So, you’ve done all the legwork, found a rental property you love, and submitted your rental application and all the necessary supporting documents. Now comes the waiting game.
But how long should it take for the rental application to be approved or processed? And when is it acceptable to follow up on the property?
Ideally, most rental agencies aim for a 24-48 hour turnaround time to process rental applications. However, the response time can vary depending on the agency’s workload and the rental market’s current demand and supply.
Some agencies may even offer same-day responses, especially in a slower rental market, where they can handle applications promptly.
The rental application form should provide some insight into the agency’s general response time, giving you an idea of what to expect.
Be patient during this process, as agencies must thoroughly verify the information provided in your application. They will typically check your past rental history, contact your references, and confirm your employment details before deciding.
To expedite the process, ensure you’ve submitted a complete application with all the required information and supporting identification. Double-check that all contact details, phone numbers, and email addresses are accurate to avoid delays.
It’s not uncommon to wonder about the status of your application.
Don’t hesitate to follow up with the agency if you haven’t heard back within a reasonable time frame. Sending a polite follow-up email or making a phone call to inquire about the status of your application shows your genuine interest in the property and can prompt the agency to prioritise your application.
Many agencies have implemented automated systems to update tenants on their application’s progress. These systems may send automated text messages with updates on the application’s status, providing you with some peace of mind during the waiting period.
Remember that tenants are valuable assets to the property owner and the rental agency. Finalising the rental application quickly benefits everyone involved, ensuring the property is occupied promptly and the landlord starts earning rental income. To put your mind at ease, remember that agencies typically strive to process applications efficiently.
Don’t forget about the rental bond and extra costs
One crucial aspect of securing a rental property is the rental bond. When you agree to rent a new property, the landlord or agent will ask for a rental bond, usually equal to one month’s rent.
However, the specific amount may vary depending on your state’s regulations. Ensure you have this amount readily available when signing the lease agreement.
RentBond is a convenient way to pay your rental bond. Have you been approved for RentBond? We’ll pay your loan directly to your agent or nominated bank account. Find out more about RentBond here.
Rental application FAQs
Q: What can I do to improve my rental application? Being organised is critical to increasing your chances of success with your rental application. Gather all the required documents and identification to submit your application. Don’t forget to include multiple contact numbers and emails for the references you provide.
Q: What can I do to improve my chances of success? Typically, agents and landlords will seek proof of good rental history. Your capacity to pay rent promptly and keep the property in good condition will be crucial in impressing an agent.
Q: Why must I provide so much information with my application / Renter Resume? Most landlords have insurance policies that protect their properties. To meet the requirements of these policies, you’ll need to provide documentation that confirms your identity, income, and ability to pay rent on time. This evidence shows that you’ll be a good tenant and helps ensure the protection of the property.
Q: What if my application isn’t approved? If your application is not approved, it may be due to multiple applicants applying for the same property. The agent or owner can only choose one tenant, and they should inform you once they receive confirmation from the owner. In case of rejection, you can enquire about other properties managed by the same real estate agency. If interested, you may be able to transfer your application to another property, provided that you have seen the property first.
Rent.com.au is Australia's largest company dedicated to renters and is owned and operated by ASX-listed Rent.com.au Limited (RNT:ASX). For over 15 years, Rent.com.au has exclusively focused on making renters' lives easier by making it easier to find a property, secure it, move in and pay rent.