Whether it’s your first apartment rental or you don’t meet the credit score requirements, having a guarantor can help you secure a lease. However, not every renter knows that this option is available to them. Here are some answers to frequently asked questions on the topic, including what it takes to get a co-signer and their responsibilities. 

Common Concerns Renters Have About Guarantors 

What is a guarantor?

When you don’t qualify for the terms of your lease agreement, a guarantor can assist. These people co-sign on the document and take on the financial obligations listed. As such, even if they don’t live with you, they are responsible for the rent if you fail to make the monthly payments. The process is similar to those who co-sign on a car loan. 

Who needs one?

Every apartment rental has specific criteria that prospective renters need to meet to qualify for a lease. The requirements can range from place to place and tend to include a minimum credit score and annual income and rental history. If the prospective party lacks any of that information, they’ll likely need a guarantor to vouch for them. 

Who normally acts as a guarantor?

While a guarantor can usually be anyone, they are typically the parents of the prospective renter. In general, this person is someone who has a solid financial background and can pay the rent if the leaser fails to do so. If not the parents, another immediate family member or close friend may qualify.

Can you have more than one?

In situations where one guarantor might not have a strong enough financial history to qualify, many renters ask whether they can have more than one. While the answer depends on your landlord, most only allow for one guarantor per lease. If you plan to live with one or more roommates, you each might be permitted to have an individual backer. 

For affordable housing that suits prospective renters of varying financial backgrounds, talk to the team at A1 Properties in Vernon, CT. They offer a range of one- and two-bedroom apartment rentals, each with updated amenities and utilities included, so you have one easy payment per month. Browse their available properties online or call (843) 742-0671 today to speak directly with a representative about your needs.