Does anyone still require proof of income for applicants?

Happy Friday All! Does anyone still require proof of income for applicants? If you do, what class property is it for? Thanks!

**UPDATE** thank you all for your feedback! My company requires proof but like I mentioned in the comments some of the biggest and well known companies don’t so I was very intrigued to see if it was becoming the norm and from all of your feedback that does not seem to be the case. Hope everyone has a great weekend!

We don’t

Class A - Midrise. We only require it if an applicant is approved with conditions or, denied and were trying to get it turned around.

Yes, Class A Garden. We always require proof of income.

Who doesn't?!?!?

Brittany Pringle almost exclusively Class A+ does not require this anymore. At least in major markets.

Rebekah DeSmet Fischer then how do you verify they can afford to live there?

Brittany Pringle most screening companies base applicants on a risk score. People with low risk scores don’t typically lie about income so what they put in the online application is taken at face value. It’s not fool proof, but proven to work on more than 95% of applicants. Ie. most people tell the truth.

Rebekah DeSmet Fischer not on my market. We have so much fraud its ridiculous. And its not just my community. We share info with sister properties constantly.

Ellen Hoffman it seems that if you can’t trust “most” people, you might be in the wrong business whether it’s an applicant or a resident dispute.

Pamela Hallmark Mowery where are you located? I oversee communities across the country, but based in Denver and we have seen quite a bit of fraud at our Lease-Ups, class A+. CheckPoint ID has helped squash a decent majority of it though.

Rebekah DeSmet Fischer Charlotte NC we have become very good at spotting fake check stubs. Theres even a website they can get them from. Also fake SS cards. The on line applications are the worse. We have several cancels each week when we require them to come in With their ID.

In a major market at an A community and we require it.

I have properties through out the south east and they all require proof of income

Yep. 2 most recent paystubs

Luxury to C class, we require proof of income. I'm going to be shocked if folks arent.

Class A throughout Utah and we require it. Idk anyone who doesn’t.

In my 35 years in this industry I've worked a large manufactured home community, apartments: class B, class A, class A+, luxury, resort - all required proof of income.

Yes, A, B, C properties (and twice on Saturday).
We run our guidelines similar to how a bank would do it but with more flexibility by type of income.
Solid proof of income is required.
We deal heavily in single family and small multi-family properties.

How do you verify they can pay rent without seeing income? I have never worked anywhere that did not require income verification.

Class A....

Yes,
Class A
3 X rent - also look at credit history.
For millennials especially those with little or no work history (usually recent college grads) we also require a guarantor - preferably in state.
If credit is good, then usually just a higher deposit if limited work history.

YES

Yes, Class B.