Income Verification To Rent

Self employed tenants will not have an actual paystub so the best thing you can do is request copies of their bank statements to verify they have actual income coming in.

Income verification to rent. Pay stubs are good for both income and employer verification. If possible ask potential tenants for at least three month s history. The number one concern among independent landlords in the united states is nonpayment of rent according to a survey conducted by transunion rental screening solutions. The form will indicate what data or information will need to be verified by either of the parties.

A rental verification is a process of obtaining a validation with the information which was claimed by a renter and listed by a property owner. We recommend that landlords ask for bank 3 recent bank statements in those cases. Landlords can then look at the wages and their adjusted gross income to verify that a prospective tenant can afford the rent. Make sure the renter can also afford the utility bills.

But not all applicants are w2 employees where they receive a pay stub. Many are independent contractors self employed or independent business owners. The rental history of these potential tenants can also be determined through this form and can be used to make sure that this tenant would be the perfect person or persons to rent out to. The best method to show income other than pay stubs.

There are many kinds of rental verification forms available online and these can be used for a lot of reasons. If potential tenants don t have enough income and you still wish to rent to them ask for a cosigner. For most landlords an employment verification letter is a viable option to prove how much money you make. You would then need proof of income from the cosigner.

Verify that potential tenants are still at the job they listed and that they plan to stay on the job. One income verification letter that could prove beneficial is a bank statement. This one document can show certain deposits from the individual s business and how much money they have available to pay for rent and other expenses. Specifically a rental verification form will be used for this process.