What You Need to Know About Having an Apartment Cosigner
Renting an apartment for the first time or finding a new space to call your own is an exciting opportunity. Your rental and financial history influences your application approval, so having a cosigner can help you secure the apartment of your dreams. But before you ask someone for that kind of support, it’s important to understand what a cosigner is and the responsibilities associated with becoming one.
What is an Apartment Cosigner?
A cosigner is someone who legally promises to pay for your apartment costs if you’re unable. That includes rent, deposits, fees and damages. An apartment cosigner undergoes a background check of their financial and credit history to determine if they’re reliable. In essence, a cosigner on an apartment serves as a safety net for property managers to ensure rent and fees get paid.
Benefits of Having a Cosigner
Having a cosigner could help you qualify for an apartment if you’re a first-time renter. Their promise to back your finances can make you a more attractive applicant. You may also secure better lease terms with a cosigner since their support reduces your financial liability.
Paying your rent on time builds positive credit. A cosigner for an apartment can cover your expenses if you’re in a pinch, giving you time to improve your credit score.
Risks of Having a Cosigner
It’s important to ensure your cosigner understands the full scope of their obligations if you can’t make a payment. Failure to pay places the financial burden on your cosigner’s shoulders, which may strain your relationship. You could also negatively impact your cosigner’s credit score if you don’t submit your rent on time.
Removing a cosigner from a lease agreement isn’t always easy. A landlord can add an addendum to your contract, or they may require you to sign new paperwork with terms that aren’t as favorable as your previous agreement.
When Do I Need a Cosigner?
You may need a cosigner for an apartment if:
- You have poor or no credit history.
- You’ve never rented before.
- Your rent takes up more than 30% of your income.
Who Should Be My Cosigner?
Cosigning is a commitment that shouldn’t be taken lightly. Your cosigner should be someone who can vouch for your character to assure your landlord of your reliability. They must also have a stable income and meet lease application criteria. Family members like parents and siblings may qualify to cosign for an apartment, and trusted friends are another option, too.
What’s the Difference Between a Cosigner and a Guarantor?
Like a cosigner, a guarantor promises to fulfill the financial responsibilities of renting an apartment if you’re unable to pay. However, they don’t have access to your apartment and can’t use the space as their own. A cosigner is technically considered another tenant, so they have a legal right to use and live in your apartment if they wish.
Cosigner-Friendly Apartments in Columbus, Ohio
Ardent Communities has a variety of apartments and townhouses in Columbus, Ohio, that are perfect for single renters and roommates. We accept cosigners for some of our lease agreements to ensure you find your new home. Contact us to learn about our properties and schedule a tour.