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!. 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.
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.
You should consider bringing your tax returns along if you want your house or apartment renting process to proceed smoothly; since it is a governmental document, it is usually highly reliable. The tax returns is especially important for independent contractors or freelancers who may want to rent a property but do not receive the weekly paycheck; it helps in providing an accurate record of your income for those requiring it.
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. Bank statements are reliable way of providing your financial healthy to a potential landlord but it come with a small risk. 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 usually come in handy if you are looking to rent a property but you live on payments from the government; they are applicable forms of income and the documents recording the payments you receive are valid proof of income. 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. 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.