Can letting agents ask for bank statements?
Yes, it’s “normal to ask for bank statements, but not every landlord asks for them. Providing bank statements for the purpose of qualifying a tenant applicant can be helpful for the landlord to see the entire financial situation. This is done at the request of the landlord, he wants to search through your expenses and assess you accordingly. This is not reasonable information that you can ask you to provide, and it is not information that reputable rental referral companies ask for.
Payslips and credit checks are fine, but detailed bank statements are none other than yours. If you’re self-employed, your landlord will probably want to search for deposits that show you’re doing what you specified in your rental application. If you’re actually employed by a company, they’ll check your bank account against your payslips to confirm that you didn’t fake them. Due to the cost of this investment, landlords only want to rent out their property to tenants that they are sure they can afford it and who take care of their investments. Why do tenants need bank statements? Tenants typically need bank statements if they can’t prove they have a reliable and verifiable source of income.
Tenants typically need bank statements if they can’t prove they have a reliable and verifiable source of income. In my experience, only about a quarter of rental agents ask for bank statements, although that number is closer to half of agents in London. As long as bank statements show that they are living within their means, you can be flexible, so many rental agents may not be able to do so. As long as you’re okay letting them see your name and the amount you had in the account at the end of the month, they should be able to accept it.
To rent a property in New York City, most landlords also want to see your bank statements to pay statements, tax returns, and a credit report. Get this great new guide here that covers everything you’ll ever need to know to prevent either you or your landlord from finding someone else than the perfect tenant. Some landlords or landlords only rely on a credit report, which is backed up with information about an employer’s earnings. Most landlords and reference agencies require tenants to provide bank statements as income and rent payments.