Renting a new apartment can be both exciting and overwhelming, especially if you’re unfamiliar with the rental application process. Whether you're a first-time renter, student renter, or someone transitioning between apartments, navigating this process smoothly is crucial.
This guide will walk you through every step, helping you better understand what to expect, what documents you need, and how to avoid common apartment rental mistakes.
Rental application checklist: Step-by-step
The first step in the rental application process is to get prepared. Preparation involves understanding your financial situation, gathering necessary documents, and making sure you meet the landlord’s criteria.
1. Build your apartment needs checklist
Before you can even begin to look for an apartment for rent near you, you need to determine what you want and what you need for your rental. Create an apartment checklist, listing your must-have features and what could be chalked up to a ‘nice-to-have’ but not necessary amenity.
For example:
- Parking: Do you require a parking stall that is included in the price of rent? Do you want an underground parkade, or will an outdoor stall work for you?
- Laundry: Do you require in-suite laundry, or is a laundry room on-site suitable for your needs?
- Pet-friendly: If you have furry family members or plan on adopting an animal, you will need to find yourself a pet-friendly apartment building (like those at Boardwalk 🐶🐱).
- Accessibility: Will you, or a family member, require the apartment building to have an elevator, ramps, handicap parking or other specific requirements to ensure a comfortable living space?
- Public transit: If you use public transit to get around, you need to ensure you’re looking for apartment rentals in areas with easy access to bus routes, LRT stations, or bike lanes.
Your apartment checklist will be unique to you and your family's needs, so take your time and determine what is a need and what is just a want. This will help you determine your rental budget.
For more about preparing your first-apartment checklist, read our guide: Apartment Hunting 101: A Comprehensive Checklist for First-Timers.
2. Research apartment rentals near you
Before diving into the rental application process, you’ll need to find an apartment that you’re excited about viewing and inspecting. You can do this right on Bwalk.com, enter your city and explore the map or list view of apartments with rental availability.
If you decide to use another website for your rental search, such as Rentfaster.ca, Rentals.ca, Kijiji, Facebook, or Craigslist, you must be vigilant about rental scams. There are all sorts of rental scams out there, so follow our guide to ensure you don’t fall victim: Guarding Your Home Search: Tips to Dodge Rental Scams.
3. Set an apartment rental budget for yourself
One of the first steps in preparing to apply for a rental is knowing your budget. A common guideline is to spend no more than 30% of your income on rent. To do this:
- Calculate your monthly income after taxes.
- Subtract your fixed expenses (bills, debts, savings, groceries, childcare, etc).
- Use the remaining amount to determine your comfortable rent range.
4. Understand your credit score before you apply
The rental company or landlord will often check your credit score to assess your financial responsibility. A credit score above 650 is generally considered good, but every REIT, property manager, or landlord might have different criteria. If your credit score is lower, you can:
- Provide additional proof of income.
- Offer a larger deposit.
- Get a co-signer with a stronger credit profile.
5. Gather necessary documents for the rental application
Most rental applications require similar documents. Here’s a checklist of the essentials:
- Government-issued ID (driver’s license, passport)
- Proof of income (recent pay stubs or bank statements)
- Employment verification (a letter from your employer)
- Rental history (past addresses, contact information of previous landlords)
- Personal references (letters from previous landlords or employers)
Having these documents ready will speed up the process and help you stand out in competitive markets.
How to apply for an apartment
Now that you’ve done your prep work, it’s time to submit your rental application. Here’s how to make sure your application shines.
1. Filling out the rental application
Rental applications typically ask for basic information like your contact details, employment information, income, and rental history. Many rental application forms will also ask for your preferred move-in date, the number of people moving in, if you have any pets, etc.
Ensure that all information is accurate and up-to-date to avoid delays in the process.
2. Getting your references ready
References are often used by management companies and landlords to verify your reliability. It is best to choose professional or personal references who can speak to your character and financial responsibility. It’s always a good idea to let your references know in advance that they might receive a call.
3. Writing a compelling cover letter
Some landlords or property managers may ask for a short cover letter to learn more about you. If you’re submitting one, be polite and professional, highlighting why you’re a great fit for the apartment. Keep it brief but informative, focusing on stable employment, strong rental history, and any other points that set you apart.
What landlords look for in rental applications
Knowing what landlords prioritize can help you present yourself in the best light.
Financial Stability: Landlords want to know that you can consistently pay rent. Proof of steady employment or a stable source of income is key. Most landlords and property managers prefer that your rent doesn’t exceed 30% of your monthly income.
Rental History and References: If you have a positive rental history, highlight it! Past landlords who can vouch for you as a responsible tenant are incredibly valuable. Even if you’re a first-time renter, you can offer strong professional references to compensate.
Behavioural Patterns: Landlords also look for red flags such as frequent job changes, missed payments, or poor communication skills. Make sure your past reflects reliability and consistency.
Tips for navigating a competitive rental market
If you’re applying in a busy rental market, standing out is crucial. Here are a few tips to improve your chances.
- Act Quickly: Good apartments go fast, especially in popular areas. Have your documents ready and respond promptly to listings to avoid missing out. Be prepared to secure an apartment viewing as soon as possible, and keep a close eye on new apartment listings on bwalk.com and other rental sites.
- Have All Your Paperwork Ready: Being organized can help you secure an apartment faster. If a landlord sees that you’re prepared, they might prefer you over someone who still needs time to gather documents. Preparing a file on your computer allows you to keep everything organized to submit to the landlord via a secure portal or email.
The rental application approval process
Once your application is submitted, there’s typically a waiting period as the landlord or property manager reviews your information. During this time, they may:
- Conduct a credit check
- Call your references
- Verify your income and employment
- Call you to set up a viewing
Following up on your rental application: If you haven’t heard back after a week, it’s okay to follow up. A polite email or phone call asking about the status of your application shows that you’re interested without being too pushy.
Common rental application mistakes to avoid
To ensure a smooth application process, avoid these common pitfalls:
- Submitting incomplete applications: Double-check that all fields are filled out and documents are included.
- Providing inaccurate information: False details can lead to immediate disqualification and might get you blacklisted from renting with that company or landlord in the future.
- Not reviewing your credit report beforehand: Know what’s on your report and be ready to explain any discrepancies.
- Being unprepared financially: Make sure you have enough saved for the deposit, application fees, moving fees, and the first month’s rent.
The rental application process can feel overwhelming, but with the right preparation, it doesn’t have to be. By understanding what rental managers and landlords are looking for and avoiding common mistakes, you can increase your chances of securing the perfect rental home.
Remember to stay organized, act quickly, and put your best foot forward in every part of the process. Review Bwalk.com to explore our apartments for rent and book your viewing directly on our site!