The Only Apartment Rental Paperwork Checklist You’ll Ever Need

Life completely transforms when you finally find a lovely apartment you can afford. Everything will seemingly fall into place the moment you move in. All that remains is the dreaded tenancy application process

Apartment application isn’t as easy as it was a decade ago. Landlords are becoming ever stricter and more particular about the tenants they take in. What’s more, the competition for nice apartments is pretty stiff, making matters worse for you.

Apartment rental is more like a job application these days. You need to have all the necessary documents in place before you can qualify for an apartment.

That way, landlords are guaranteed rent payment every month. They also get a better idea of whom they’re letting reside in their premises. The landlords will also be in line with the landlord-tenant law.

In this piece, we’ll highlight all the paperwork you’ll ever need when applying for apartment rentals. That way, you’re better placed to get that lovely apartment. Also, you can prepare adequately when you’re hunting for a new apartment.

What Do Landlords Look for in Potential Tenants

Just like you’re picky about apartments, so are landlords picky about their tenants. You see, landlords also want to have peaceful lives. A tenant who always defaults on rent is the number one enemy of peace for landlords.

Apart from rent defaulters, landlords also want to avoid any illegal activities in their establishment. Some landlords are lenient to people with criminal histories. Some, on the other hand, have zero tolerance for such people.

With that in mind, here are a few things landlords look for in good tenants:-

Financial Records

If your financial records evince financial stability, then you are a great candidate for tenancy. The primary concern for landlords is that you can pay rent when you move into the establishment.

Your financial records are sufficient proof that you can pay rent all through your tenancy. Good financial paperwork instantly gives you the green light for apartment occupancy.

No Criminal History

Criminal history is never a good show, even if you might have changed your ways, landlords are unlikely to consider folks with a criminal history. However, having a criminal history doesn’t mean you’re automatically excluded.

A lot of people with criminal histories land great apartments. Especially if other documents substantiate that they are now law-abiding and contributing members of the society.

Excellent Renting History

A history of where you’ve previously rented is also a crucial element landlords consider. If you have a few apartment rental references, the better. The best scenario, however, would be if your previous landlords put in a good word for you.

The Ultimate Rental Apartment Documents Checklist

Now that you know what landlords look for, it’s time for you to get all your documents ready. For most people, this is the most difficult part. Especially when you can’t tell whether you’ve given too little or too much.

Here’s the perfect apartment rental paperwork checklist for your apartment application.

Most Recent Bank Statements

Three to four bank statements will suffice. Above five will be just outrageous, but for some landlords, more is better. The bank statements must be recent to reflect your current financial situation better.

It may be unfortunate for folks who don’t earn traditional forms of income. However, you’ll find ways to navigate this hurdle with other documents. Alternatively, you can just explain your situation to the landlord.

Photo Identification Copy

This is one of the more apparent requirements. With this, the landlord can at least tell you’re a legally registered citizen.

An Annuity Statement

You obtain this annuity statement from your insurance company. This document is a contract between you and your insurance. For a lump sum amount of cash, the insurance company gives you steady cash flow.

It guarantees the landlord rent payment for a specified time frame. You, however, have to keep renewing this annuity statement whenever the period expires.

Income Statement (W-2 Form)

It is the most reliable and accurate document to substantiate your income. It’s what the government uses to validate tax information. You can easily create your w-2 with this online W2 generator.

If you’ve had any promotions or raises recently, this document won’t highlight it. Depending on your financial situation, this may be negligible to ruin your chances.

Referral from Your Employer

A letter from your employer serves as an excellent referral. You can get this from your employer with a simple request. If you haven’t been the best employee, you might want to put this off.

If your employer can throw in extra information about your excellent work conduct, the better it will be for you.

However, because you can easily forge this document, it doesn’t have too much weight on your application.

Tax Return

This is arguably the most comprehensive document that covers your financial situation. As such, it’s a favorite for many landlords. Formally, this document is known as an IRS 1040.

This is a legal document that can’t be forged and contains almost everything about your income.

Awards Letter from the Court

This is a court document showing pending payments for legal reasons. It may include stuff like alimony or compensation from lawsuits. Since it is backed by the court, it is a very reliable document.

The problem is that court processes may be stalled or rescinded at any instant. As such, you might be in a fix if such happens.

Pay Stubs

Pay stubs are exhaustive documents that give details about your income. They detail only the income you get from your job.

At least this document fully demonstrates your ability to pay rent every month. Plus, it pretty much sums up everything about your payment.

Your Apartment Rental Checklist Is Complete

You won’t require all the documents for your apartment rental application. If you have no business with courts, you don’t need an awards letter. However, if you have a few of the above-listed documents, get them all in your application.

Remember, you may be competing with other impressive applicants. We advise you to put your ‘A’ game on when filling out your application.

Be sure to check out or other pieces, for more captivating reads.

Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklymedia.com