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Old 01-19-2011, 09:31 AM
 
1,128 posts, read 2,086,296 times
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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?
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Old 01-19-2011, 09:36 AM
 
Location: Chicago
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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.
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Old 01-19-2011, 09:39 AM
 
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I rented out my Condo for almost two years, before I finally sold it; I required 4 paycheck stubs as proof of income.
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Old 01-19-2011, 09:42 AM
 
Location: Volker, Kansas City, MO
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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.
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Old 01-19-2011, 09:57 AM
 
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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
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Old 01-19-2011, 10:28 AM
 
Location: River North, Chicago, Illinois
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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.
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Old 01-19-2011, 11:26 AM
 
Location: Jefferson Park, Chicago
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Yep, I had to show current proof of income for both of my Chicago apartments.
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Old 01-19-2011, 03:55 PM
 
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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.
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Old 01-19-2011, 04:26 PM
 
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Most landlords require proof of reliable income. If you don't steady income how can you pay rent
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Old 01-19-2011, 08:06 PM
 
1,128 posts, read 2,086,296 times
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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.
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