Student Scholarships and Grants

If you are a student renter, then you may be able to provide your financial aid award letter as proof of income. This document will show property managers just how much money you are receiving from scholarships and grants, along with providing proof that you have the means to cover monthly rent payments.

Most landlords understand that a student’s income will likely fluctuate during their schooling. They are highly likely to offer you a lease if they see that you are able to cover your living expenses with a scholarship or grant.

 

Pay Stubs

Pay stubs are one of the most effective ways to prove how much money you make. These documents will highlight your gross pay, which is the total amount of money that you have earned before taxes and other deductions are taken out.

Your net pay, or take-home pay, will also be listed on your pay stub. The majority of apartment applicants will prefer to see pay stubs during the application process.
 

W-2 Forms

If you are an employee, then your employer should provide you with a W-2 form at the end of each year.

This document highlights your total earnings for the year as well as how much money was withheld for taxes. If you haven't received a W-2 from your job yet, then you will need to use an alternative method.
 

1099 Forms

1099 forms are similar to W-2 forms, but they are used for people who are self-employed.

This document will show your total earnings for the year, as well as any taxes that were withheld. It's important to note that people who are self-employed may need to provide their tax returns as a form of supplementary documentation.

Although this doesn't always happen, landlords sometimes need more information in addition to the 1099 forms. It's not uncommon for applicants in this situation to submit 1099 forms and tax forms together.
 

Bank Statements

Bank statements can also be used as proof of income. This is especially true if you receive direct deposits from your employer or clients. Your bank statement will show how much money was deposited into your account over a certain period of time.

If your job is seasonal or inconsistent, this can prove to be an issue. For example, you might regularly make $60,000 per year but go some months without work. This could potentially give property managers the impression that you won't have enough money to consistently pay your rent.
 

Letters From Employers

In some cases, you may need to provide a letter from your employer as proof of income. This is usually only required if you are relatively new to your job or if your income is not clearly stated on your pay stubs or W-2 form.

The letter should state your position, salary, and how long you have been employed at the company. More often than not, this will be a sufficient way to show the landlord that you have a consistent source of income.
 

Tax Returns

If you are self-employed, then you will likely need to provide your tax returns as proof of income. This document will reveal how much money you made over the course of a year, as well as any taxes that were withheld. Tax returns may also be required if other methods are not able to satisfy the landlord's concerns.

As previously mentioned, you might find yourself needing to submit tax returns if you have not received a W-2 from your job yet.