How to Prove your Can Pay Rent
With landlords having to evict tenants who cannot pay rent every now and then, they have come up with a method of determining a potential tenant’s ability to keep up with paying rent on this site. The general consensus is that a tenant should only be able to rent a property if his or her rent is three times the monthly rate as shown here. You have to assure a potential landlord of your financial health by providing these financial documents. You will learn more on the proof of income examples listed below.
Before renting a property or when you are looking at potential properties, ensure to bring along your Pay Stub which you can obtain online or from your employee regardless of full or part-time status. Hunting for a house or apartment means you will be dealing with different landlords and their many demands which is why it is safer to obtain a paper check stub just in case although most companies have embraced the paperless system.
Apart from Pay Stubs, Tax Returns is another reliable document you can use for proof of income; unlike the Pay Stubs, this document provide a detailed view of your yearly income and since it is a governmental document, it is highly reliable. The tax returns documents have been known to come in handy for potential tenants who do not benefit from the weekly paychecks like the others; if you are a freelancer, you can still prove your ability to pay the rent with these documents.
If you want to show your ability to pay, you can get a detailed statement from your bank, showing all the transactions you have conducted, including the total incoming and outgoing amounts. Compared to the other documents, bank statements come with the risk of some transactions being misidentified. Sometimes you will need a letter from your current employer to prove to your potential landlord of our ability to pay the monthly rent for the property, and it must include the level or amount of income.
Social security documents; if you are living on social security from the government, you can use these documents as proof of income because they show that the payments you receive are valid. Employed or not, you need to convince a potential landlord that you can pay rent monthly which s why the ledger documents, 1099 form from the IRS, and bank statements are important for the self-employed individuals. As you can see, there are many options you can use whether employed or not to prove your ability to pay rent to a potential landlord.