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• Social Security Benefits - These can be verified through an award letter from the Social Security Administration or by checking bank statements.
• Alimony and Child Support Payments - These funds can be verified through a court-ordered award letter.
• Annuity or investment income - You should be able to verify dividends and payments from investment accounts through a statement from the brokerage. Be sure and verify the expiration of payments to see if they will continue for the foreseeable future.
• Pension or other retirement income - Verify pension or retirement income through a pension statement or through bank statements.
• Bonus, Commission, and Incentive Payments - Applicants should be able to provide proof of income from these sources but you may want to see more than two or three months of overall income in order to determine how steady their income is over time.
• Self-employment Income - Freelancers and contractors may have income from a variety of sources. It may be a good idea to check several
months’ worth of bank statements to ensure that they have steady income throughout the year.
• Income from worker’s compensation, insurance compensation, severance pay, or court-awarded compensation - These can be verified through documentation from the court or company making the payment.
• Section 8 or Other Vouchers – Failure to include the value of Section 8 or other housing vouchers is discriminatory, and subject to fines and penalties in California and many local jurisdictions throughout California.
While you can use any or all of these types of income to count toward your applicant’s income, you will want to consider how reliable this income is in terms of long-term compensation. For example, while Social Security or pension benefits would be the same month after month, severance pay or a bonus payment may constitute a one-time influx of cash. You will need to look for ongoing income rather than limiting yourself to an income assessment based on a single, non-repeatable event.
How Can You Encourage On-Time Rent Payments?
Once you have approved and onboarded a renter, there are
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