Income verification report for landlords and agents

What’s included in an income verification report(IVR)?

An income verification report is a document that provides information about an applicant's income if they are eligible for a rental.  It uses bank-verified data to prove the applicant can afford your rent, and this uses Mono, an open banking service provider. 

One of the key metrics you'll see in the IVR is the rent-to-income ratio, represented as 3x, 2x, or 1x. This ratio is an industry standard that shows how an applicant's income compares to the monthly rent amount.

How we display the rent-to-income ratio

According to industry standards, rent should not exceed 30% of a tenant's monthly income, which means their income should be at least 3 times the rent amount.

In the IVR, you might notice that if the applicant’s income is more than 3 times the rent, we simply display Above 3x instead of showing the exact multiple (like 5x or 10x). This is intentional and protects the applicant's privacy and financial information. The agent/landlord only needs to know that it is above the standard.  For example, the following income range means:

  • Above 3x: the applicant's income is more than three times the monthly rent

  • 2x: the applicant’s income is two times the monthly rent

  • 1x: the applicant’s income is one times the monthly rent

  • Below monthly rent: the applicant's income is less than the monthly rent

This range is found in the income stream summary, income stream, summary by account, and monthly inflow of the IVR.

Now, let’s look at what's included in the IVR:

Date range

This is the time period (last 12 months) of bank statements analyzed to verify income consistency.

Income stream summary

An income stream summary shows the main sources of regular income flowing into an applicant’s account. This could be from diverse sources such as salary, wages, etc. It helps determine how sustainable the applicant's finances are. Other terms in the income stream summary include:


a. Historical annual income: This is the total income earned in the last 6 to 12 months. It shows if the applicant makes enough money to cover the yearly rent.
For annual checks, the historical annual income is your total yearly earnings, which is compared directly to the full annual rent. In the report, you will see different income ranges as explained earlier.

Specifically, there is a benchmark tied to an income range of 3x the monthly rent. This 3x ratio is the standard rent-to-income threshold in the rental industry, used to determine if an applicant can afford to pay the rent.
InfoA rent-to-income ratio calculates the monthly or annual gross income a tenant must earn to afford their rent feasibly. 

b. Total income stability: is how consistent the income of the applicant is over time. The screening form shows the percentage of the applicant's total income stability. A higher percentage indicates the applicant has a stable income.

Income streams

This refers to the applicant's regular source of money. It could come from multiple sources and thus gives financial stability. You can find the following information in this section:

a. Stream name: This is the applicant's income stream, salary, wages, business income, etc.

b. Stability: The percentage showing how reliable this income source is

c. Monthly average amount: refers to the average amount of money the applicant receives each month from a specific income source. Usually shown as a multiple of the monthly rent (like 2x of the monthly rent)

Monthly inflow

Monthly inflow represents the total money flowing into the applicant's account and is used to prove their financial activity. 

However, rather than showing exact amounts, the monthly inflow is calculated against the monthly rent of the property that the applicant is trying to rent. 

What matters most to you as a landlord or agent is: can this applicant afford the rent?

In the monthly inflow section, you will find the following information

a. Bank name and account number (partial): The bank name of the applicant

b. Month: Each month in the review period

c. Amount: How much came in that month (shown as multiples of your rent)

Sample income verification report


Need more help? Contact Support at support@tenalet.com

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