When searching for a rental property, you might see many of the same status updates you see in real estate sale listings.
Active under contract for a rental means there is an approved renter, and possibly even a signed lease, but the process is not complete. Likely, the property is still being marketed and shown to potential renters. The landlord or property management company might have a signed lease, but are waiting for a deposit check to clear or a reference to get back to them.
Potential renters should still reach out, because there is probably a list of backup tenants if the current option falls through. If you see a listing is pending, the landlord is probably no longer accepting applications or marketing the property.
While the Multiple Listing Service (MLS) is known mostly for property sales, it can also be utilized by licensed users and real estate agents for rental property listings. Some of the most common status updates for rentals and homes for sale include:
- Active
- Active Under Contract
- Pending
- Withdrawn
- Expired
- Canceled
For a home sale, you might see sold as a status, meaning the contract is complete and the home is no longer on the market.
If a rental is listed as active under contract, the days on market (DOM) will continue to accumulate. The counter doesn’t stop until the listing is moved to leased, pending, on hold, expired, canceled, or withdrawn.
If you are unsure if a property is still available, it is best to contact the agent or landlord listed for the rental.
This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor.
