Almost 20 percent of people are living in rented-out apartments and condos.
Renting an apartment is a great alternative to buying if you do not want to worry about maintenance or repairs.
But before you are handed the keys to a new apartment, you must first provide a proof of income.
Here are the five ways that you can show proof of income when renting an apartment.
1. Create Your Own Pay Stub
Providing a pay stub is the best way to show proof of income when trying to rent an apartment.
However, some jobs and roles in the gig industry do not provide pay stubs.
How do you provide proof of income if that’s the case?
With the right tools, you can create your check stubs before renting an apartment.
You insert your gig employment information and they can create a valid pay stub for your to show an apartment leasing office.
2. Provide Your Federal Tax Returns
Another way of showing proof of income when renting an apartment is to provide your federal tax returns.
Your W-2 statement or 1099 statements are an easy, secured way to provide proof of income.
These are all verified federal documents that must be accepted by landlords and leasing agents.
3. Proof of Employment From an Employer
Transitioning between careers or moving to a new city to begin a new job can all cause gaps in employment and income.
In this case, you can show proof of income before you start working by providing an offer letter or letter verifying employment.
This letter typically has your expected annual or monthly income listed that is proof to a landlord.
4. Severance Letter or Unemployment Statements
The COVID-19 pandemic has caused record layoffs in the last year, resulting in major losses of income for millions.
How are you supposed to provide proof of income when you no longer have a job but need to rent a new apartment?
If your company provided you with a severance package, you can show your severance letter as proof of income when renting a new apartment.
Or, if you are eligible to receive unemployment payments, providing your unemployment statements is another way to show verified proof of income.
5. Bank Statements
One more easy way to provide proof of income is to show your bank statements.
If you have made regular deposits into your bank account for a period of time and have a sizeable amount of savings, this shows that you can afford to pay rent on your apartment.
Follow Along For More Insight on Getting an Apartment
A number of factors can impact your ability to prove your income when renting a new apartment, especially if you are unemployed, transitioning in between new jobs, or if you are a gig worker.
However, with these five ways to show proof of income, renting an apartment can be made easy.
Follow along to read about more insights and trends on all things renting an apartment.