Can Having a Cosigner on an Apartment Lease Guarantee You a Lease?

A cosigner puts his signature on a lease agreement, although he doesn't live in the rental unit. Doing this makes him responsible for the tenant's compliance with the lease. The cosigner helps the tenant qualify for the lease, but may not guarantee that the tenant will get to rent the unit.

Rental Requirements

When looking for a suitable tenant, landlords usually set requirements to minimize the possibility of the tenant not paying the rent or damaging the rental unit. For example, the tenant may have to have a minimum credit score, good rental history or make at least a certain amount of money per year. A tenant with insufficient or bad credit or rental records may find it difficult to get a place to rent. In such situations, the tenant may need cosigner who meets the rental requirements to sign the lease.

Cosigner Responsibility

By signing the lease, the cosigner guarantees that the tenant will meet his rental obligations and takes on certain responsibilities. As long as the tenant pays his rent and meets other lease-related obligations, the cosigner will not be affected. However, the landlord will hold the cosigner responsible if the tenant fails to pay his rent, damages the rental unit without paying for it or gets evicted. The landlord may demand payment from the cosigner and even sue the cosigner.

Getting a Lease

Having a cosigner may not guarantee that the tenant will get the lease. In fact, not all landlords accept cosigners. The cosigner might not meet the landlord's rental requirements. For example, if the cosigner has low income or bad credit, he might not be approved. The landlord can choose to conduct various checks to verify the tenant's and the cosigner's employment history and past rental records. The landlord could find the tenant's or the cosigner's qualifications insufficient. Even if the tenant and the cosigner meet the requirements, the landlord still has the right to choose another tenant to rent the unit.

Alternatives

Having a cosigner is not the only way to enhance a tenant's qualifications and improve his chances of getting a lease. The tenant may negotiate with the landlord or offer various incentives to make up for his shortcomings. For example, the tenant may offer to pay a higher amount as security deposit to help ease the landlord's worries of rent non-payment. The tenant may also pay more than one month of rent upfront.

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