U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 01-19-2011, 10:31 AM
 
1,128 posts, read 1,743,881 times
Reputation: 1144

Advertisements

I was talking to a friend who lives in the Chicago area about renting an apartment in Chicago and she said when I'm ready to sign a lease, the landlord is going to need at least three pay stubs to show I have a steady income. Does anyone know if this is true or maybe it just depends on the landlord?

I have money saved for moving, but won't really have a steady income until I move to Chicago so that could be a problem. If this is a known policy, would having a co-signer help eliminate the pay stub requirement?
Reply With Quote Quick reply to this message

 
Old 01-19-2011, 10:36 AM
 
Location: Chicago
1,997 posts, read 1,757,264 times
Reputation: 2117
I think the requirements will vary depending on the landlord. I just helped someone find a tenant for their apartment and all we did was a regular credit check. The owners wanted to know where the tenant worked, but they didn't ask for pay stubs.

I'm sure having a co-signer would help, but I think that would depend on the landlord as well. If I owned a place personally (as in, just me) I would want to know the tenant had a steady income because I don't have the time or resources to devote to chasing down a co-signer for payment or chasing my tenant, for that matter. A company or individual with several properties and a property manager would probably know better how to do those things and would probably be more encouraged by a co-signer as a result.
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 10:39 AM
 
1,749 posts, read 1,714,133 times
Reputation: 748
I rented out my Condo for almost two years, before I finally sold it; I required 4 paycheck stubs as proof of income.
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 10:42 AM
 
Location: Volker, Kansas City, MO
12,062 posts, read 19,220,477 times
Reputation: 3628
When I first moved to Chicago I showed the management company a copy of my offer letter for my new job. When we moved into our second apartment they just asked for my employment information and, I assume, called for an employment verification.

It's definitely going to depend on the individual landlord.
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 10:57 AM
 
1,323 posts, read 2,401,117 times
Reputation: 478
As the posters above noted, it varies by landlord. Many don't require paystubs at all. Some simply do a credit check and phone the current employer to verify.
Others are willing to take people who aren't working if they have a co-signer who has excellent credit. A co-signer is of no use to a landlord unless the co-signer can pay the rent should it be necessary.
Smaller landlords are sometimes more lenient than big management companies but even that varies
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 11:28 AM
 
Location: River North, Chicago, Illinois
3,172 posts, read 3,127,504 times
Reputation: 3059
Quote:
Originally Posted by soulful View Post
...
Smaller landlords are sometimes more lenient than big management companies but even that varies
My experience has actually been the complete opposite, but it will always vary by landlord. Generally speaking, I think a lot of landlords are flexible if you're up-front and flexible yourself.
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 12:26 PM
 
Location: Andersonville, Chicago
2,187 posts, read 3,398,800 times
Reputation: 885
Yep, I had to show current proof of income for both of my Chicago apartments.
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 04:55 PM
 
2,060 posts, read 3,090,906 times
Reputation: 1588
It will depend on the landlord, but you'll find the bigger management companies more amenable to a co-signer. You can have the co-signer removed from the lease once you qualify to carry it by yourself.

It's fairly understandable that a landlord doesn't want want to risk renting out their place to someone who doesn't have a current source of income. You might be better off trying to stay with your friend until you have at least something to show a landlord.
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 05:26 PM
 
11,544 posts, read 4,441,025 times
Reputation: 3580
Most landlords require proof of reliable income. If you don't steady income how can you pay rent
Reply With Quote Quick reply to this message
 
Old 01-19-2011, 09:06 PM
 
1,128 posts, read 1,743,881 times
Reputation: 1144
Quote:
Originally Posted by Savoir Faire View Post
Most landlords require proof of reliable income. If you don't steady income how can you pay rent
Well in my case, I'm moving to Chicago from college and my current employment is freelance writing. I'm going to be moving there once I have a job so I will have a steady income, but not before I move. I also have enough money saved that I can use to help in moving and living expenses.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top