Rental application going too far or normal? (apartments, mortgages)

[Annabanananicole]

My husband and I are home owners, we haven't rented in over a decade, however, we are relocating to northern VA for work. After searching, we found a rental that would meet all of our needs, but I've never had a landlord ask for so much. They are requiring 2 months of pay statements with employer verification. Credit checks for both of us, and 2 mos of bank statements. I understand the income verification, and the credit check, but really, 2 mos of bank statements, what to peruse where and how I spend my money?

Is this par for the course now for renting? I really am not comfortable sharing my bank account information, seems like such an invasion of privacy, but I also don't want to walk away from a decent rental.

Thanks in advance!

[ersatz]

First, ensure you are working with a reputable company. How to Spot Rental Scams

Sometimes rental companies will ask for bank statements but you should be very careful. Ask if they will accept a written salary confirmation from your employer instead. In the past, when I have had to provide a bank statement, I take the original, thoroughly mark out the bank account number with a black magic marker and then make a copy of that. If done correctly, it is not possible to recover the bank account number from the copy.

[blindside]

You don't need to give the entire statement, usually the first page which shows the beginning and ending balances is fine.

I don't find any of the other items that strange.

[Annabanananicole]

Originally Posted by ersatz

First, ensure you are working with a reputable company. How to Spot Rental Scams

Sometimes rental companies will ask for bank statements but you should be very careful. Ask if they will accept a written salary confirmation from your employer instead. In the past, when I have had to provide a bank statement, I take the original, thoroughly mark out the bank account number with a black magic marker and then make a copy of that. If done correctly, it is not possible to recover the bank account number from the copy.

That's one of my problems....it's a homeowner acting as a landlord. It seems so intrusive, they're already running a credit check, and doing employer verified income check.....then our bank accounts. I don't know something feels violating about it.

[Annabanananicole]

Originally Posted by blindside

You don't need to give the entire statement, usually the first page which shows the beginning and ending balances is fine.

I don't find any of the other items that strange.

I didn't even think about that! Duh that's brilliant!

[spencgr]

Originally Posted by Annabanananicole

That's one of my problems....it's a homeowner acting as a landlord. .

That homeowner isn't acting like a landlord; that homeowner is a landlord.

[JasperJade]

I've heard of them asking for credit checks and employment verification.

I've never heard of them asking for pay statements or bank statements at all. Both of those seem intrusive to me.

Then again, I've only ever rented apartments owned or run by large property management companies. With hundreds or thousands of tenants, it's probably not cost-effective for them to do all of that.

[ChristineVA]

I don't think it's out of line. My father in law is a landlord and he has been burned so many times, he *should* be asking for this information. Most of his tenants pass a cursory check but for some reason they never seem to be able to make their payments. Maybe a bank statement would clue him in, maybe not.

[Annabanananicole]

Originally Posted by spencgr

That homeowner isn't acting like a landlord; that homeowner is a landlord.

Hey thanks for the protip......I meant property owner, but I was tired.......hope this helps you a bit, I know inference is hard for some people.

[The Dissenter]

Originally Posted by JasperJade

I've heard of them asking for credit checks and employment verification.

I've never heard of them asking for pay statements or bank statements at all. Both of those seem intrusive to me.

Then again, I've only ever rented apartments owned or run by large property management companies. With hundreds or thousands of tenants, it's probably not cost-effective for them to do all of that.

To be fair, I work in banking and for mortgages, most providers will ask for 60 days of bank statements. It is not something I'd provide but a landlord asking for bank statement is not that out of whack when you think consider that.