So you have found the perfect apartment home and your ready to sign a lease. But then the leasing agent says you will need a co-signer to complete the process. This is something that many renters encounter. Don’t be discouraged, its just part of the normal rental process that occurs in many situations. Read on to discover what a co-signer is and why you might need one.
This will help put your frustrations at ease and will help you seal the deal for your next apartment home.
What Exactly is a Co-Signer
A co-signer is not necessarily your roommate, but the person will have a signature on the lease and will be on the applications as well. Basically, a co-signer is a person that will act as a guarantor. Meaning that if you don’t pay your rent, they will be responsible for covering any deficiencies. Most co-signers are required if the tenant has no rental history or does not meet the minimum monthly earnings. So if you have a recent bankruptcy or don’t have any employment, a co-signer probably will be required.
Who Can I Ask to Co-Sign
The most likely option for a co-signer might be a parent, relative, or a close friend. Remember they will have to sign the Dallas Deep Ellum apartment lease too. Meaning that if you could not pay the monthly rent, and your co-signer was not able to cover your portion, both of you would be held responsible. The landlord might take both of you too court, or report this infraction to the credit bureaus. Another topic to discuss would be how your personal relationship might change if you had to ask your co-signer to pay the rent. So before you move forward with your new co-signer, be sure and have a thorough discussion.
What if You Can’t Find a Co-Signer
If you have problems finding a co-signer all is not lost. There are still other methods you can use to make sure you get the apartment home you want. Maybe if you put down a larger security deposit or you were able to clean up your credit report, your landlord might accept you on your own. Be sure and have a discussion with your landlord. Maybe they have another apartment onsite that is a little cheaper and won’t require the signature of a co-signer.
Remember that having a co-signer should not be treated solely as a favor. You will be responsible for paying your rent so making sure its within your budget is important. Read more about leasing Carrollton apartments and Plano apartments for rent. |
