We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What Is an Apartment Cosigner?

Lainie Petersen
By
Updated: May 17, 2024
Views: 7,683
Share

An apartment cosigner guarantees a lease or rental agreement for the primary renter. Some landlords or property managers may require an apartment cosigner when a potential tenant does not meet credit, financial, or background requirements that are typically required for renting an apartment. The cosigner takes on responsibility for paying any rental obligation as well as for damages caused to the apartment that are not covered by a security deposit. In situations where an apartment resident defaults on his or her rent or damages the rental unit, the landlord or property management company can sue the cosigner for any money owed just as if the cosigner was the primary resident. In some jurisdictions, the cosigner's credit may also be affected as a result of a primary renter's failure to meet his or her financial obligations.

Landlords and property management companies often establish criteria for those who wish to rent an apartment. Typically, the landlord will look at an individual's income to ensure that he or she is able to pay the rent and may also examine the applicant's credit to see how well the applicant manages his or her finances. In addition, the landlord may also run a complete background check to get an idea of the applicant's personal history. These screenings are typically performed to protect the landlord's business by helping to ensure that selected tenants will pay their rent and not damage their apartment or use it for illegal purposes.

If the renter does not have a good credit history, has no credit history, or the landlord is not comfortable with his or her income or background, the landlord may agree to allow the applicant to find an apartment cosigner. The cosigner will typically undergo the same screening process as a tenant. If the cosigner qualifies to rent an apartment, the cosigner will sign off on the lease, agreeing to meet its obligations if the tenant does not.

There are several risks involved when becoming an apartment cosigner. The obvious risk is that the primary tenant may default on his or her rent obligations or may damage the apartment and be unable or unwilling to pay for these damages. The difficulty is that the apartment cosigner may not be informed of these problems until the landlord or property manager files a lawsuit against the tenant and the apartment cosigner. In addition to having to cope with a lawsuit and make any necessary payments, a lawsuit and judgment may be reported on the apartment cosigner's credit report. This can be extremely damaging to the cosigner's credit rating and cause significant friction between cosigner and tenant.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Lainie Petersen
By Lainie Petersen
Lainie Petersen, a talented writer, copywriter, and content creator, brings her diverse skill set to her role as an editor. With a unique educational background, she crafts engaging content and hosts podcasts and radio shows, showcasing her versatility as a media and communication professional. Her ability to understand and connect with audiences makes her a valuable asset to any media organization.

Editors' Picks

Discussion Comments
Lainie Petersen
Lainie Petersen
Lainie Petersen, a talented writer, copywriter, and content creator, brings her diverse skill set to her role as an...
Learn more
Share
https://www.wisegeek.net/what-is-an-apartment-cosigner.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.