If you recently got your first real job and are ready to move out of your parents' house, you will probably want to find an apartment to rent. Because you are young, you might not have any credit established yet, and this might present problems renting an apartment on your own. If you run into this problem, you could consider using a cosigner to get an apartment to live in. Here are a few things you may want to know if this is something you are considering doing.
A cosigner's credit is used to secure the unit
Landlords are in the business of renting apartments, and they typically look for the best tenants for each available unit. They base this decision on many things, but a person's credit is a major factor. If your credit is not yet established or if you have bad credit, the landlord might prefer renting the unit to someone who has good credit instead of you.
When you have a cosigner, the landlord will not just look at your credit. Instead, the landlord will view your cosigner's credit, and the decision to rent to you will be based on that. This means that if you choose a cosigner that has great credit, your chances of getting approved for the apartment are much higher.
Most landlords are willing to allow cosigners
The good news about this is that most landlords allow cosigners. There might be some that do not, but this is not usually the case. Landlords need to keep their units rented, and when you have a cosigner with good credit, it appears favorable to the landlord. If you will definitely need a cosigner to rent an apartment, make sure you ask the landlord if this is allowed before you view the apartment.
You will need to understand how this works
If you end up getting a cosigner to rent an apartment, it is very important for you to understand how this works. The first thing to know is that your cosigner will be equally liable to pay the rent on the unit. This means that if you do not pay your monthly rent, the landlord might call the cosigner to find out where the money is. The landlord will not only notify you if the rent is late, but he or she will also notify your cosigner.
If you fail to pay all the rent that is due and end up getting sued by the landlord, you are not the only one that will be sued. Your cosigner will also end up being sued. Your failure to pay your rent can affect your credit and your cosigner's credit, and this is very important to understand before using a cosigner to rent an apartment.
Renting an apartment with bad or no credit can be slightly harder than if you had good credit, but it is not impossible. To learn more, contact a property management firm that rents apartments, such as University Manor Apartments.