What Happens to a Lease If You Don't Have a Co-Signer?
When you are just starting out in your career, as soon as you find a job you'll probably be itching to get your own place. But if you have no credit, or worse, you have poor credit, a prospective landlord may require a co-signer. If you don't have one, the landlord will take one of two actions: he will not let you sign the lease, instead moving on to considering another tenant, or he will entertain an alternative. Your choice will be simple: walk away or meet one or more mutually acceptable alternatives.
Legal Aspects
A landlord has absolute latitude over requiring a co-signer on a lease. While there are plenty of federal, state and local laws regulating residential tenancies, none of them limit or restrict a landlord on this issue. The sole exception could be the federal Fair Housing Act, which prevents landlords from basing decisions on race, religion, national origin aspects, familial status, gender or disability. The landlord can't require a co-signer because you are not married, were born in another country or are disabled. But he can require a co-signer if you do not meet any one of a variety of credit, income, employment or reference standards he sets --- none of which he is legally required to disclose to you.
Common Reasons
A landlord wants to select tenants who have a strong liklihood, based on their application profiles, of paying their rent on time and caring for their unit. He typically asks questions on the application about credit history, employment, income and references from prior landlords to obtain enough information to distinguish a good applicant pool from a bad one. Tenants who do not have any positive history in any of the several categories he inquires about are not likely to be selected as tenants under any circumstance. Tenants who have both strengths and wekanesses may be selected as tenants under the condition they sign the lease with a qualified co-signer. The co-signer is held liable for rent and unit maintenance in the same way a tenant is.
Your Options
If the landlord requires a co-signer, you are not legally required to comply. However, the landlord is not legally required to rent to you, either. At loggerheads, you or the landlord can simply decide to walk away and neither side has any legal obligations to the other. Alternatively, you or the landlord are also free to suggest alternatives that might address the landlord's concerns. As a prospective tenant still interested in the unit, ask the landlord more about his concerns. How he expresses them might open the door to a mutually acceptable alternative.
Co-Signer Alternatives
If the landlord's concerns focus around prior bad credit, you might go over your credit report with him, demonstrating how much time has elapsed since the problems arose and pointing out the sterling credit history subsequent to that time. Additionally, you could offer a larger deposit and/or prepay several months worth of rent in advance. If his concern is that you have never rented an apartment before, try getting a letter of recommendation from a dorm monitor from your college or general letter of recommendation from your employer to demonstrate responsibility.
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