When looking to lease an apartment in
Austin, there are several criteria for qualifying that prospective renters
need to be aware of. One of the most important areas of qualifying to
rent an apartment is demonstrating that you have sufficient income to
pay your monthly rent, with enough left over for other bills. This is
typically referred to as verifiable income, and is usually defined as
a regular paycheck for which you have recent paystubs or for which your
employer is willing to vouch in writing.
There are however a number of people who might not receive what is normally
considered as verifiable income, yet may still be able to qualify for
an apartment. As an example, if you are paid in cash, supported by another
person, self-employed or simply draw funds from a bank account, there
are a few methods that you can use to verify your ability to pay other
than the typical pay stub. Please remember, when using any alternate
method of income verification, it's important to find out from the apartments
exactly what they will need and how soon they will need it.
The first method is to have a guarantor, otherwise known as a cosigner.
Fortunately, when renting apartments in Austin, Texas, your cosigner
doesn't have to be listed on the lease or even live in the same state
as you. The sole purpose of a guarantor is to financially guarantee
the renter in the event that the renter cannot meet their obligation
to pay their monthly rent. The guarantor application is a completely
separate document from the normal rental application, but it is similar
in that the guarantor will be required to demonstrate a stable credit
history and an income sufficient to pay all of their living expenses
and the monthly rent. In many cases, the bar is set fairly high when
it comes to the income requirements of a cosigner, with five times the
monthly rent being a common figure. The guarantor is essentially a silent
party to the lease so long as the renter does not default on their rent.
In the event that the renter defaults, the guarantor can be held responsible
for all rent payments that are due, and in some cases may even be held
accountable for the balance of the lease.
The second method is to provide bank statements to the apartment property
at the time of application. Although not all apartments in Austin will
accept bank statements in place of a regular paycheck, many are willing
to work with prospective renters if they can show a substantial amount
of savings in one or more bank accounts. In most cases, three times
the monthly rent is required and then multiplied by the lease term.
So for example, if you are renting an apartment that leases for $900
per month and you'd like a 12 month lease, you would need to show that
you have $32,400 in your bank account.
The third method is to provide your tax returns. In the event that
you are self-employed but you do have a regular income, you will likely
be asked to provide copies of your tax return from the previous year
or two. The standard of three times the monthly rent which most Austin
apartments require will also apply when using your tax returns to provide
proof of income. Provided that your income is sufficient, the apartment
property will make copies for their records and securely store them in
your rental file along with your original application, lease contract
and other documents.
The fourth method is by supplying an offer letter from a new employer
in the Austin area. This can apply to anyone from contract workers to
school teachers and is generally a straightforward process. The offer
letter from your employer just needs to state your start date and your
monthly or yearly gross income. In the event that you are a waitress,
bartender or other professional who is paid primarily in cash, a signed
letter from your manager or supervisor on verifiable company letterhead
which states your approximate weekly or monthly income might be sufficient
in some cases.
The process of renting apartments in Austin,Texas can be a bit more
complicated when you don't have what is considered typical, verifiable
income. A skilled apartment locator from Austin Apartment Pros can not
only assist you with finding a selection of apartments that closely fits
your criteria, but can also analyze your particular situation and suggest
the best possible options for qualifying at those apartments. |
