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. 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. You have to assure a potential landlord of your financial health by providing these financial documents. Continue reading to discover more on the proof of income you will be required to provide before renting a property.
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.
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.
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. 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. You can also get a letter from your employer, confirming current employment and the level of income that has been mentioned.
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. In case you are self-employed and you want to rent a property, there are a different set of documents you can collect to proof your worth to a landlord, and they include ledger documents and bank statements among others. These are some of the documents you need to prove your financial health to a potential landlord.