Rent and applications
Can I use savings instead of income to qualify for an apartment?
Updated By the Housing Rocket moderators
Short answer
Often, yes. Many landlords accept substantial savings in place of income, especially for retirees, students, people between jobs or those living on investments. A common approach is to show enough in the bank to cover the whole lease, or a large part of it, though each landlord sets its own standard.
Landlords want to know rent will be paid for the entire lease. Savings can prove that as well as a paycheck, and sometimes better.
- Bank or brokerage statements for the last two or three months, showing a balance that has not just appeared.
- Documentation of other steady income, such as retirement, pension, disability or trust payments, if you have it.
- A short note explaining your situation, for example that you are between jobs, retired or a full-time student.
Some landlords will offer to approve you if you prepay several months of rent. That can be reasonable with a verified landlord and a signed lease, but some states limit prepaid rent or deposits. Never prepay a large sum to someone whose identity and ownership you have not confirmed, and get a receipt showing exactly which months are covered.
Large complexes with automated screening are the least likely to accept savings. Ask up front whether they have an asset-based qualification option before you pay to apply. Private landlords are usually more open to it.
Want the whole picture? Read Renting Your First Apartment: Applications, Leases and Move-in Costs.