While moving to a new rental can be thrilling, it has its share of challenges. Like an employment application, applying for a rental needs an intense hunt and considerable research. Besides that, you must prepare additional documents to accompany your rental application.
Beware that landlords and agents depend on the information you provide to ensure a smooth rental process and prevent financial loss and fraudulent applications. If you’re hunting for a rental, you’ll need these pieces of paperwork to secure an apartment.
1. Pay stubs
A landlord’s major concern is whether you can afford to meet rental payments. Therefore, they’ll frequently request you to provide pay stubs. These demonstrate stability, particularly if you’ve maintained the same employer over an extended period. Therefore, you’ll need to issue between 3-6 months’ worth of stubs.
If you have an employment offer but haven’t started the job or haven’t been there long enough to obtain pay stubs, you can issue an offer letter instead. Just ensure the letter comprises your salary as well as any guaranteed extras such as commissions or bonuses.
2. References
Landlords want assurance that you won’t cause significant disturbances or trouble in their units. Property owners recognize that some renters offer false references, so this piece of paperwork helps reveal whether you’re hiding the truth or being untruthful with employer or landlord references.
Landlords don’t want to gamble with their financial security, so they do their best to avoid anyone trustworthy. References permit a landlord to confirm your application by making sure you’ve worked or lived where you claimed.
Ideally, a rental application should comprise two personal references (family or friends), two references from previous landlords, and two work references. This allows your landlord to get a full picture to confirm your rental history and details.
3. Proof of ID
You’ll have to issue your landlord or property owner with identity proof. This means you should be over 18 years and offer identity proof in the form of a photo ID (driving license, passport, residence permit). Besides examining your identity, your property owner is bound by law to examine your immigration status, irrespective of where you’re from.
You need suitable documents that verify your legal status. Therefore, you’ll need to issue the certified or original documents that grant your stay.
4. Bank Statements
Most landlords prioritize your financial status over your immigration status. After all, they want to make sure they rent to somebody who can afford to meet the monthly rent. A good rule is that your rent shouldn’t surpass 30% of your gross income. Therefore, almost all landlords request bank statements that are between 3 and 6 months old.
5. Tenant Insurance
Although you won’t require tenant insurance in your rental application, most landlords need it to finalize the renting process. Once you sign the lease, landlords usually give renters a week or two to purchase renter’s insurance and demonstrate proof of coverage.
Renter’s insurance decreases your liabilities and the landlord’s while ensuring that any accident that causes considerable damage to the unit or guest injury doesn’t harm you or the landlord financially. Instead, your insurer will cover repair or damage costs in such a case. Although not all property owners require this document, it’s important to purchase it.
Final Thoughts
Renting a unit needs considerable work, but you can ease this process by preparing the necessary paperwork beforehand. If you’re a first-time renter, this list reveals the necessary paperwork to secure an apartment.
For more information on the pieces of paperwork needed to rent, contact us at Apartment Agents or leave a message.