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How can Landlords Verify a Renter’s Proof of Income?

From landlords to credit card companies, everyone asks for proof of income from consumers and applicants. But have you ever wondered why this piece of information is so important? Well, that’s because proof of income provides a clear understanding of renters’ finances and whether or not they can afford to pay the rent. So, whenever a renter comes looking for home rentals, it’s important for every landlord to ask a renter for proof of income.

Remember, no matter how much you believe a prospective renter is a perfect fit for your rental apartment, some of the first things you need to know about tenants are how much money they make and if the rent is affordable for them. In this blog, we have highlighted some of the best ways landlords can verify a renter’s proof of income. Keep reading till the end.

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4 Ways Landlords can Verify a Renter’s Proof of Income

In addition to checking their eviction records, criminal histories, and credit scores, verifying income is also an important part of the tenant screening process. Some of the most useful ways for checking a prospective renter’s proof of income have been mentioned below.

  • Ask for Pay Stubs

Tenants looking for homes for rent in Kelowna or elsewhere can obtain a pay stub document from their employer to show how much they have earned within a certain period of time. With the help of pay stubs, landlords can not only check the gross income earned by the prospective tenant but also find out the details such as the full name, contact information, and employer’s name.

  • Get the Last Two Years of Tax Returns

Requesting tax returns for the previous few years shows all sources of income that a renter has earned over the tax year including interest income, contract work, and employment. Sometimes, the tax return also includes the W-2 tax forms that an employee receives at the end of the year. It shows his/her income from the previous tax year.

  • Take a Look at the Bank Statements

Not all the renters who are searching for home rentals receive regular pay stubs if they are self-employed. In this case, landlords can ask for their bank statements to verify their proof of income. A bank statement will show every withdrawal, deposit, and transaction made by the renter.

However, if the renter gets paid on commission, their income may fluctuate every month. In this case, get copies of bank statements for the past two months to determine if their income is steady enough to fit your income requirements.

  • Income Letter from the Prospective Renter’s Employer

If pay stubs are not available for some reason, you can also ask for a letter from the employer. An income letter or a letter of reference from the present employer verifies an employee’s income and also confirms that a renter has the means to pay for rent. It includes how long the renter has been working there, his/her role in the company, as well as how much he or she is earning.

The Bottom Line:

Apart from these, there are many other ways landlords can verify a renter’s proof of income. Some of these include contracts or invoices, 1099 tax forms, worker’s compensation details, profit and loss statements, annuities, interest, and dividends, among others. Should you be looking for a team that can help you post your rental listings and find the best tenants for your home rentals, reach out to us. At Home Finders, we not only offer the best platforms to advertise and manage your rental listings but also provide a pre-screened tenant database. Added to that, you can also create a free business dashboard with a business logo and contact information. To know more about our services, call 250-899-8133.

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Why Is It Important for Tenants to Get Renter’s Insurance?

For homeowners, it is a standard practice to buy a homeowner’s insurance policy. But you know, renting an apartment is similar to owning a home. The only difference is that you don’t own the property. However, when you rent an apartment, your landlord’s property insurance policy covers losses to the property itself. But what about your personal belongings? They, too, need protection against losses such as a fire breakout or theft. This is where renter’s insurance comes into the picture. It helps tenants cover the cost of repairing or replacing their personal belongings and protects them from any liabilities associated with their rental. 

However, a lot of tenants wonder whether they should get renter’s insurance and if it’s worth it? After all, there are already so many costs associated with house rentals in Kelowna or any other location. Some of the most important ones include the application fees, security deposits, and monthly rents. While you may think that it’s an unnecessary expense, you could regret this decision later. Should you want to know the reasons why renter’s insurance is so important, keep reading the blog till the end.

Reasons Why Renter’s Insurance is Important

Reasons Why Every Tenant Needs to Get Renter’s Insurance

  • The Landlord’s Insurance Won’t Cover Your Belongings

A landlord’s insurance typically covers any damage to the property itself but not your personal belongings. So, while looking for the right rental properties such as Kelowna rental properties, don’t forget to get renter’s insurance. It will protect your personal belongings from common hazards including fire, theft, vandalism, and explosion among other things. Added to that, your renter’s insurance policy will also pay for items such as furniture, luggage, jewelry, clothing, and other electronics that are likely to get damaged by such events.

  • Provides Liability Protection

With liability protection, you will get general liability coverage that will protect you against the legal liability of an accident in your residence. For instance, if a visitor falls or is injured on your property and you are found liable, the liability coverage will pay for any bodily injuries or property damage and cover your legal expenses if someone sues you.

