PROOF OF INCOME
FOR APARTMENT RENTALS
If you’re planning to rent an apartment, it’s going to be imperative that you’re able to show proof of income.
There are several ways you can show that you have enough money to pay the rent and to pay them on time.
Here are the documents that you can show to show proof of income for renters.
What Documents can Renters Use for Proof of Income?
1. Pay stubs
Pay stubs are a great way to show how much you’ve been earning including your gross pay and net pay.
The great thing about pay stubs is that it also shows how often you get paid so your supers won’t have to worry about you making the rent!
2. W-2 Income Statement Form
Your W-2’s are given by your employer at the end of every tax year to file taxes. If you’re self-employed, it’s easy to calculate your W-2 wages from a pay stub. However, it’s always great to ask for these forms if you have a boss so that tracking your income and your remittances is much faster.
Recommended Reading: How to Calculate W-2 Wages from a Pay Stub.
3. Social Security Statement
Social security statements show that you’ve been contributing your SS wages on a regular interval. This, therefore, shows that you have been regularly employed and then you’ve been contributing. Renters can get the form online if they want a proof of income letter from social security.
4. Tax Returns
IRS 1040 is a very comprehensive income tax return form. It does not exaggerate a person’s income. And they are a great way to show that you’ve been honest with your income and you’ve been making payments just like the rest of those in the working world. Of course 1040’s may only work if they show a person’s current income.
5. Form 1099
IRS Form 1099 is great because it covers miscellaneous income. Therefore if you’re self employed, you can show these expenses if you aren’t comfortable sharing your exact income.
You can share form 1099 instead. This can be verified, however, self employed renters need a couple of their 1099 forms so that you can show that you’re a steady earner.
6. Severance Statements
If you’ve been laid off from a job, you can use your severance statements to prove that you’ve got a large sum of money, enough to pay the rent for a fixed period of time. But these are not at all reliable at all times because if you are not currently earning, you don’t have a consistent income stream to prove that you can make these payments on time.
7. Proof of Income Letter
You can also ask your manager to create a proof of income letter for you! You may also ask your HR. If you’ve been working a long time for your company, there is a higher chance they’re going to be willing to create these forms for you. Make sure to include your monthly earnings and the regular schedule in which you work. More often than not these can suffice to prove your income.
How can I show proof of income as a student?
Students can show proof of income in several ways. If a college student’s income fits, they an use any of the methods shown in this article.
If the student has a scholarship to fund them including their apartment rentals, then payment schedules and their receipts must be given. Landlords can also include cosignors if they are renting their houses out to students.
