You’ve found the apartment you want; now it’s time to sign the lease. One factor to consider is whether you will need a co-signer to qualify for that lease. Here’s some info to help you determine whether sealing the deal on your apartment choice will require some outside help.

What is a co-signer?

A co-signer is not required to be your roommate, but he or she will appear on the landlord-tenant agreement. Essentially, a co-signer acts as a guarantor, promising to pay your rent if you can’t do it. Your landlord may not ask for a co-signer unless you have no (or poor) credit history.  So, you might need a co-signer if you’re renting your first apartment, or if you recently had to declare bankruptcy.

Who should you ask to co-sign

A parent or close friend may be willing to co-sign on your lease, but you must consider whether your co-signer could actually shoulder the potential financial risk. If you weren’t able to pay your rent, and your co-signer can’t cough up the money needed on your behalf, your landlord would be entitled to name you both in a lawsuit.

How would your relationship with your co-signer change if he or she were asked to pay your rent? Before any signatures appear on your new lease, make sure you discuss  all the ramifications with the person you’ve asked to help you.

Co-signing on any legal agreement like your apartment lease is not a casual favor, and should not be treated as one.  As the primary person responsible for paying the rent, you want to ensure that the apartment you’ve selected is one you can afford, barring an unexpected change in your financial status.  With that in mind, however, a willing and sympathetic co-signer may allow you to enter into a rental agreement for the apartment that is calling your name.

If you can’t find a co-signer

What if you don’t have an obvious co-signer? You may be able to avoid getting a co-signer if you offer a larger upfront deposit, or you may have luck qualifying for the apartment on your own if you clean up your credit report. Talk to your potential landlord or the manager of the apartment community where you want to live. It may be that trading down for a slightly smaller apartment will free you from the need for a co-signer.

If you still don’t qualify without a co-signer, then plan ahead for unexpected rent trouble by putting some money in a separate savings account for future rent payments. This bank statement may help you get a lease without a co-signer.




About The Author

Steve Harper enjoys seeking out and writing about topics that matter to renters for the Apartment Guide Blog. He hails from Atlanta, Georgia. Find Steve on Google.

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