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:
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 The counter doesn’t stop until the listing is moved to leased, pending, on hold, expired, canceled, or withdrawn.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.