A conditionally approved RentGrow status indicates that your rental application has passed the initial screening stages and looks promising, but it is not yet a final acceptance to sign a lease.
Understanding Conditional Approval in RentGrow
When you receive a "conditionally approved" notification via RentGrow, it signifies a positive preliminary outcome for your rental application. This status means:
- Initial Positive Outcome: Your application has met most, if not all, of the landlord's or property manager's initial requirements based on the information provided through RentGrow's screening process (which typically includes credit checks, background checks, and income verification).
- Pending Final Steps: While your application looks good, there are still outstanding items or further review needed before you can be officially accepted as a tenant and proceed to sign a lease agreement.
Next Steps After Conditional Approval
Receiving conditional approval means the process is progressing, but action is required to move forward. To gain final approval, applicants should:
- Contact the Landlord/Property Manager: Immediately follow up with the landlord or property management company. This is crucial to understand what remaining requirements, documents, or clarifications are needed to transition from conditional to final approval.
- Address Any Outstanding Requirements: Be prepared to promptly provide any additional documentation, clarification on specific application details, a higher security deposit, or perhaps a co-signer, if requested.
- Clarify Terms: Use this opportunity to confirm move-in dates, specific lease terms, and any other conditions related to the tenancy.
What Conditional Approval is Not
It's vital to differentiate conditional approval from final acceptance:
- Not Final Acceptance: A conditionally approved status does not mean you have been definitively accepted to rent the apartment or that you can sign a lease immediately.
- No Guarantee of Lease: Until final approval is granted and a lease is signed, there is no guarantee that you will become a tenant. The application process is still ongoing.
Why Conditional Approval Happens
Landlords and property managers often use conditional approval for several reasons:
- Manage Risk: It allows them to flag potential concerns or areas requiring further verification without outright rejecting an applicant who is otherwise strong.
- Request More Information: It's a mechanism to ask for additional details or impose specific conditions (e.g., requiring a higher deposit for a slightly lower credit score).
- Streamline Process: RentGrow provides comprehensive initial data, and conditional approval acts as a filter, allowing the landlord to focus their efforts on promising candidates who just need a few more pieces of information or an agreement on specific terms.
Examples of Conditions That May Be Applied
Common conditions that might lead to a conditional approval include:
- Request for Additional Security Deposit: Often applied for applicants with a limited rental history or a credit score that is acceptable but not exceptional.
- Requirement for a Co-signer: If the applicant's income or credit score doesn't quite meet the property's strict thresholds independently.
- Proof of Funds: Verification of bank statements or other assets to ensure the ability to pay rent, especially if income sources are unconventional.
- Acknowledgement of Specific Lease Clauses: This could involve agreeing to certain pet policies, parking rules, or other unique terms of the tenancy.
Conditional vs. Final Approval
The table below highlights the key differences between conditional and final approval statuses:
| Feature | Conditionally Approved | Finally Approved |
|---|---|---|
| Status | Promising, initial approval based on screening | Full acceptance, all conditions met |
| Lease Signing | Not yet, further steps or conditions must be met | Ready to sign lease agreement |
| Next Steps | Applicant needs to follow up with landlord; address conditions | Landlord provides lease; applicant prepares for move-in |
| Outcome Guarantee | No guarantee of tenancy until conditions are satisfied | Tenancy secured upon signing the lease |
| Implies | Application looks good, but more information or agreements needed | All requirements met; you are accepted as a tenant |
