The listing I am interested in has a waitlist. How long are these waitlists, usually?

Waitlists can range from a few months to years. However, if you are looking for affordable housing or interested in obtaining some type of housing subsidy or voucher to help pay for housing, it can be worth your while to go ahead and get yourself on any open waitlists for resources you want. Be sure to keep track of the properties you apply to and contact them when and if your contact information changes.
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