Income Examples that Prove your Ability to 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. 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. Thanks to technology, you can now obtain a Pay Stub from the comfort of your home or you can create a paper based one if you require a physical copy to give to your potential landlord.
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.
The next on the list of these documents is your bank statement; this enables you to provide a detailed record of your income as well as many other business interactions; it shows all incoming and outgoing transactions. 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.
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. Now you know the documents you need to your worth.