Options For Proving Your Income As A First-time Renter

Tuesday, January 28th, 2020
young man in blue dress shirt writing on paper

Whether you have rented a house before now or are a first-time renter, you need to show proof of income to your landlord. But, for first-time renters, this process can be confusing. Here are some options you have when your new landlord asks you for proof of income.

Give them your paystubs

If you are employed, you can easily show that you have income by giving the landlord your paycheck stubs. Be sure to give them copies of these documents so you can have the originals for your records. If you do not get pay stubs, ask your HR manager or department to print the documents for you.

Get a proof of income letter

This is a letter you can get straight from your employer that states you are employed with them. It can include things like your hourly rate, start date, and payment frequency. If writing one is not an option, you can find templates online to fill out and give to your boss to sign.

What if you aren’t working?

There are some situations in which renters may not be employed. If you are on social security, for example, you can simply provide your statements as proof of income. Another situation is when an employee is laid off. If this is the case for you, you can use your severance statements and show that you are seeking future employment. Finally, unemployment statements can work as proof of income.

Gather and show some tax forms

If you prefer, you can show some tax documents as proof of income to rent a house. Your IRS 1040 will show your income for the entirety of the previous year. Coupled with a letter from your manager, this is a strong indicator to landlords that you are a good candidate for renting. A W-2 can also show proof of income. If you are self-employed, a 1099 – miscellaneous income statement is the easiest option when showing a tax document as proof.

Why is proof of income so important?

You may wonder why proving your income is needed. The first reason is that your landlord will need to have confidence that you can pay rent. They will also need to see that you have a steady income. Finally, by showing that you have the money to pay rent AND that you have a steady job, you are most likely responsible enough to be trusted with their property.

Are you looking for houses for rent?

If you are looking for a new rent house in Amarillo, Texas, call Highland Park Village. We offer a unique rental experience with a variety of Floor Plans. You can reach us at (806) 335-1451 or Send Us an Email for more information.