Difference between revisions of "Lease Guarantors"
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| − | A cosigner | + | == What is a guarantor? == |
| + | A guarantor, also known as a cosigner, may be required when an applicant does not yet meet standard rental qualifications on their own. This is most common for undergraduate students who may not have steady income, applicants whose current earnings fall below our minimum income requirements, or individuals who have little or no prior rental history for us to evaluate. | ||
In these situations, a guarantor provides an additional level of assurance that all lease obligations will be met consistently and on time. Requiring a guarantor helps protect both the tenant and the property by ensuring the household can comfortably manage the financial responsibilities of the unit. | In these situations, a guarantor provides an additional level of assurance that all lease obligations will be met consistently and on time. Requiring a guarantor helps protect both the tenant and the property by ensuring the household can comfortably manage the financial responsibilities of the unit. | ||
| − | A guarantor | + | == How does a guarantor help? == |
| + | A guarantor agrees in writing to accept full financial responsibility for the entire lease if the tenant is unable to meet their obligations. Each guarantor is responsible for all lease obligations, not just the portion associated with one specific tenant. Because of this, we strongly recommend that each tenant secure their own guarantor. If there are fewer guarantors than tenants, the existing guarantors remain fully responsible for the tenants who do not have their own. | ||
| + | == What are a guarantor's obligations? == | ||
Guarantors are accountable for paying rent, covering damages beyond normal wear and tear, and handling any other charges or fees associated with the tenancy. They must complete a full application, meet the same approval standards as primary tenants, and have a verifiable combined monthly income of at least four times the monthly rent. | Guarantors are accountable for paying rent, covering damages beyond normal wear and tear, and handling any other charges or fees associated with the tenancy. They must complete a full application, meet the same approval standards as primary tenants, and have a verifiable combined monthly income of at least four times the monthly rent. | ||
| + | [[Category:Applying_and_Renting]] | ||
Latest revision as of 15:48, 17 November 2025
What is a guarantor?
A guarantor, also known as a cosigner, may be required when an applicant does not yet meet standard rental qualifications on their own. This is most common for undergraduate students who may not have steady income, applicants whose current earnings fall below our minimum income requirements, or individuals who have little or no prior rental history for us to evaluate.
In these situations, a guarantor provides an additional level of assurance that all lease obligations will be met consistently and on time. Requiring a guarantor helps protect both the tenant and the property by ensuring the household can comfortably manage the financial responsibilities of the unit.
How does a guarantor help?
A guarantor agrees in writing to accept full financial responsibility for the entire lease if the tenant is unable to meet their obligations. Each guarantor is responsible for all lease obligations, not just the portion associated with one specific tenant. Because of this, we strongly recommend that each tenant secure their own guarantor. If there are fewer guarantors than tenants, the existing guarantors remain fully responsible for the tenants who do not have their own.
What are a guarantor's obligations?
Guarantors are accountable for paying rent, covering damages beyond normal wear and tear, and handling any other charges or fees associated with the tenancy. They must complete a full application, meet the same approval standards as primary tenants, and have a verifiable combined monthly income of at least four times the monthly rent.
