VERIFY EMPLOYMENT AND INCOME One of the first steps in evaluating non- traditional applicants is to verify their employment and income. This is especially crucial for those without a traditional credit history. Request recent pay stubs or a letter from their employer. Employers can often provide a detailed letter that includes the applicant’s job title, salary, and length of employment. If the applicant is self-employed, then you can request a tax return to see what their income was the previous year. You may also review their bank statements for consistent income deposits and REQUEST A LARGER SECURITY DEPOSIT OR EXPLORE ALTERNATIVES sufficient funds to cover rent. This provides a clear picture of their financial habits and reliability. For applicants with limited credit or rental history, consider requesting a larger security deposit to reduce your financial risk. This can cover potential damages or unpaid rent, but ensure compliance with local regulations on maximum allowable deposits. Alternatively, consider TheGuarantors’ Deposit Coverage as a flexible option. Instead of a traditional deposit, tenants pay a non-refundable fee, typically a fraction of one month’s rent. In return, landlords receive coverage equal to one month’s rent or more. This coverage addresses a wide range of potential issues—like damages, unpaid utilities, pet damage, eviction expenses, and legal fees—offering comprehensive protection throughout the lease term while lowering tenants’ upfront costs. If TheGuarantors covers any claims, tenants remain liable for reimbursing those amounts, maintaining their accountability under the lease.
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