Checking account for renting an apartment? (tenant, rental, deposit, credit report)
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I picked up an application for an apartment today and on the app. it said: You must provide proof of steady employment for at least one year, checking or savings account for at least one year, or excellent rental history. I don't have proof of steady employment for one year or rental history so that's out of the question...but my question is what do they mean by provide proof of checking or savings account for at least one year?
I can see needing to prove steady employment, not the checking account. Checking accounts are old fashioned and many people do not write checks anymore. As said, I would ask about the checking account. As a LL, I stopped asking about banking history a long time ago. Ask them for clarification if you do not have a checking account. There is no rule anywhere that you need to have a banking account.
The LL isn't saying that you have to have a checking account. They are saying it is one of 3 options they will accept. In my opinion, that option is there for people who are retired or independantly wealthy and moving out a house they owned. Therefore, no rental history, and no employment, but probably a great bank account balance history.
If the OP has been running with $500 in their account constantly, has never rented and has no employment history, they probably aren't going to get approved.
The LL isn't saying that you have to have a checking account. They are saying it is one of 3 options they will accept. In my opinion, that option is there for people who are retired or independantly wealthy and moving out a house they owned. Therefore, no rental history, and no employment, but probably a great bank account balance history.
If the OP has been running with $500 in their account constantly, has never rented and has no employment history, they probably aren't going to get approved.
^^^^This
If you don't have steady employment or a solid rental history, they are looking to see that you have some form of verifiable money that can cover the rent. If you go to your bank (assuming you have one) they can provide a printed record of average deposit for the past 12 months. It won't show each individual transaction, just that "X" person has maintained an account in good standing from this date to this date with an average balance of "Y".
If you have money saved in other forms and can provide document for that, and prove that you have sufficient funds for extended period of time, then it should work, in my opinion. It doesn't have to be checking account.
When an application asks for my checking account information, I put a big X right through it and note 'Private'. If a LL thinks they are going to be made privy to my 'average daily balance' or any other aspect of my banking account...they are nuts. They get my check and confirm availabilty of funds w/the bank. LL are out of control.
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Well Koale, looks like you won't be renting from our company. Smart LL's require proof of income, proof of bank balances and proof of checking accounts so as not to get into the situations so many LL's on this forum run into.
But I appreciate your comments as it is interesting to learn what some tenants think of us LL's.
We ask for a checking account, because to open a checking account the bank runs a Chexsystems check and if they can't get an account they are probably a very bad credit risk. Longevity of accounts is also an indicator of a tenants propensity to be a problem.
We also have the right to know the source of your income, to be assured is a regular income and that you have sufficient funds on hand to afford the property.
Obviously I don't hold a low income apartment tenant to the same standard as I do my multi-million dollar beach rental. And I have tenants who don't have bank accounts. But I reserve the right to deny based on lack of financial information - because lack of financial info usually means the tenant is going to pay one months rent and pull all the tricks to extend an eviction.
It amazes me that some LL's will turn over properties often worth hundreds of thousands of dollars to just anybody walking down the street. And then they end up here asking what to do.
If a LL thinks they are going to be made privy to my 'average daily balance' or any other aspect of my banking account...they are nuts.
It it's one LL's agent I agree. If it's all LL agents then it's simply market conditions. Before any local, high-end LL agent would take my deposit or let me communicate with the LL they wanted: (a) a credit report with fico score >= 720, (b) proof of employment and salary, (c) proof of six months of reserves, AND (d) proof of good rental history. The LL I signed with was willing to waive personal references and detailed bank statements.
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Or bring copies of the last 12 mths bank statements.
Bank info...
