If you’re a renter, like many of us, you might have come across a rental ledger. Now, we know renting involves a lot of paperwork. Cover letters, bank statements, references… There are quite a few things to stay on top of!
And while we touched on rental ledgers in our 2021 Renter’s Guide, today we’re going to go through what it is exactly and why a renter has to have it.
What’s a rental ledger?
Also known as a leaser ledger or tenant ledger, a rental ledger is a document that records all rental transactions and other payments a renter has made to the landlord. We say document, but nowadays it is commonly in electronic form.
Depending on whether you’re renting directly from your landlord or going through an agency or property management, the rental ledger will look different. But in general, these are the records you’ll find on it:
- Date of rent payment
- Amount of rent paid
- Date range that the rent payment covers
- Date the rent was received by the landlord or agency
- Receipt number
- What specific payments are for (e.g. water, rent)
- Any other payments that are owed (if applicable)
Why is it important to have a rental ledger?
You definitely want to use the rental ledger to make sure everything is accounted for. Sometimes, days pass and you or your landlord can lose track of payments. This record is a great way for all parties involved to stay on track.
On the other hand, if you’ve fallen behind on payments, it will demonstrate this. And your landlord or property manager can use this in court if ever it escalates.
A good practice is not only to settle payments on time, but also to have a look at your rental ledger on a monthly basis and cross-reference it with whatever payments you made. That way, if ever there’s an error you can bring it up immediately and avoid disputes.
You can also use your ledger when you rent your next property. This can help during your applications, especially if you’ve been making payments in a timely manner. Have it printed out and submit it in your application alongside your other documents.
An added benefit of punctual payments is for your credit applications. It will show how you’re a responsible tenant, and probably a responsible borrower.
How do I get my rental ledger?
If your property manager or landlord hasn’t already shared it with you, you can ask them for it. They should be able to furnish you with one within a week.
What if I don’t have a rental ledger?
No worries, whether you’re a first-time tenant or prefer not to show your rental ledger, there are other ways you can prove your financial security.
- Your bank statement: attach this to your application and highlight where you’ve made rental payments previously. And of course, some savings in there doesn’t hurt!
- Payslips: if you demonstrate regular income that will cover your rent, you’ll up your chances.
- References: ask your ex-landlord or property manager to write you a reference letter or to put their number down in case your new landlord wants to give them a call. This will show how you’ve maintained a good relationship with them.
If you’re still looking for your next rental, we can also help you out in that department. Browse our search page to check out some amazing listings available right now. But don’t just stop there, download our app to get the full Soho experience. Just remember to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.