Does a Cosigner for an Apartment Have to Be Working?
If searching for a cosigner to sign your apartment lease agreement, choose this individual carefully. You can pick the cosigner, but the manager of the apartment complex ultimately decides whether to use the cosigner. To qualify, the individual signing his name must complete a rental application with you and be in a financial position to pay the rent if you breach the contract and walk away before the lease term expires.
Consequences of Cosigning
Some people cosign agreements without weighing the pros and cons of their action. Cosigning is a not a minor responsibility. In fact, cosigning a rental lease can put your credit score in jeopardy. There's no guarantee that the primary tenant will pay on time or fulfill the rental agreement. He could decide to leave the apartment before the lease ends or damage the apartment wherein the landlord may come after you for compensation.
Employment and Cosigning
Qualifying as a cosigner on an apartment lease typically merits a good credit history. Apartment managers evaluate credit reports, and if you don't have any charge-offs, judgments, evictions or other negative items, you can likely qualify. Along with good credit, current employment is another criteria. Apartment mangers need proof that you can pay the rent if the primary tenant breaks the lease contract. Acceptable proof may include your most recent tax statements, W-2 forms or a copy of a paycheck.
Consideration
Being unemployed won't necessarily disqualify you from cosigning an apartment lease for someone, as long as you have a steady income source. For example, you may receive adequate income from retirement, alimony or disability benefits. Mention this income on your rental application to see if you meet the income criteria set forth by the landlord.
Cosigning and Credit History
If cosigning a loan, you can expect the lender to report this debt on your credit report. However, apartment managers rarely report lease contracts and rent payments on credit reports. As long as the primary tenant stays current and doesn't breach the lease contract, the fact that you cosigned the apartment lease will not affect your credit history or score. Thus, cosigning a lease for someone will not stop you from getting your own apartment or qualifying for loans.
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