Is it normal for rental properties to 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. 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. Landlords need to ensure that tenants can afford the rent, even if something goes wrong in their lives.
Landlords want to rent out to stable, reliable tenants — not to someone who keeps their money under their mattress. When you ask for your bank details, the landlord will verify that you actually have an account and that your monthly income minus your expenses is sufficient to cover the rent. The landlord may also want your bank account number as a guarantee that you will default on your rent later. If the landlord has to sue you for breach of the lease, they can file for a court order that allows them to “garnish your bank account, which means they can withdraw money directly from your account to pay a judgment debt.
Landlords can ask for information such as payslips or bank statements to prove that you can afford the rent. Landlords cannot force you to provide this information. What are landlords looking for on bank statements? Most landlords and reference agencies require tenants to provide bank statements as income and rent payments. You can reveal a lot about how you live your life. Landlords can retrieve information about past rental history and criminal records and perform a credit check on tenants.
If you’ve been waiting to hear about a rental application that you filed more than 72 hours ago, contact the landlord or property manager to see what’s going on. 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. The rental application you fill out gives the landlord all the information they need to verify your credit score, work history, and personal background. It can only take 24 hours for an agent to approve your rental application after you submit it.
You probably want your bank details so they can automatically deduct rent, but you don’t need to give it to them either. Most landlords and reference agencies require tenants to provide bank statements as income and rent payments. Contact the landlord or property manager to find out why your rental application was rejected and learn what you can do to improve the chances of your next rental application being accepted. You’ll need to share your basic contact information (name, address, phone number, and email address) as you fill out your rental application so the landlord or property manager knows who you are and how to contact you.
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.