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. A potential tenant should have an income that sits at three times the monthly rent of the property before they are allowed to rent as you will see if you click here. Having proof of income examples that show your ability to pay rent will simplify the renting process which you can read more on below. You will learn more on the proof of income examples listed below.
Any potential tenant who wants to have an easy time when renting or looking at properties should make sure to bring along his or her Pay Stubs as proof of their ability to pay. 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.
Tax returns is the second document on this list and one that is highly reliable proof of income; with this, your potential landlord can view your yearly income to gauge whether you can pay the rent for the property or not. 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.
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. When you are providing bank statements to a potential landlord you should know you are there is a chance that some transactions may be 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. If you maintain proper bookkeeping and you are self-employed, collecting documents like 1099 form from the IRS and the ledger documents you need to prove your worth will be less sophisticated and time-consuming. These are some of the documents you need to prove your financial health to a potential landlord.