Why is proof of income important for landlords when renting out an apartment?
So they can see you can afford the rent & bills!
Proof of income and also outgoings determines affordability.
So they know income is stable, legal and that you can afford it.
I ask for six months of bank statements not just for proof of income but also for many other reasons.
Firstly, giving them to me engenders trust and trust is essential to a good tenant landlord relationship. From the statements I can tell a lot about an applicant’s lifestyle, whether they manage money responsibly, whether they have other undeclared debts, what benefits they’re in receipt of, how often their salary is credited and how consistent it is, etc.
Recently for example, I discovered from bank statements that an applicant had a husband and was also responsible for utilities in a completely different postcode from the one she had told me she lived in. This flatly contradicted her application and when I asked her about these issues it was obvious that things weren’t as she’d made them seem.
I could also see that the income she’d declared was inflated and that her balance fell to zero five times in six months.
Needless to say, she didn’t get the property.
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