How to get pay stubs for a new apartment
If you’re looking for a new place to rent, you will most likely be required to show proof of income to your potential landlords. There are many ways you can demonstrate this proof of income, pay stubs being the most common.
Keep reading to learn how to get pay stubs as proof of income for a new apartment. You will also learn about other options that you may have to prove your income before signing a lease.
Why use pay stubs as proof of income?
Landlords typically want to see that your rent will not exceed 30% of your monthly income, which is why they always ask you for proof of income in advance.
Pay stubs are the most common way that renters show proof of income to potential landlords, as it is the most reliable method. Not only do they prove that you are currently employed, but they also show how much money you’re making.
Pay stubs and other forms of income verification generally show the applicant’s full name, the employer’s name, as well as relevant contact information. They are also usually the most up-to-date form concerning income that many employed people have.
Although reliable, people can create fake pay stubs online; therefore, your landlord may request a second document for proof of income.
How to get pay stubs for a new apartment
Most renters already have access to their pay stubs, so it is a quick way to verify income. If you have direct deposit, you most likely still have access to your pay stub online; otherwise, you can ask HR for a copy. If you get a physical paycheck, make sure that you only present your landlord with a copy, not the original.
Renters should expect to provide up to two months worth of pay stubs. By producing pay stubs for this period, you show the landlord how frequently you are paid and how much you make per month. Landlords typically check the pay stub for the total income per pay period and the employee’s year-to-date earnings.
If you’re a freelancer, gig worker, or independent contractor, you may not have a pay stub to present to your landlord. Don’t worry. Depending on your landlord’s request, you have other options when it comes to showing proof of income.
Other forms of proof of income
Although pay stubs are the most requested and reliable method for showing proof of income for a new apartment, there are other methods that a landlord may accept.
Providing bank statements from at least the past two months is a good way to show landlords that they have a regular income. However, be aware that landlords may request more than two months’ worth of bank statements to not only show proof of income but steady income.
Bank statements also give landlords an idea of the applicant’s overall financial position and help them understand if the applicant can afford the rent. However, if you are a landlord, be aware that some applicants may be hesitant about providing bank statements as they contain very personal information.
Another alternative for self-employed individuals is to provide a 1099 form. As it is a tax document, it is easily verified; however, you may need to provide more than one 1099 form to prove a stable income.
W-2 income forms
W-2 forms are reliable documents as they provide the applicant’s income from the previous year. However, many landlords prefer W-2 forms as supplemental to pay stubs.
A W-2 may not always be sufficient as proof of income as they do not give an up-to-date view of the renter’s income. A renter may have changed jobs in the past year or had a change in income, which the W-2 would not reflect.
If you submit a W-2 form, your landlord may also request recent pay stubs or a letter of employment.
Another alternative to a W-2 form is to present a federal tax return (1040). This option is great for those who have multiple jobs, as it provides a comprehensive view of all of your income earned throughout the year.
Letter of employment
A landlord may request a letter of employment or employment agreement to confirm your employment status.
Some companies generate generic letters to detail your length of employment and salary. You may approach your manager for a formal, more personal letter which may also provide that landlord with proof of your character and serve as a positive reference.
Likewise, letters of employment or contractor agreements are easily forged, so be aware that landlords may call our employer to verify the letter. Furthermore, letters of employment may take longer to obtain than other forms of proof of income, as your employer may need to create one.
Letters of employment may be requested in addition to W-2 forms.
Pay stubs for a new apartment
Having proof of income as a renter is important to give your landlord peace of mind and trust that you will be able to make your monthly rent payments on time. As a renter, you have several options when it comes to proving your income, and pay stubs are the most common and reliable form.
However, sometimes pay stubs are not enough, so it is best to have multiple methods and documents prepared, if possible. Your landlord may request a secondary method to prove your income before accepting you as a tenant, so you must stay aware of the different ways that you can show proof of income to potential landlords. You should also be prepared for your landlord to pull your credit history to determine if you have bad credit.
Landlords always ask renters to show at least one document as proof of income. Form Pros can help you put together pay stubs as well as other tax forms, such as a W-2, and save you time and help ensure that you have the right documents ready.
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