Can a Friend Cosign for an Apartment?

You found an apartment in a good location with a rent you can afford. Now you must meet the landlord's eligibility requirements before you can sign the lease. Many landlords require that you have enough income to cover the rent, a good credit score and a good apartment rental history. If you do not meet these qualifications, you can get a cosigner to sign the lease with you, but the cosigner must meet the landlord's requirements before you can sign the lease.

Cosigning Basics

    Anyone can cosign an apartment lease for you. This includes parents, family members, coworkers or friends. By cosigning the lease, your friend agrees to back you financially should you default on the payments. If you break your lease, the landlord has the legal right to charge your friend for any unpaid rent or damages to the apartment.

Cosigning Requirements

    Typically, a landlord will review a cosigners income, credit score and apartment rental history. Your friend must have a source of income and earn enough money to cover the rent payments should you default. He must also have a good credit score. If he has a limited or poor credit history, the landlord may deny him as a cosigner. Some landlords will also review rental history. If your friend owes another landlord money, or has an eviction on his record, the landlord may deny him.

Effects of Cosigning

    If a friend cosigns a lease with you, you can rent an apartment you would not qualify for on your own. This can give you more options when apartment hunting. Typically, a lease agreement does not appear on a credit history, as long as you pay the rent on time. Signing the lease will most likely not affect your or the cosigner's credit. However, if you default on the payments, your delinquency can appear on both credit scores and the landlord can go after both you and the cosigner.

Tips

    A cosigner goes on your lease in name only. You must pay the application fee, security deposit or pet deposit to rent the apartment. You must also pay the monthly rent, utility bills or other costs associated with renting. The cosigner does not agree to pay for your living costs by signing the lease, unless you default on the agreement.



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