Income Examples that Prove your Ability to Pay Rent
Paying rent on time is the responsibility of every tenant, but since not all of them are reliable, landlords want to know that the people they are letting into their properties can keep up with the responsibility with minimal financial troubles here!. Before a landlord allows you to rent his or her property, you must provide proof of income which should be at least three times the monthly cost of the property as discussed on the website. For the landlords to be sure about your potential to pay rent, you are required to produce the documents shown on this homepage. Keep reading to know more on the proof of income you should provide.
Pay Stubs is the first document on this website that you will be required to provide because it is the easiest one to obtain whether you are a part-time or full-time employee because you receive t every time you get a check. 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. Pay Stubs are reliable proves of one’s ability to pay rent but since not everyone receives the standard weekly paycheck, tax returns documents really come in handy for such potential tenants.
You should also get a copy of your bank statements when it is time to rent and you want to prove your ability to keep up with the monthly rent. Compared to the other documents, bank statements come with the risk of some transactions being misidentified. If you are dealing with a landlord or any other individual requesting proof of income, a letter from your current employer is an opportunity to provide a strong reference as well as proof; it confirms your current employment status as well as level of income.
You can also use social security documents as proof of income and ability to pay rent but only if you live on social security payments from the government. 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.