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My wife and I would like to move to a nicer apartment and spend a little more of our income on rent than the traditional 35%. Corporate run apartments in seem to be very strict about minimum income vs. rent requirements. But if we put on the application form that we make more money than we do, are they actually going to call our employers and verify our income? Or are they going to ask for a copy of our paycheck stub? How are they going to verify our income, in most cases?
I use a company to do all the verification for me. They call the employer and previous employer. If they cannot get the information from them, they ask for pay stubs to be faxed. No pay stubs, how about bank statements for regular deposit amounts. Self employed, how about tax forms.
That is how they verify. They might ask for a larger deposit if you cannot verify income, or pass.
I NEVER ask for a co-signer, as I rather have a larger deposit that the otherwise co-signer can put up for you. If the co-signer wont put up a deposit for you, they wont pay your rent when you default either.
Your HR department will usually refer any callers to "the employment line" - it's a 3rd party service that has access to your salary, job title & dates of employment. A creditor can fax a release signed by you & the employment line will give them basic info verifying your current employee status & wages.
They might ask for paystubs, but those are routinely faked by the element that specializes in ripping off landlords, so I wouldn't count on them being accepted.
The answer below sounds good in theory but I have lived in numerous apartments through the years all run by large real estate corporations and I have never filled out a release form allowing my employer to get my salary and employment information. I just assume that they may call HR who verifies that I work there but took my word on it that I made a certain income. My employer would never just give anyone's income to someone who called on the phone and asked about me.
Quote:
Originally Posted by Zippyman
Your HR department will usually refer any callers to "the employment line" - it's a 3rd party service that has access to your salary, job title & dates of employment. A creditor can fax a release signed by you & the employment line will give them basic info verifying your current employee status & wages.
They might ask for paystubs, but those are routinely faked by the element that specializes in ripping off landlords, so I wouldn't count on them being accepted.
The answer below sounds good in theory but I have lived in numerous apartments through the years all run by large real estate corporations and I have never filled out a release form allowing my employer to get my salary and employment information. I just assume that they may call HR who verifies that I work there but took my word on it that I made a certain income. My employer would never just give anyone's income to someone who called on the phone and asked about me.
the release is the same one allowing the landlord to run your credit. And you're correct, most employers don't want to say anything to random callers, that's why they use the employment line.
I suspect that most landlords will verify your income. That is most easily done by speaking with your employer. If the employer won't give information, then the landlord will want to see pay stubs and bank records.
I just turned down two different applicants with my last vacancy because they exaggerated their income, trying to qualify.
If I can not verify income, I will turn the applicant down. I suspect that most landlords are going to do the same.
I'm not doing anyone any favors by renting them a place that they can't afford and don't have enough money left after rent to pay the rest of their bills. Not to mention that tenants who think they are entitled to more than they can afford are very often very difficult to deal with.
That sounds logical but someone can make up their own paycheck stub if they know anything about computers. Same with W-2's/
Yes but the large complexes that do this generally don't care. You pass their test, you get in. You sign a lease.
You don't pay rent? They go after you. As long as they get you to sign on the dotted line, all is well to them. An unoccupied unit costs them much more than the small % of people who forge pay stub, then don't pay rent, and end up squatting.
The answer below sounds good in theory but I have lived in numerous apartments through the years all run by large real estate corporations and I have never filled out a release form allowing my employer to get my salary and employment information. I just assume that they may call HR who verifies that I work there but took my word on it that I made a certain income. My employer would never just give anyone's income to someone who called on the phone and asked about me.
Your application will generally have a release at the end of it that allows them to collect the information they need. Both the realtor and apartment association applications in AZ have it. My application has one and I also require all persons 18 or over to sign an additional release just so they understand what's going on. Not that it is a legal defense but no one reads applications.
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