Renting an Apartment With a Cosigner: All You Need to Know

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Renting an apartment is no easy mission. From finding the right place at the right cost to making sure you have all the right documents and scores, it’s a time- and energy-consuming process. If you are a first-time renter, have a low credit score or are looking for a place after an eviction — even after one that was not in your control — an extra layer is added to what can be a lengthy and challenging process. This additional step refers to finding someone who can step in and pay your rent in case you become unable to cover it or in case you don’t meet the income or credit requirements for securing a rental apartment.

This brings us to the question: What is a cosigner? A cosigner is a person who signs a lease together with the renter and, as a consequence, makes a legal promise to pay the rent if the renter fails to do so. This also gives the cosigner the right to visit or use the apartment and the stuff in it at any time. You are basically sharing the apartment and the responsibility of making sure that the rent is paid on time.

However, while this is a great solution for those who do need help with leasing an apartment, it is not a given that the landlord will allow it. Apartment owners make their own policies when it comes to cosigners.

An important distinction to mention here is the difference between cosigner and guarantor. Some landlords might only request a guarantor for renters who don’t meet the income and credit requirements for securing an apartment. A guarantor is someone who makes a promise to step in and pay the rent if the renter becomes unable to. Unlike the cosigner, the guarantor is only contacted by the landlord or property manager if the renter misses a payment. In addition, the guarantor doesn’t have the right to use the apartment.

When do I need a cosigner?

This is something that you may have already asked yourself if you are apartment hunting or may be familiar with if you went ahead with submitting a rental application. The answer is that you need a cosigner in these situations:

  • You don’t have any rental history;
  • Your rent will take up more than 30% of your income;
  • You have a low credit score;
  • If evictions are part of your past experiences as a renter — even if unrelated to your ability to pay rent or to other personal aspects that might lead to such a less-than-pleasant termination of a lease.

All these apply to both apartments and single-family homes for rent.

Who makes a good cosigner for an apartment lease?

Anyone from a family member to a close friend can be a cosigner for an apartment lease. The most important thing to consider when making the decision of asking someone to cosign the lease for an apartment with you is having a serious talk about what this entails. It’s helpful if the other person fully understands what this commitment means and if you go through all possible outcomes of such an agreement, including its effects on your relationship.

However, before having this conversation with the potential cosigner, make sure that the other person is responsible, has a job and/or a steady income and is able to meet all the criteria that apply to you for the apartment you are about to lease. It’s also important to know that the cosigner will have to go through the same screening process as you, including a background check.

Sticky situations

Here are a few topics that you should go through with the potential cosigner once you decide on a couple of people who would be suitable for the role.

While not desirable, unwanted or unexpected situations may occur that could lead to the landlord pursuing the cosigner to cover the rent. The cosigner’s responsibilities only end once the lease does. So, be careful with contracts that get renewed automatically. If your financial situation has improved and you no longer need a cosigner, you should notify your landlord so that the necessary changes are made to the lease agreement.

If you want to drop the cosigner while the lease is still ongoing, things may get a bit more tricky than expected. The most optimistic scenario is the one where the landlord only makes an addendum to the initial lease with the changes, following a thorough check on your new financial documents. The worst-case scenario is terminating the current lease and signing a new one, which extends the period for which you are renting. That’s not quite recommended, as the landlord may increase the rent.

Another less desirable situation is when you lose your income and need to move out. That’s when the cosigner steps in to pay the rent until the end of the lease agreement or until the landlord finds a new renter for the apartment. This may take a while, but the good thing is that current laws require the landlord to actively seek a new renter and not just cash in until the lease expires.

To cosign or not to cosign?

If all steps are complete, the cosigner will make the final decision on whether to share the leasing responsibilities with you or not. Be mindful that not everyone you approach with the proposal will jump in on the opportunity, so make sure you have a few more options up your sleeve. Hesitating is understandable, especially in such uncertain times for personal finances.

If you do end up with a cosigner, make sure you don’t lean on them too soon or unless truly necessary. A practical way to look at it is to think you don’t have one. This will serve as motivation to improve your credit score and strive harder to grow your income.

Check out more tips and tricks for renters on our blog, where you can learn everything about renting easy and resting easy — from finding the perfect place to making it your own with beautiful and affordable interior design ideas, renting with pets, living with roommates and much more.

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Alexandra Both is a senior creative writer with RentCafe. She has more than six years of real estate writing experience as a senior editor with Commercial Property Executive and Multi-Housing News. She is a seasoned journalist, who has previously worked in print, online and broadcast media. Alexandra has a B.A. in Journalism and an M.A. in Community Development.

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