tenants, sometimes including background and credit checks.
Credit checks are usually part of the application fee and require your authorization. The owner also performs a background check to assess your criminal history and determine your reliability.
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Proof of income is critical when applying for an apartment, as it shows you have a reliable source of income to pay the rent. Bring your tax returns, two to three pay stubs and two to three months worth of bank statements to include with your application to speed up the apartment rental process.
If your income (or credit score) is not high enough to secure the apartment or you have an unstable income, consider asking a trusted person to be your co-signer, such as a family member. A guarantor or co-signer is someone who signs the lease with you and is legally required to pay your rent if you don’t.
Potential landlords want references from previous landlords to verify your rental history and reliability as a potential tenant. In addition, they are trying to determine how responsible you are and may call your previous landlord to inquire about your reliability and ability to pay rent on time.
If you are renting your first apartment and have no previous rental history, bring personal references from a boss or superior that speak to your trustworthiness and reliability. Make the process easier with these sample rental reference letters.
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A security deposit is one of the many requirements for renting an apartment. It’s an amount a new tenant pays a landlord or property management company before moving in. Security deposits provide the tenant with insurance against tenant damages beyond normal wear and tear, which usually equates to one to three months’ rent.
Your landlord or property manager will send an email or phone call to let you know your apartment has been approved and schedule a time to sign the lease. Make sure you read everything and understand every detail. Remember, a lease is a legally binding document, so be sure to note any existing damage or problems in the apartment so that you are not held liable when you leave.
Look out for any holes in the walls, scratches in the floor, damage to windows or major appliances, and any visible exterior wear and tear. Document everything carefully with a camera and notify your landlord as soon as possible.
While moving into your new apartment can seem overwhelming, it’s also exciting! Many of the first apartment checklist items you probably already have handy. If you don’t, buying brand new isn’t your only option.
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Some things to know about the leasing process that can affect approval include a history of paying rent on time, reliable income, and good communication. Here are seven tips to help move the leasing process along:
Now that you have a better idea of the requirements to rent an apartment and the application process, you’ll be approved in no time! But if you’re having trouble finding the right place, we can help you find exactly what you’re looking for. Find your next apartment on the Apartment List today!
Depending on the owner or property management, the wait for apartment application approval should only take up to 72 hours.
Once you’ve met all the requirements for renting your apartment, you’ll hear if you’ve been approved by email or phone. Your landlord will also set up a time to sign the lease and go over any questions or next steps.
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Because leases are legally binding contracts, you must be 18 years old when you rent an apartment. In some situations, a landlord can rent to a minor tenant, although this is rare and usually requires a guarantor or co-signer.
When your apartment application is approved, you can decide if you still want to sign the lease or decide to pursue another option. If you decide to go ahead, you will need:
Yes, you can apply for multiple apartments and this is encouraged in competitive rental markets like New York City. However, you should ask if applying for more than one apartment in the same building will affect the time of the rental application process or if you have to pay additional application fees.
Tristian Brown is a content marketing associate at ApartmentList, where he curates high-quality content that helps modern renters find the perfect home. He brings a wealth of knowledge to the team, having earned a Bachelor of Arts in European Marketing and Management from the University of San Diego and EM Strasbourg Business School. Read more
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Emily is a professionally trained writer who covers a wide range of topics related to the rental market and real estate industry. With over a decade of professional writing experience, Emily comes from a strong background in the field, backed by a Bachelor of Science from the world-renowned William F. Read more
First Apartment Checklist: Essentials for Your New Apartment36 Questions to Ask When Renting an ApartmentHow to Find an Apartment [Guide 2023]More than 65% of New York City residents are renters, so if is it your first time looking for an apartment or your 10th, you are not alone. Our guide to renting in NYC shares everything you need to know about the key aspects of renting, from how much rent you can afford to tips for breaking a lease (hey, it happens!). Other topics covered in this guide to renting in NYC include how to find the best apartment for you (and roommates if you need one), what to expect at the lease signing, paperwork and fees needed to rent a place. whether you should use a broker, and much more.
You’re looking for NYC apartments and you’ve found a place you really like. You are ready to make your new home. Big! But learning how to rent an apartment in NYC can be overwhelming for newcomers. How do you know what you need for your application? If you’ve prepared ahead of time, you can apply for your dream apartment in no time. From paperwork to photo ID, read on to learn how to prepare for NYC apartment hunting.
Once you’ve found an apartment you’re interested in renting, it’s time to make an application. Submitting an official application is the most common way to rent an apartment in NYC. While different landlords and agents may ask for different or additional information, you should have a few key pieces ready. Here is a general checklist:
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It’s a lot to put together! But landlords need to know that you will be able to pay your rent every month. In general, the more proof you show of your stable income or assets, the higher your chances of getting the apartment.
If you don’t have any savings or assets to show for it, that’s okay—it’s usually more of a plus, not a necessity. But the more wealth you can display, the better, says Hiro Matsuiof Corcoran. “Nowadays, with COVID, some people are between jobs, so it’s helpful to show some savings or liquid assets of some kind,” he says. “It gives the landlord some assurance that you’ve added security to pay the rent.”
When researching how to apply for an apartment in NYC, you’ll probably come across the “40 times the rent” rule. Landlords like to see that tenants have an annual income of 40 times the monthly rent. If you’re a new employee and haven’t worked before, though, don’t panic. Steven Irizarry of Compass says you can waive salary slips as long as you can prove you’re working with a letter of employment from your company. You may also need a guarantor to secure the apartment.
Tenants should consider broker fees when budgeting for their rental expenses. Broker fees are usually paid to the broker or real estate agent who connects you with the landlord or building management company. Usually, the fee is 15% of the annual fee
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