How to Prove your Can Pay Rent
Given the troubles that landlords go through dealing with tenants who refuse to pay rent, you can understand their reservations about letting just anyone into their property which is why they need proof of your ability to pay rent now! 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. For the landlords to be sure about your potential to pay rent, you are required to produce the documents shown on this homepage. Continue reading to discover more on the proof of income you will be required to provide before renting a property.
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. There are software resources that will allow you to create paper check stubs when you require a physical copy but it is not always necessary since most things are going digital but bring your Pay Stubs is necessary when hunting for a house.
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. 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 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. 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.