If you're looking to rent an apartment, you may be wondering if you need a co-signer. The answer to this question depends on a number of factors, including your rental history, credit score, and income.
Here's what you need to know about renting an apartment with or without a co-signer. Getting a co-signer may help you get a second chance apartment.
Owners Consider Your Rental History
One of the things landlords will look at when considering your application is your rental history. If you have a history of late rent payments or damage to property, it's likely that you'll need a co-signer in order to get approved for an apartment.
However, if you have a clean rental history and can provide references from previous landlords, you may be able to get approved without a co-signer. Each property owner looks at references differently.
Owners Consider Your Credit Score
Your credit score is another important factor that landlords will consider when reviewing your application. If you have a low credit score, it's likely that you'll need a co-signer in order to get approved for an apartment.
If you are uncertain how your credit score will impact your application, you should look into it ahead of time and take steps to improve your score. Often, owners are upfront about their preferred credit scores for apartment applicants. A second-chance apartment is likely to have reduced score requirements.
Owners Consider Your Income
Income is another important factor that landlords consider when reviewing applications. If your income is low or you don't have a steady job, you may need a co-signer in order to get approved for an apartment.
However, if you can prove that you have a steady income and can afford the rent, you may be able to get approved without a co-signer. You will have to provide evidence of your monthly or yearly income. If you have a freelance job, for instance, you may need to provide tax documents rather than pay stubs.
Owners Consider Other Factors
In addition to the three factors above, landlords may also consider other factors when reviewing your application. For example, if you have a pet, some owners may require co-signers to ensure that any damage can be paid for easily.
Another factor may involve a criminal record. If you have a background that involves criminal charges, you may need somebody to sign for you.
Talk to Potential Landlords & Property Managers
If you're not sure if you need a co-signer to rent an apartment, it's always best to ask the landlord or property manager. They'll be able to let you know if you need a co-signer based on their specific requirements, which may differ for some second-chance apartments.
To learn more about second-chance apartments, contact a realtor near you.