How many rental applications will you accept in a hot market?

Question

I listed a townhome for rent in my very tight rental market on Monday and I've received well over 100 inquiries.  I've been responding via email/text with a link to my application and application requirements and the times for my open houses this coming weekend.  I'm getting a little concerned about the number of people that may show up.  In the past, I've received 20-50 inquiries and maybe 10 parties show up at the open house with 3-4 actually submitting an application.  I have no expectation that everyone will come but I do think there's potential for more than 5-10 applications to be submitted.  I have written requirements about income, credit score, etc so the applicants should be able to determine if they meet the base requirements on their own.  How many apps do you normally accept on a unit?  If you are running an open house, do you accept all applications offered during that open house or do you pause acceptance at some point to process the apps already received?

John Underwood · Answer

If I get one that has a credit score of 700 or better and all my other criteria is met I will offer to sign a lease with them right away.

I keep taking applications till I have a signed lease.

I'll tell people I have x amount of applications turned in but they are still welcome to apply.

Scott M. · Answer

No limit on applications but we are upfront if we have selected someone and let everyone else know they are a backup.

Billy Smith · Answer

I  ask questions over the phone ,then have them do a back ground if they look like a winner based on a verbal general info .

I will do keep one more ready  but not filling out a whole app with personal info .I guess some people harvest money from apps  double triple the cost ?

I charge the tenant same they charge me I only do  CASH  to run back ground check .

Everest Harkey · Answer

I accept all applications that come my way until a lease is signed. This includes during an open house as I will keep them in the order they got submitted to determine who submitted and qualified first. It's all about being upfront that others are in front of them, but applications are still being taken.

Carini Rochester · Answer

I like using Zillow application process. Zillow does the credit check and the background check and sends me a complete package on the applicants. By email or Zillow message, I tell everyone who inquires what the minimum income and credit score needs to be. If they don't meet those numbers, don't bother applying. Once I have eight or ten good applicants I schedule open houses, meet people and make a selection.

Robert Frazier · Answer

Its unethical to take their fee if you have several qualified applicants already in queue.

Don't take advantage of desperation for a couple hundred bucks.

Denise B. · Answer

Thanks for the responses! I appreciate your feedback and best practices.  I don't mark up the application fees - I just pass the cost along to the applicant - so accepting applications is not a money making thing for me.  With so many responses, I'm purposefully not talking to people ahead of the open houses - just sending my criteria and leaving it to them to opt out on their own, if they know they obviously won't qualify.  I'll plan to be transparent about the number of applications and if they choose to submit, that's on them.  I want to keep accepting apps until a lease has been signed and I have a deposit in hand.  Thanks again!

How many rental applications will you accept in a hot market?

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