Many landlords will feel more comfortable renting to a first tenant, for example.B. to a student, if a co-signer also signs the lease to vouch for the tenant. Sign a new lease or lease as soon as the co-tenant has passed the background and credit check. Adding a new tenant or roommate changes the terms of your lease and the landlord usually requires you and your tenant to sign a new lease or lease. If this is not the case, your roommate is not legally responsible for paying rent or damage to the property. Give examples of why the co-signer should feel comfortable signing a lease with you. If you just went to university, cite your G.P.A. university. Over time, have you maintained a stable job? Do you have good incomes and low debts? A co-signer is someone who agrees to sign a lease with you. By signing the contract, he agrees to be liable for any debt you owe to the landlord if you do not pay your rent or if you do not break the lease otherwise. A co-signer is quoted with the actual tenant on the lease, although he or she does not physically reside in the property. Landlords want to rent to tenants who can afford the apartment. Many landlords require a tenant to earn at least two and a half times the monthly rent envisioned for the rental.
For example, if the rent is US$1,000 per month, the tenant must earn at least US$2500 per month. Tenants who have not met this criterion likely need a co-signer to qualify for the tenancy. While a co-signer can make a potential tenant more desirable, you don`t have to rent to a tenant because they have a co-signer. If you think another potential tenant is more qualified, your right as a landlord is to rent them out instead. A co-signer could help you protect your rental income while being more flexible with your rental criteria. For example, university students or younger tenants may not have had enough time to build their credit history. There may be other circumstances, such as medical bills or unemployment, that make an otherwise good tenant on paper risky. .