Proof of income for an apt rental

[tmm99]

It looks like I need to show proof of income when I rent an apartment, but I won't have a job in a week, so what should I show? I could show the most recent pay stubs but I imaiginet ath won't do? I don't have any pensions. I have about 20K at a local bank and maybe 50K at miscellaneous banks. I have over $300K at Vanguard, and tons more in other firms. How much would be appropriate to show? I don't want to show too much and obviously not too little. I am looking for a month to month rental if I can find it; Otherwise, the shortest term possible.

 

[nash031]

Call them and ask what would suffice. No need to show them $XXMM in assets, but they'll need enough to know you can pay the bills.

Those places usually do a credit check too, so if your credit's in good shape, I'd think showing them one statement with $300K and a 750 credit score would be fine, but you have to satisfy them, not me!

 

[photoguy]

We just explained our situation and showed enough money in a bank account that we could clearly cover the duration of the lease (I think it was around a hundred k). That plus a good credit score was enough.

I am looking for a month to month rental if I can find it; Otherwise, the shortest term possible.

I found the process of finding an apt and getting a lease to be huge pain. I think we may rely more on monthly rentals through airbnb for shorter stays in the future. This has the advantage that you can pay by credit card and you don't need to sign a lease, get renters insurance, or put down a security deposit.





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[tmm99]

Call them and ask what would suffice. No need to show them $XXMM in assets, but they'll need enough to know you can pay the bills.

Those places usually do a credit check too, so if your credit's in good shape, I'd think showing them one statement with $300K and a 750 credit score would be fine, but you have to satisfy them, not me!

My credit score is 800 according to creditkarma today, and maybe I will just show my bank statement along with the Vanguard statement. I called a couple of complexes and one place said they don't rent to people with no jobs. (I did say I have assets and I can show that.) ARGH. They said to still fill out an application though. Maybe that's where the credit score comes in, I don't know.

 

[tmm99]

We just explained our situation and showed enough money in a bank account that we could clearly cover the duration of the lease (I think it was around a hundred k). That plus a good credit score was enough.




I found the process of finding an apt and getting a lease to be huge pain. I think we may rely more on monthly rentals through airbnb for shorter stays in the future. This has the advantage that you can pay by credit card and you don't need to sign a lease, get renters insurance, or put down a security deposit.





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I had never heard of airbnb. I just looked it up. Quite interesting. I actually want a rental agreement, so my situation is different, but airbnb is very interesting nonetheless.

What kind of headache did you have renting? Are you just talking about security deposit or the lease part? I want to do a month-to-month or a short term lease, but I am not sure if that is easy.

 

[Big_Hitter]

do you have an offer letter? send them that

 

[tmm99]

do you have an offer letter? send them that

I don't. I will be unemployed

 

[karen1972]

well I'm retired in Feb, age 42, had the same issue. I simply asked what they needed for retirement. They wanted 13 months of income which they assumed was 4x rent so if rent was $1k, I needed $4k*13 in an account even though my lease was only 8 months. Some wanted 1 year rent in the bank, some wanted a dollar figure.. If your willing to show the $300k, that would more than suffice.. but its easier to say your retired or on sabbatical vs. unemployed... as they magically think your broke then.

 

[photoguy]

What kind of headache did you have renting? Are you just talking about security deposit or the lease part? I want to do a month-to-month or a short term lease, but I am not sure if that is easy.

I didn't experience anything out of the ordinary, but just the regular busywork in seeing the apartment, getting and reading the lease agreement, making edits to the agreement, etc. (I have a low tolerance for this stuff).

 

[Sarah in SC]

We've done letters for clients who needed proof of income for renting. Basically it is a letter saying that they receive x amount of income each month from the value of their investments. It was good enough for the landlords who requested it from us.
Maybe it was just our fancy letterhead that worked, lol...

 

[karen1972]

We've done letters for clients who needed proof of income for renting. Basically it is a letter saying that they receive x amount of income each month from the value of their investments. It was good enough for the landlords who requested it from us.
Maybe it was just our fancy letterhead that worked, lol...

Well that was one of the issues, when you don't have it actually "receive" income, unless your in full fledged retirement mode with a pension or annuity type structure, you are NOT receiving regular income to be reported...which is what most rentals expect.

 

[nash031]

I called a couple of complexes and one place said they don't rent to people with no jobs. (I did say I have assets and I can show that.) ARGH. They said to still fill out an application though. Maybe that's where the credit score comes in, I don't know.

