When I say you have about 10 minutes to decide if a rental is right for you, I’m not being pushy. Places do go that fast here in Chicago, especially at this time of year. I recently had a listing that drew dozens of people to view at the same time, and several highly qualified applications came in. It was quite the spectacle! Not every showing is like that of course, but behind the scenes, it just may be. If a listing is open for other agents to show, along with the landlord, it’s imperative you apply as soon as you determine it’s a match.
Before you even arrive for a showing, you should be ready to pull the trigger, having your IDs and check stubs ready to attach to an application. That basically means you are half-sold on the unit you’ve seen advertised, and you’re viewing in person mostly to confirm the listing you viewed is the same or even better. You know you meet the terms or have discussed options, and all you’re there for is to view and either decline or request an application. (You can read my previous article on prepping here.) Some folks will even apply before going just to get in front of the line. Of course, credit and background checks are often included in applications for a fee, so be sure to ask if that’s the case and decide if is in your best interest to do so. (And, always ask which application the agent or landlord uses. Do not assume they will accept another source, or that a credit check you already have will be accepted.)
If your application is approved, the next step would most likely be the lease signing. You would probably be expected to meet with the agent or landlord to sign the lease and bring along the various funds requested. My listings almost always indicate first month’s rent and either a move-in fee or security deposit are due at lease signing. That means if you apply on Monday morning and find out you’ve been approved later that evening, I am expecting you to be ready to sign a lease the next day, bringing along the funds. And if you don’t have the funds ready, the agent or landlord will most likely continue to market and show the unit until a lease is signed – whether that is done by you or someone else.
Some people wonder about those other options are that I mentioned, as they may not quite meet the landlord’s terms. Or, there are other known applicants, and you want yours to stand out. Perhaps you can put down an extra month of security deposit or prepay the last month’s rent. Maybe offering to pay a higher monthly rent would work out better. Some landlords are happy with a 2-year lease. (Those might work out for you too, because you’re locked into the same rental price for an extra year!) And of course, if you have a cosigner on standby, that’s always a plus. Other offers can be considered. However, landlords I work with generally do not want to negotiate much without seeing an application first.
And before I go, there is one other thing I wanted to mention: If you see pictures of an apartment that look half-done, or the current tenant is messy, do not let that dissuade you from considering the unit. You can have the landlord or agent write in terms on move-in quality standards if it makes you feel more comfortable. And especially, if you see a picture of a half-painted room with tools and a ladder, that’s a good sign the unit will be move-in ready very soon. At this time of year, it may very well be better for you to apply while it’s still being freshened up than waiting for the work to be completed. Because by then, someone else may have already signed a lease!