Discover the Inside Scoop on How Apartments Actually Verify Income

Meeting income requirements is a key part of qualifying to rent an apartment no matter where you live in the Austin area, Texas or the United States for that matter. We’re often asked “how exactly do complex managers and landlords verify what you report on your rental application?” It’s a good question, so let’s dive in and share with you what we know. Apartments have a few methods to confirm applicants’ income which we will cover below in this article.

Reviewing Pay Stubs

The most common way leasing offices check incomes is by requiring copies of your last 2-3 pay stubs. Some apartment communities may even request that you provide paycheck stubs up to 2 months worth. Pay stubs show your employer, position, year-to-date pay, and pay frequency. Apartment staff will scrutinize pay stubs to ensure your monthly earnings align with the property’s minimum income rules. For example, if you need to make 3x the rent, a $1,500 apartment would require income of $4,500 monthly or $54,000 annually. The pay stubs must demonstrate you reliably earn at least that amount. If you don’t meet that criteria don’t even think about forging documents to show you make more income than you actually do. This is considered fraud and the leasing agents may refer you to the police if you’re caught. Instead consider working with an apartment locator that can share communities that only require 2x or 2.5x the monthly rent to qualify.

Verifying Employment Over Phone/Email

Some apartments go a step further by phoning or emailing your workplace to verify employment status and income depending on what you’ve submitted on the rental application. They may check that you held the role and earning level reported on your application or even call your employer looking for specifics. This can include titles, dates of employment, salary, payment frequency, and likelihood of continued employment. Having HR/payroll confirm your details over the phone or in writing provides further proof of your employment and ability to meet the financial obligations of the lease agreement.

Requesting Tax Documents

It’s not uncommon for landlords to ask for sections of your tax return to corroborate earnings. Typically they would require you to produce pages 1-2 of Form 1040 that lists taxable income sources from the last 2 years of your tax returns. This is most often requested when you can’t produce W2 or bank statements showing your income. These tax documents provides the leasing agents and property manager with definitive confirmation of your yearly compensation.

Validating Other Income Sources

If you have nontraditional income sources such as income that’s deposited into your bank account from Uber, Lyft, DoorDash, Instacart or Rover the apartment community may request supplemental documents to validate these with copies of your bank statements showing the deposits. Alternatively if you receive investment income or anything else that isn’t W2 you can provide statements showing regular distributions from your stock portfolio, child support, etc. Regardless of where it comes from any income contributing to meet the qualificaiton criteria must be verified by the apartment community with your rental application. Leasing offices take income requirements seriously since it’s used to qualify you as a renter at their complex so be prepared to provide pay stubs, tax records, or other documentation to avoid application delays or an outright denial. You also don’t want to loose out on those pesky application and administrative fees since they can start to really add up if you’re not careful.

Having Trouble Documenting or Verifying Income for an Apartment in Austin, TX – Call Ross, the Locator Boss to Discuss Your Options at 512-320-4599 Right Now!

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