Their loss! And your advantage being unattached is you're not hard pressed to find places that will work with you.

 

[tmm99]

Well that was one of the issues, when you don't have it actually "receive" income, unless your in full fledged retirement mode with a pension or annuity type structure, you are NOT receiving regular income to be reported...which is what most rentals expect.

You are exactly right. I don't have any kind of regular income coming in and that I believe is what makes it harder for someone like myself. I like your suggestion of saying I am on a sabbatical. That has a nice, luxurious tone to it than saying I am unemployed.

 

[tmm99]

I didn't experience anything out of the ordinary, but just the regular busywork in seeing the apartment, getting and reading the lease agreement, making edits to the agreement, etc. (I have a low tolerance for this stuff).

I totally get it. It is not something I enjoy doing either (and I only have 3 days to do it.)

 

[38Chevy454]

Why not just show them the past paycheck stub? Unless it is not current, that satisfies the need to show income. Even if in your case it is ending and you will use savings.

Sabbatical is a good term and should satisfy any curiosity. That could even explain if you are in a different area than the job was in. Moving for the sabbatical.

 

[rodi]

I would assume you need to show similar data as for a loan. I got a HELOC after I retired. I showed our rental income, DH's SS income, and explained our planned monthly withdrawal from our taxable brokerage account.

If there is *no* income you might need to show significant assets. As a landlord I'd be more inclined to rent to a tenant that can show income or an income stream from assets than one who only has a bank statement. And of course a good credit report.

 

[LoneAspen]

Maybe I'm just overly paranoid, but...

If I had to give a stranger a brokerage statement of any kind, I'd probably make a copy, white-out the account numbers on the copy, and then make a final copy of that one and give them the final copy.

A normal old checking account that I don't keep much in, I probably wouldn't care as much. But a brokerage statement showing lots of $$$ or stocks in it, I'd make sure the account number wasn't visible on any copies.

 

[tmm99]

If I had to give a stranger a brokerage statement of any kind, I'd probably make a copy, white-out the account numbers on the copy, and then make a final copy of that one and give them the final copy.
.

GOOD POINT!!! :-o Thank you! I will definitely white-out the account numbers!

 

[tmm99]

Why not just show them the past paycheck stub? Unless it is not current, that satisfies the need to show income. Even if in your case it is ending and you will use savings.

Sabbatical is a good term and should satisfy any curiosity. That could even explain if you are in a different area than the job was in. Moving for the sabbatical.

Yes, I really do like the sabbatical idea! I have printed the last three paychecks. If they ask if I am going back to the same place for work, I will tell the truth, but still it's a sabbatical since I may still go back into the work force.

 

[LastOfTheBoomers]

Before I got my first job - I needed to rent an apartment - I signed a 6 month lease and they asked for 3 months of rent plus one month security deposit

So if it is a place you really want to live - keep upping the pre paid months until they say OK

 

[tmm99]

Before I got my first job - I needed to rent an apartment - I signed a 6 month lease and they asked for 3 months of rent plus one month security deposit

So if it is a place you really want to live - keep upping the pre paid months until they say OK

I could do that. I will keep this in mind. Thank you!

 

[hs2inparadise]

It seems so odd to me that some place would say they don't rent to people who don't have jobs. Retired people rent all the time.
I have not worked for almost 6 years
now and have signed three different leases showing assets and it has never been a issue.


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[tmm99]

I did pretty much all of the above from this thread. - Copies of bank and brokerage statements (accounts whited out), past paystubs, put semi-retired/sabbatical (true) and I offered to pay 6 months up front for a 6 month lease (They wanted a year lease) and I got it.

Thank you all!

 

[harley]

It seems so odd to me that some place would say they don't rent to people who don't have jobs. Retired people rent all the time.
I have not worked for almost 6 years
now and have signed three different leases showing assets and it has never been a issue.

Most retirees have an income source of some sort, whether SS or a pension or RMDs or something like that. As an ER, I've had similar issues due to lack of organized income stream, although mine was trying to refinance. If you've been able to sign leases without an income stream, you've been lucky. I think a lot has to do with whether you are working with a small co./individual. Large companies and banks are only interested in filling in the blanks, not trying to accommodate.

 

[haha]

I did pretty much all of the above from this thread. - Copies of bank and brokerage statements (accounts whited out), past paystubs, put semi-retired/sabbatical (true) and I offered to pay 6 months up front for a 6 month lease (They wanted a year lease) and I got it.

Thank you all!

Glad you got just what you wanted. Congratulations!

Ha