An apartment co-signer is a party on the lease who agrees to cover rent costs if the tenant is unable to for any reason. Co-signers for an apartment are usually required when the initial applicant doesn’t meet the credit score or income requirement to rent a particular apartment.
Here are three things you need to know about co-signers.
1. Anyone can be an apartment co-signer
Well, almost anyone. We don’t mean to be deceptive. In truth, anyone can technically be a co-signer for an apartment as long as they have a sufficient credit score and level of income to be considered a worthy co-signer.
There isn’t any familial or marital status required for a co-signer to have. In fact, a co-signer could be a total stranger as long as they have good credit and make enough money.
2. Co-signed agreements are permanent for all parties
If you have a co-signer join your lease agreement, they’ll be on there for the duration of the agreement. Even if your financial situation improves enough to be considered as a sole lessee, the original co-signer can’t be removed from the agreement. In some rare instances, a friendly landlord may agree to re-draft a lease with only your name, but this does not happen often.
3. You may be better off finding an apartment that doesn’t require a co-signer
If you’re asked to provide a co-signer for a rental apartment, you may be better off finding an apartment that doesn’t require one. Property owners require a level of income because it’s what’s considered necessary to be able to afford that apartment.
If you’re not able to rent the apartment individually, you may find yourself struggling to make payments each month. Granted, there are plenty of variables that can come into play here that would make having a co-signer a good idea for many.
Whether or not you choose to go with a co-signer, make an informed decision
The power is in your hands when it comes to renting. The best thing you can do for yourself is to be informed of what a co-signer is and what burdens it places on both you and the third-party co-signer.