Since minors can’t make legally binding contracts, landlords usually require the applicant to find an adult, usually his parent or guardian, to co-sign the rental agreement. The cosigner is financially responsible if the minor fails to pay the rent or causes damage to the property.
Can I cosign for an apartment for my son?
Step 1. Go to the apartment complex with your child and confirm that cosigners are accepted. Check the unit with your child, explaining to her what to look for in an apartment. As with any home rental, you will want to make sure that the appliances are in good repair and the unit is clean and ready for move in.
Can a 17 year old with a baby get an apartment?
To rent a property you need to sign a type of contract called a lease. It’s usually difficult to have a contract that someone under the age of 18 can sign because usually the young person wouldn’t be held accountable if something went wrong. There are ways round having you sign the lease yourself.
Do 18 year olds need a cosigner for an apartment?
So long as you’re of legal age to sign a lease agreement, you may do so with or without your parents. Your landlord, however, may feel differently than the legal requirements. Landlords often ask college students to find a cosigner due to their short credit history and potentially limited earning potential.
Does each tenant need a cosigner?
Some landlords agree to consider cosigners as long as they pass a background check, while other landlords don’t allow them at all. Since there are no laws that require you to accept a cosigner, according to RentPrep, it’s up to you to determine what makes the most sense for your property.
Can a young adult cosign for an apartment?
Co-signing for an apartment for your child makes it easier for them to qualify for a lease. A young adult renting apartments — especially one with a short record of employment and no meaningful credit history — may require a cosigner.
Can a 17 year old rent an apartment?
That being said, some landlords may allow a 17-year-old to rent an apartment with the inclusion of parental consent, which is common for situations whereby the minor is perhaps moving away for college.
Do you have to have a co signer to rent an apartment?
While a co-signer can make a prospective tenant more desirable, you are not obligated to rent to a tenant because they have a co-signer. If you feel another prospective tenant is more qualified, it is your right as a landlord to rent to them instead. Co-signing a loan is a very personal decision.
How to have parents co-sign for an apartment?
Collection entries and judgments adversely affect the co-signer’s credit history, so it’s important that your co-signer know the risk. A judgment may also result in garnishment of the co-signer’s wages or a bank levy. Approach your parents and explain your financial predicament. Ask if they are willing to co-sign for your apartment.
