Rental Application Documents Required

5 Replies

What documents do you require prospective tenants to submit when filling out a rental application? I'm planning on requiring photo ID, most recent W2 and 1040, 3 most recent pay stubs.

Does anyone require bank statements?

Their whole federal tax return? Most people wouldn’t even know what they were looking at if they got that. In any event, I would think you’d get some push back on that. 

I require a copy of their ID and pay stubs. 

@Brady Boyer - where are you investing? I know that can be common here in NYC but in other parts of the country, it’s usually an easier process...

I typically look for 2 months of the most recent pay stubs in addition to the photo ID from the majority of applicants, only in cases where pay stubs are insufficient to verify the reported income (self employment, variable income (tips or overtime for example) do I go down the path of looking at the recent taxes/bank statements.

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We require the following documents from applicants for our rentals:

- Proof of income: this usually comes in the form of paystubs and we require the three most recent stubs. We do not require tax returns or W2's simply because you do not want to make your rental too difficult to apply for as compared to your competition. Where we operate no one asks for federal income tax returns.

- Copy of photo ID: this is typically a drivers license, state issued ID card, and occassionally people provide a passport.

Our application which is done through our website allows people to upload this info right to their application.

Brady,

I am similar to @Karl Hadley .

I require:
1. Completed/Signed apartment application
2. 2 Consecutive Pay Stubs
3. Letter from employer stating position, salary and length of employment
4. Scan of ID

In the case of self employment, student loans, or parental income, I ask for 2 months consecutive bank statements in lieu of the pay stubs. I have never asked for taxes.


Also always perform a background/credit check.

Best of Luck,

Alex Furini, RA