Applying for a new apartment is both exciting and stressful. If it’s the apartment of your dreams, you’ll want to make sure that nothing gets in the way. A common way to be disqualified is failing to show proof of income.
Most apartment companies and landlords require tenants to show proof of income before signing. This is to prove that you can afford the apartment and to cushion future liability concerns.
To ensure that you have the right paperwork, here is a guide for how to prove income when applying for an apartment.
Pay Stubs
One of the most obvious ways to show proof of income is to send your landlord your pay stubs. Most people can get their pay stubs from their employers. Pay stubs show landlords how often the tenant gets paid, their gross and net salary, and how much their income fluctuates.
Most landlords like to see at least three months’ worth of pay stubs. You can also look into a paycheck stub generator to simplify the process.
W-2 Income Statement or 1099 Form
Another helpful way to prove income is to send your landlord your W2 or 1099 form. If you’re employed through the company, you’ll have a W2 form on your employment file. Reach out to your HR manager to obtain a copy.
If you’re self-employed, you’ll have a 1099 form instead.
Both forms can prove wages and taxes that help to confirm your income.
Severance Statement
Although it’s under unfortunate circumstances, severance statements can also prove income. If you’ve been laid off, your employer may have provided you with a severance package statement. This can prove your income in the short-term.
If this is your situation, be sure to explain to your landlord the plan for finding new employment. This will make them feel more confident in having you as a tenant if they know you have a plan for when the severance runs out.
Unemployment Statements
Unemployment statements are another way to prove income. Though it’s not proof of employment, it shows the landlord that you have a monthly income. You can get unemployment statements by contacting your state’s government agency and requesting an award letter.
The letter will show your unemployment benefits, including your monthly income.
Letters From an Employer
If you want to increase the chances of being chosen as a tenant, you can provide a letter from your employer. This should be supplementary to a pay stub or W2 form. Employers can verify your salary information and your standing in the company.
Though not required, this can clear up any possible confusion and boost the likelihood that the landlord will approve you.
Now You Know How to Prove Income for Your Apartment
Most apartment complexes will accept any of these examples as proof of income. The good news is that even if you’re unemployed or if you’ve been laid off, you can still provide your landlord with acceptable proof of income.
Landlords want to make sure you can afford the apartment and that you’ll be a responsible tenant. By understanding how to prove income for your apartment, you’ll be more prepared to answer questions your landlord may have.
This brings you one step closer to securing that dream apartment! So what are you waiting for?
And before you go, make sure to check out the rest of our blog. We cover a ton of other practical topics related to career and education that you’re sure to love!
