Proof of income is a verification that's performed by property owners with potential tenants to ensure they have the means to afford their monthly rent.
Lease agreements are a legal contract, so it's important to property owners that they can reasonably be fulfilled. Plus, property owners rely on rent as a source of their income, so they would understandably have an interest in how likely potential renters are to make rent.
The most common time you'll be asked to provide proof of income is during the application or negotiation phase of moving into your new apartment. Some property owners will ask that you include proof of income with your application and others will request it once you've been accepted for the unit.
There are so many different ways to earn money, not everyone will be able to prove income in the same way. Because of this, there are a number of methods that are widely accepted as proof of income, including:
When moving into a new apartment, you might wonder if an income verification is in the works for you. The truth is, not all property owners will require you to share proof of income — it's up to their own personal discretion.
However, there are clear benefits for property owners resulting from this practice, thus it's quite common. You'll probably encounter it at least once.
Timothy Harris is a freelance writer based in Albuquerque. He brings a professional background in event marketing, residential real estate and journalism to the table to provide useful and relevant content for the modern renter. Timothy has previously written content for Karsten & Associates in New Mexico and Up 'til Dawn, a philanthropic fundraiser that benefits St. Jude Children's Research Hospital.