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Guarantor Information

guarantors

Guarantor Responsibilities

Many college students and young adults rely on their parents for financial (and sometimes emotional) support throughout their early years renting or owning property. Parents often have concerns and questions about their involvement in their child’s housing choices.

When a young resident decides to lease an apartment or house, it is common practice for their parent(s) or other relatives to sign on as a guarantor for the lease, guarantying that the rent will get paid. This also helps residents avoid the need for a double security deposit. We have compiled the most common questions about guarantors for your convenience.

Contact Us with Questions

Do I need a Guarantor?

In order to qualify for an apartment, you generally need to have a monthly income that is at least three times the monthly rent amount. This must be proven with pay stubs. If you are self-employed, you can provide recent bank statements. If you are unable to show this amount of income, you will need to find a guarantor for your lease.

Does the Guarantor Have to be a Parent?

Every apartment complex and landlord is different. Most do not require using a relative as a guarantor, but the more strict landlords might require a family relation.

What if I am a Foreigner?

If you are an international resident and do not have enough income to qualify without a guarantor, you will not be able to use a guarantor that is out of the country. Alternatively, you must provide documentation from a company or state entity ensuring your financial security. For students, this document is called an I-20. In addition, you will need to provide a copy of your I-94.

What if I do not have a Guarantor?

If you do not qualify based on income and are unable to find a guarantor, our leasing agents will be able to help. We help people with all sorts of financial trouble find a suitable place to live.

What are the liabilities of my Guarantor?

When someone guarantees your lease, they are verifying that they are liable for entire rent amount for the entire duration of the lease. This also means they are liable for damage caused by the tenants. Be sure your guarantor understands that they are responsible for paying the rent if you are unable to do so.

Is my Guarantor Liable for my Roommate?

Even if every roommate has their own guarantor, each and every guarantor is responsible for the entire rent amount.This is actually a good thing because the risk is spread between all the guarantors.