  • Covers Your Belongings When You Travel

Tenants, looking for the best places for rent, often overlook the importance of renter’s insurance simply because they think it’s nothing but an additional expense. But did you know, depending on your specific policy, a renter’s policy can cover your personal belongings, whether they are with you while you travel or they are in your home. This includes the travelers’ cheques, electronics that you may be carrying, and other valuables. Your belongings will be covered from loss due to theft and other covered losses.

  • Additional Living Expenses

There can be certain events that may force you to leave your rental apartment and live somewhere else temporarily. If that happens, your renter’s insurance policy will cover your “additional living expenses” and pay for things like hotel and restaurant costs.

However, it’s important to note that there will be a limit to the maximum amount that you can get. So, check your policy to find out how much and how long it will cover your additional living expenses.

Final Thoughts

Although renter’s insurance is not mandatory, it’s highly recommended. Whether you lease a house or live in an apartment, getting renter’s insurance is crucial if you want to protect yourself and your belongings. Should you be looking for the best house rentals in Kelowna at affordable prices, reach out to Home Finders. Having extensive experience in the field, we provide renters with the largest selection of rental properties to choose from

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Tenant Screening Questions that Every Landlord Should Ask

As a landlord, you want to find the best tenant to occupy your rental. But how do you know which prospective tenants are the right fit? Well, the best way to find that out is by screening the potential tenants. Make a list of questions that you want to ask any prospective tenant who is looking for apartments for rent in Canada or elsewhere and wants to view your property. Tenant screening questions can reveal a lot such as the applicants’ ability to pay rent on time, their track record as a renter, and most importantly, whether they will adhere to the lease agreement. 

Top 4 Tenant Screening Questions

However, some landlords believe strongly in their gut instinct and don’t ask many screening questions apart from the ones related to the applicant’s rental history or finances. But, it’s important to include a wide array of questions as they will help you weed out tenants who aren’t suitable for your property. Here are some of the most important questions that you should ask prospective tenants during the screening process:

Screening Questions that Landlords Should Ask Tenants

  • Why are you moving?

Being a landlord, you would like to know the reason why the prospective tenant is looking for apartments for rent in Canada or any other location. Their response will help you find out if he/she is moving into your property for a good reason. Answers such as a need for a bigger space, family expansion, or a change in jobs are acceptable reasons. On the other hand, if the reason includes disputes with the landlord or eviction from the previous property, it needs to be considered as a red flag.

  • When do you plan on moving?

This is another very important question to ask while screening the tenant. After all, it’s crucial that both your and your tenant’s timelines coincide. For instance, if your property is vacant, you will want a tenant who can move in immediately. But what if the prospective tenant needs at least a few months to move in? In that case, you may want to end the conversation there and look for another tenant whose moving dates aligns with yours.

  • Have you ever been evicted before?

No one wants to rent their property to someone with a history of breaking leases or evictions. Maybe they were evicted due to property damage or they might have experienced a rough patch and struggled to pay rent but are now financially stable.

Did you know, at Home Finders, you can not only list your property for free but also have access to our pre-screened tenant database that displays the tenants’ credit scores and history? This way, you can easily find out if the potential tenant has ever been convicted or not.

  • What is your monthly income?

Should you want to make sure that your tenants to pay rent on time, don’t forget to ask them about their monthly income. And it is not just about the monthly rent. Will they be able to pay the security deposit and other fees as well? You can ask for a credit report to see if they have a strong history of making on-time payments.

The Bottom Line:

Apart from these, there are many other tenant screening questions that you can ask prospective tenants. Some of them include- ‘Do you have pets?’, ‘How many people would be living with you?’, ‘Are you willing to sign a 1-year lease agreement?’, and more. At Home Finders, we provide our clients with the best platforms to advertise and manage their rental properties. Added to that, our pre-screened tenant database offers a wide list of tenants who are looking for apartments for rent in Canada. To get in touch with us, visit our website today.


What are the Top Benefits of Renting an Apartment?

People talk a lot about the advantages of owning a home, but what about renting one? Today, a lot of people struggle with the decision of owning a home vs. renting, and it is indeed an understandable problem to have. Although both renting and buying have their financial advantages, renting does appear to retain an edge. Well, the reason is quite simple. Just like the stock market, real estate, too, creates cyclical bubbles. So, if you see that the housing market is overpriced, it would be beneficial to opt for home rentals.

Moreover, if you are not going to spend much time in a place, it doesn’t make any sense to purchase a house. Rather, you should start looking for the best homes for rent in Kelowna or wherever you plan to live. Renting is not only a feasible choice for those who wish to enjoy living in a luxurious apartment but also offers flexibility and fixed monthly payments. In this blog, we have narrowed down some of the top benefits of renting an apartment.

