Pay stub for an apartment is as important as paystubs for credit facilities – you need to prove your capabilities! With this said, if you’re up for renting a new apartment or trying hard to convince the landlord then your paycheck can be the most crucial part. If you have a rock-solid income bar or at least have strong evidence of income then you’re almost there.
Do you know? Paychecks are one of the strongest pieces of evidence of income. They have a complete breakdown of your income which is convincing enough for landlords to lend their property on rent. Your income must be high enough to contribute 30% of your salary for rent.
In this blog, we’ll discuss pay stubs as proof of income that’ll help you rent a property in the simplest way possible.
Why use pay stubs as evidence of income for renting an apartment?
The logic is simple – show them you’re eligible for paying their rent and they’ll be impressed. Well, check stubs are the foremost choice for showing evidence of income to anyone. Besides showing your employment, they also reflect how much you’re making. In addition, they reflect essentials like employee name and contact details, employer’s name and contact details, etc perfectly. This simply means that your landlord has reliable information to trust and hand over the keys.
Finally, there is no way you can fake your income to someone with paychecks. As stated above, it has genuine details mentioned over it. So, your landlord can make a call to verify the details and may ask you for a second document proving your income. Hence, it also reduces the chances of fraud.
How to get pay stubs for a new apartment?
As already mentioned – pay stubs are the fastest to verify and easiest to access. In case you have direct deposit, you’ll still have a copy of your paycheck in your Email. On the contrary, it is possible to request a copy of the paystub from your HR in case you lose one. Also, physical and online paychecks are considered valid. So, if you don’t have a physical copy then your landlord can be convinced with an e-copy too.
If you’re an employee and living in a state where employers provide paystubs then you’re sorted. You may have a digital copy of paychecks or physical copies already. In case you need one then you may request HR for the same.
Freelancers, gig workers, or independent contractors may or may not be provided with pay stubs. In this case, you can generate yours in minutes with online paystub generators. You may convince your landlord that you’re self-employed and don’t have paystubs to show. If they’re not convinced then you can create a paystub online in no time.
How many pay stubs do you need for evidence?
Generally, you’re supposed to have copies of paychecks for up to 6 months by your side when you’re willing to rent an apartment. It’s great if you have check stubs for up to a year. In case you’re continuing your job with the same employer then you may be asked for a paycheck from the last year. On the contrary, it is best if you have saved copies of paystubs for the past three years just in case you need to produce them.
Your landlord may ask you about your pay period or how frequently you’re paid. They’ll also ask you how much you make per month before checking the stubs. The aim is to check the total earnings per pay period and YTD earnings.
What other documents can be provided for evidence of income?
Self-employed people can show bank statements as they’re not having traditional paychecks to produce. On the other hand, they can opt for instant paychecks online. Also, self-employed individuals can provide a 1099 Form which is a valid tax document that shows their stable income.
Employees can show W-2s as a supplement to paystubs. Alternatively, Federal Tax Return (1040) may be produced in the absence of a paystub and W2 Form. In case you’re changing jobs and looking for an apartment on rent then a letter of employment will work.
Pay Stubs for New Apartment
You never know the peace of mind and level of trust your landlord will get after seeing your pay stub. After all, they’ll lend you their precious property. Therefore, they’ll require strong evidence of income. As a renter, you now have several options to convince your landlord by proving your income.
Paystubs are the most reliable ones for renting a new apartment. If you don’t have one, ask for it from your employer and if you’re self-employed, make one in minutes with us. But, refrain from producing fake paystubs for apartment. It’ll break your image and you have a chance of getting blacklisted by the landlord.
Our standardized format paychecks are professional enough to convince your landlord. Try one and you’ll never be disappointed!
Create your stub now
