Renting a home used to be a long, paperwork-filled journey that tested the patience of even the most prepared renters. But times have changed.Â
Thanks to modern technology, the rental process is now faster, more efficient, and less stressful for renters and landlords alike. Gone are the days of physically filling out applications and waiting weeks for a response. Today, online applications, tenant screening tools, and payment platforms have become essential in speeding up rental approvals.
If you’ve ever wondered how technology can help you get approved faster for your next rental, this article is for you. We’ll break down the must-have tools, show how they’re transforming the process, and offer tips for both renters and landlords.
The Shift Toward Digital Renting
The demand for digital rental tools is at an all-time high. According to the National Multifamily Housing Council (NMHC), 70% of renters now prefer to apply for rentals online. Why? Because it’s faster, easier, and more convenient than dealing with paper applications.
Online applications have the power to reduce processing time by up to 50% (NMHC Report, 2023). Instead of waiting weeks to hear back, renters can submit applications and receive feedback in days—sometimes even hours. It’s not just renters who benefit. Property managers and landlords save time and resources by automating application reviews and tenant screenings.
Even better, 80% of renters believe technology can improve the rental experience as a whole (NMHC Report, 2023). Clearly, the shift to digital tools is more than just a trend—it’s the future of renting.
Must-Have Tools for Faster Rental Approvals
If you’re serious about getting approved faster, these are the tools you’ll want to know about:
1. Online Application Platforms
No more scanning, printing, or mailing paperwork. Online application platforms like Testmetry allow renters to submit applications with a few clicks. Tenants can upload necessary documents (like proof of income and ID) directly, streamlining the process for everyone involved.
Time-saver tip: Look for platforms that support automatic document verification to avoid delays.
2. Tenant Screening Software
Background and credit checks are standard for rental applications. Tenant screening software automates these checks, offering landlords and property managers instant access to reports. According to Apartment List’s 2024 Report, background and credit checks are the two most common application requirements, making this software essential.
Pro tip: If you’re renting with a low credit score, look for screening tools that consider alternative factors like rental history and employment status.
3. AI-Powered Screening Platforms
Artificial Intelligence (AI) is transforming tenant screening. AI tools analyze rental applications to predict tenant quality, helping landlords make faster decisions. Forbes highlights how AI can speed up approvals by identifying strong candidates based on unique data points beyond just credit scores.
Did you know? AI-driven platforms can alert renters in real time if something in their application needs attention, further speeding up approvals.
4. Online Payment Platforms
When it’s time to secure a rental, online payment platforms make it simple to pay deposits and application fees. Tools like these also allow tenants to set up recurring rent payments, ensuring on-time payments and smooth communication with landlords. According to Forbes, these platforms build trust and transparency between tenants and landlords.
Quick win: Some platforms offer payment tracking, so you’ll have proof of payment history—a plus if you’re renting with a low credit score.
5. Virtual Tours and 3D Property Walkthroughs
Want to see a property before applying? With virtual tours and 3D walkthroughs, you can “tour” a home from the comfort of your couch. This saves time for both renters and property managers. Forbes notes that these tools are growing in popularity as renters prioritize convenience and landlords aim to reduce property vacancy times.
Insider insight: Look for listings with 3D tours so you can visualize not just the rooms but also the layout—even the outdoor living space.
Why Tech-Driven Renting Matters
The rental market is more competitive than ever. Apartment List’s 2024 Report found that rent prices increased by an average of 10% over the past year. As prices rise, renters need to act fast to secure properties. Technology helps renters stay ahead of the competition by speeding up approvals and reducing delays.
Here’s why tech-driven renting is a game-changer:
- Speed: Faster application processing (up to 50% faster with digital tools, per NMHC).
- Convenience: Renters can apply, tour, and pay—all from their phone.
- Transparency: Payment platforms and AI screening provide clear, trackable processes.
Landlords also benefit. They fill vacancies faster, reduce paperwork, and make smarter decisions using AI-powered insights.
Pro insight: PropTech (Property Technology) investment hit a record $32 billion in 2022 (Harvard Business Review). This surge in investment means we’ll continue to see more innovative tools shaping the rental experience.
Real-life Examples of Tech-Driven Renting
- PropTech Investment: Real estate tech companies like Testmetry are part of the $32 billion PropTech boom. This influx of capital is driving innovation in rental platforms, payment tools, and AI-driven screening.
- Tenant Support: AI-powered chatbots, like those highlighted by Real Estate Tech News, provide 24/7 assistance for renters—answering questions, guiding them through the application process, and speeding up approvals.
- Smart Tech for Homes: Smart home technology is increasingly integrated into rental properties, offering features like keyless entry and smart thermostats. These features attract renters while giving landlords insights into property conditions.
Tips for Renters and Landlords
If you’re a renter:
- Be ready: Gather your documents ahead of time (ID, pay stubs, references, etc.).
- Go digital: Use online applications and payment platforms to speed up approvals.
- Know your credit: If you’re renting with a low credit score, consider adding a co-signer or using a platform that factors in other metrics (like rental history).
If you’re a landlord:
- Automate: Use tenant screening tools to evaluate applications faster.
- Invest in tech: Consider adding virtual tours to your listings.
- Streamline payments: Adopt an online payment platform to reduce late payments and increase tenant satisfaction.
Technology has revolutionized the rental process, making it faster, more transparent, and far less stressful. From online applications and AI-driven screening to virtual tours and payment platforms, these tools are helping renters secure homes faster than ever before.
The rise of PropTech and ongoing investment in rental tech means this trend isn’t slowing down. Renters get faster approvals and better experiences, while landlords fill vacancies quicker and with more confidence. For anyone navigating the rental market, embracing tech-driven tools isn’t just smart—it’s essential.
If you’re ready to speed up your rental approval process, start by using tools like online applications, tenant screening software, and virtual tours. They’ll save you time, reduce stress, and give you a competitive edge in today’s fast-paced rental market.
