How Do I Prove That I Can Pay the Rent if I Don’t Have a Monthly Salary?

Abstract

Q: I'm a retiree with no income but significant liquidity, and I'm wondering how a person without a traditional source of income can qualify for an apartment when landlords typically require renters to show proof that they earn 40 times the monthly rent. Some prospective renters are even bribing brokers and landlords with Gucci discounts, tickets to shows and French cheese, according to Brick Underground. If your application shows nontraditional assets and income streams, a landlord might simply move down to the next name on the list. A qualified guarantor frequently needs to earn 80 times the monthly rent and would be on the hook should you fail to pay. These companies charge a fee, somewhere between 35 percent and 110 percent of the monthly rent, to guarantee a lease. Whatever the case, you'll still need to find a landlord willing to consider a slightly complicated application. "You have to find a landlord who is willing to take a risk, even if on paper the person doesn't show any risks," Mr. Sanai said.