Renting an apartment can be a daunting task. This is especially true if you’re not sure what documents you need to provide to the landlord. To make the process of finding an apartment as smooth as possible, it’s important to know what documents you will need before you start your search. Once you have a clear idea about the documents that are typically required by landlords when you are applying to rent an apartment, half the battle is won!

Do not risk missing out on your dream apartment. There are a lot of documents required other than just your bank statements. So, whichever floor plans you are looking for in an apartment, you should gather all the necessary documents before starting your search for an apartment. This will give you an edge over other applicants in the competitive rental market.

Whether you are a first-time renter or just want to move to another rental apartment offering a great apartment community, it’s time to learn what documents you need to rent an apartment.

The Right Documents Can Boost the Success Rate of Your Rental Application

Most landlords often have specific requirements for what documents they need to see before they’ll approve an applicant within the rental market. Failing to provide the necessary documents can delay or even disqualify you from renting an apartment. Therefore, it’s wise to know what to ask when apartment hunting and collect the proper information.

Here are some more reasons to act proactively while you carry out the virtual tours of a luxury apartment:

Builds Credibility

Having all of the required documentation ready to present to the landlord can demonstrate to them that you are a responsible and organized tenant who is likely to be a good fit for their property. Plus, it shows them that they’d most likely not be facing any delays while receiving monthly rent payments.

It is Always Wise to be Prepared Beforehand

Besides having proof of security deposit payment, knowing what documents are needed can also help you prepare for the application process and avoid any last-minute scrambling to gather all the necessary materials. Additionally, it will help you understand what to expect when a property management company asks you to provide certain types of information.

It Becomes Easier to Stay Away from Legal Issues

Nobody wants to go through the hassle of getting stuck in legal issues. Submitting the required documents along with your rental application and security deposit can help you avoid any unnecessary expenses or legal issues that may arise due to lack of proper documents.

What Documents Do I Need to Rent an Apartment?

The answer is: it depends from one property manager or landlord to the other. This includes having the documents on hand not only for yourself, but also for any roommates that you might have. Some landlords or property management companies might ask for all the documents, while others may only require a few. So, it’s best to be prepared for any situation.

In any case, you should make sure to have the following documents ready:

Photo ID or Other Proof of Identification

When visiting apartments in Farmington Hills, MI or filling out a rental application, it’s important to have a valid form of identification with you, such as a photo ID and driver’s license.

Photo ID

A photo ID helps the landlord confirm that the person applying for the rental is who they say they are.

A property manager can use the photo ID to verify the applicant’s name, legal age, and address. That can help the landlord determine if the applicant is a good fit for the rental before entering into an apartment lease agreement. Besides, this confirms if the applicant is legally able to reside in the apartment and the country.

Driver’s License

A driver’s license number can be used to run a background check on the applicant. This can help the landlord determine if the applicant has a criminal history or has been evicted by previous landlords.

In case you don’t have a driver’s license, other forms of identification, such as a state ID, passport, or green card, can also be presented to the landlord.

Recent Pay Stubs

When applying for an apartment rental, it’s important to provide proof of income to the landlord. The general guideline is that a tenant’s income should be at least three times the monthly rent. For example, if the rent for an apartment is $2,000 per month, the ideal tenant would make at least $6,000 per month. However, this guideline isn’t set in stone and landlords may be more flexible if there is a high demand for rental units or if individuals have higher credit scores.

A Pay Stub Might Promote Transparency

To prove your income, you should provide at least two pay stubs to the landlord. Besides reflecting your employment history, this ensures that you’re not exaggerating your salary to make your application more competitive. If you’re moving to a new city for a new job, you can also ask your employer for a proof of income letter.

Proof of Income for Self-Employed

For those who don’t have a steady paycheck, but enough money (such as self-employed workers or independent contractors), it’s important to provide alternative forms of proof of income when applying to rent an apartment. This may include client contracts, 1099s, or tax returns that demonstrate a regular source of monthly income. These documents show that you can easily pay for the monthly rent and other apartment expenses.

Here’s what you can submit to the property manager:

Tax Returns

Submit your most recent personal tax return, as well as any business tax returns that you may have. This will show your landlord your income for the past year. It will also give them an idea of your overall financial stability.

Profit and Loss Statements

Provide a profit and loss statement for your business, which shows the income and expenses for a specific period of time. It will give the landlord an idea about your revenue and how stable it is. You can also provide bank statements for the past three to six months. This will show the landlord your income and your ability to save.

Business Registration and Business License

Proof of your business registration will show the landlord that you have a legitimate business and that you’re making an effort to earn money. You can also provide proof of your business license. This will show the landlord that you’re authorized to conduct business in the state.

Credit Report

A credit report provides a snapshot of your financial history – it also helps in doing the credit check as it shows your likelihood of making on-time payments and other financial information. It also reveals loans you’ve taken out, including lines of credit or credit cards, and any prior bankruptcies or consumer proposals.

Why is it a Necessary Document?

Landlords use credit reports to evaluate the risk of renting to a tenant. A poor credit score can be a major red flag. The credit score required to rent an apartment varies depending on the rental market, but a score of 660 or above is generally considered reasonable.

Rental History

Rental history gives the landlord an idea of your past rental experience. To provide your rental history, you should gather information about all the apartments you’ve lived in, including addresses, phone numbers of the property managers, the duration of your stay, rental amounts, and reasons for leaving.

What To Do if You’ve Rented Multiple Apartments in the Past?

If you’ve rented in multiple locations, it would be useful to keep a file of this information so that you can easily provide it when you apply for an apartment. By keeping this information organized and updated with each move, you can quickly complete the rental history section of the application by providing a copy of the document or copying the information instead of filling it out from scratch.

Miscellaneous Documents

Additional documents may be required based on your specific circumstances and the requirements of the landlord or property manager. These can include the following:

• Pet License: This varies according to the pet policy of the apartment you want to rent. The aim is to demonstrate that you are a responsible pet owner. Apart from that, you might also need to provide a copy of your ESA letter to rent an apartment if you have adopted a dog or cat for emotional support.
• Vehicle–Related Documents: Proof of vehicle registration may be required if you have a vehicle that will need to be parked on the landlord’s property.

Personal References

A good reference from a previous landlord can speak volumes about your character as a good tenant and your ability to maintain the property. Besides, personal references can provide insight into your lifestyle. That can help the landlord determine if you would be a good fit for the apartment community.

Having a comprehensive list of references, including two personal, two work, and two from prior landlords, can greatly improve the chances of your rental application being accepted.

The Takeaway

It is worth noting that different landlords and property managers may have different requirements. So, it’s always a good idea to ask upfront what documents they need from you.

Before you hand over your rental application to the property manager, double-check if you have your bank statement, pay stubs, and other necessary documents. This might even increase your chances of getting approved as a tenant, even if there are others waiting for the approval of the same rental property in a queue. Once you have all your documents on hand, it’s the right time to submit your rental application!