Income Examples that Prove your Ability to 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. Keep reading to know more on the proof of income you should provide.

Before renting a property or when you are looking at potential properties, ensure to bring along your Pay Stub which you can obtain online or from your employee regardless of full or part-time status. 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.

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. Pay Stubs are reliable proves of one’s ability to pay rent but since not everyone receives the standard weekly paycheck, tax returns documents really come in handy for such potential tenants.

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. 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.

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. 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.