Top Benefits of Renting an Apartment

Financial Flexibility

One of the most beneficial aspects of renting an apartment is that you have flexibility in terms of rent outflow. For instance, if, at any point, you feel that the rent is high then you can easily start looking for other homes for rent in Kelowna or elsewhere and shift to a different apartment with lower rent. This way you can control your budget depending on your current financial condition. Though you have to give the property owner a security deposit, this investment is significantly lower than what you would need to pay if you plan to buy a house.

Low Maintenance Costs

Do you know the second-best thing about house rentals in Kelowna or anywhere you wish to rent a house? The maintenance expenses are generally lower as the responsibility generally falls on the landlord. Since the rented house isn’t actually yours and belongs to the landlord, he/she is obliged to take full responsibility for all maintenance, improvement, and repairs. For instance, if your roof starts to leak or an appliance stops working, all you have to do is call the landlord and ask him/her to fix it.

Access to Luxurious Amenities Without any Extra Cost

By renting an apartment, you can also have access to various amenities that would otherwise be a huge expense. Some of these amenities include play areas for your kids, gardens, swimming pools, clubhouses, and gyms. All these luxuries are commonly available in mid-scale to up-scale residential societies and you don’t even have to pay any additional charges for using these amenities.

Income Tax Benefit

Did you know that tenants do not have to pay property taxes? Yes, that’s right. Apart from paying the rent and utility bills, renters need not worry about any other property-related costs. Whether it’s the property tax or homeowner’s insurance, the landlord is the one who is supposed to pay the bill.

The Bottom Line: Now that you know the top benefits of renting an apartment, you must be looking for the best homes for rent in Kelowna. At Home Finders, we help our clients navigate the rental journey by offering a stress-free and delightful experience so that they find the best home rentals and enjoy their ideal home. Moreover, we not only guarantee you the largest selection of rental properties to choose from but also offer rental properties that are not listed anywhere else.

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Top 4 Tips for Tenants to Find the Right Home Rentals

Moving to a new property is surely exciting; a fresh start, the beginning of a new chapter in your life. And, whether you are into your lived-in years or you are right out of college, you are most likely to rent an apartment at some point in your life. Renting is the perfect solution for individuals who do not have the intent to stay in one place for a long time and also provides them with a place they can call home.

If you’re planning to move to a new city and are looking for the best home rentals, you need to consider a few things like your priority, budget, location, etc.

However, it’s important to not let that excitement get the best of you. Before you start your search for the best home rentals, there are certain steps that need to be taken in order to find the right property. In this blog, we have put together some helpful tips to help you find the best home rental.

Tips to Find the Right Home Rentals

  1. Prioritize Your Requirements

Before you start your search for the best home rentals, it’s really important that you clear your priorities. Do you want a studio apartment, flat, house, or just a living room? Are you willing to spend money more than your budget or want to keep it in your budget? Remember, answering all these questions will help you narrow your house-hunting search to a great extent.

  • Stick to Your Budget

When it comes to choosing the best rental, one of the biggest deciding factors is your budget. For instance, if you are looking for a four-bedroom house, you have to bear in mind that you may have to pay a premium for extra living space. According to a report published by the U.S. Census Bureau, the monthly rent paid by tenants should never be more than 20%-30% of their monthly income. So, take some time to calculate the price range you can actually afford and stick to it.

  • Get Professional Help

Finding the right houses for rent simply means that your preferences, commute, budget, and other needs should align with the apartment you choose. It is indeed a challenging task as you have to compete with many others for a quality unit in a prime location. However, it doesn’t have to be overwhelming if you let the professionals handle everything for you. As the professionals work directly with landlords, it means you will be notified of the newest rentals properties as they become available in the market. All you have to do is to be specific about your requirements and your budget and ask them to send details on potential rentals.

  • Finalize Your Location

One of the most important things you need to do before you start looking for rentals is to decide the location you want to live in. However, before finalizing the location, make sure it fulfills your needs and requirements like public transport, college, health clinic, job, dietary, or parking, etc. Today, there are numerous rental search engines online that allow you to narrow your search based on location, size, price, and other factors. Go through these websites to look at all the rental properties in the area you want to rent in.

The Bottom Line

Finding the right home rentals doesn’t have to be stressful if you follow the above-mentioned points and seek professional assistance. At Homefinders, we curate and list properties from various individual partners, providing you a one-stop shop to find a perfect home based on your need. To know more about our services, call us today.