What Is a Co-Signer for an Apartment?

A co-signer for an apartment is someone who agrees to share financial responsibility for a rental lease with the primary tenant. If the tenant falls behind on rent or causes damage beyond the security deposit, the co-signer may be held liable under the lease terms. This added assurance can make landlords more willing to approve applicants who might not meet all screening criteria on their own. 

Co-signers are commonly used when renters have minimal rental history, lower income, low credit score or even no credit history at all. 

Whether you’re a first-time renter seeking a co-signer or considering co-signing for someone else, the following insights can help empower your next steps. 

How does co-signing for an apartment work? 

When someone co-signs an apartment lease, they agree to share responsibility for all the tenant’s financial obligations outlined in the agreement. These responsibilities include, but are not limited to:

• Paying rent: If the tenant misses paying any rent, the co-signer can be asked to pay the full amount owed. 
• Covering damages: If any damages to the property exceed the security deposit, the co-signer shares financial responsibility. 
• Lease terms: Co-signers are also bound by the terms of the lease, just like the tenant. If, for example, the tenant breaks the lease early, the landlord can seek unpaid rent, termination fees, or other charges from either party. 

While co-signing is an act of support, it’s also a serious commitment. Before agreeing, both parties should review the lease and understand the risks involved should problems arise.

Do I need a co-signer for an apartment?

A landlord may require a co-signer for an apartment when a potential tenant doesn't meet their specific rental application screening criteria. If you have a low credit score, insufficient income, a lack of rental history or past evictions, a co-signer may be just what you need to convince the landlord you’d be a reliable tenant. Here are some examples of what landlords look for when checking a potential tenant’s rental application:

• Credit: If your credit score is below the required threshold, a co-signer can boost your application.
• Income: A co-signer may help if you don't meet the income criteria (usually at 2.5 to 3x the rent). 
• Stable employment: If you have inconsistent income, a co-signer can offer stability.
• Rental history: First-time renters often need co-signers since they don't have an established rental track record.
• Past evictions: If you have previous evictions or other issues in your rental history, a co-signer can provide landlords with added assurance.

What is the difference between a co-signer and a guarantor? 

Although the terms “co-signer” and “guarantor” are often used interchangeably, they hold distinct meanings in the rental world. 

• Co-signer: A co-signer signs the lease and shares full legal responsibility for the rent and lease terms, alongside the tenant. They may or may not live in the apartment.  
• Guarantor: A guarantor signs a separate agreement and is only financially liable if the tenant defaults. Unlike a co-signer, a guarantor does not have occupancy rights or direct lease obligations.  

Landlords determine whether to require a co-signer or guarantor, depending on their policies and the prospective tenant’s application. 

What does a co-signer need for an apartment? 

Landlords often have set criteria for co-signers to ensure they’re financially reliable. While requirements can vary across properties, here are some common expectations for co-signers. 

Basic requirements 

These are some requirements a landlord may require for a co-signer to qualify: 

• Must be at least 18 years old. 
• A strong credit score (usually 700+). 
• Demonstrated proof of verifiable income, often 3 to 4 times the monthly rent. 
• Recent pay stubs and/or proof of employment. 
• Past rental or property ownership history.
• Recent tax documents, especially if the co-signer is self-employed or needs to demonstrate verifiable income through alternative documentation. 

Who should you ask to co-sign on your apartment? 

A good co-signer is someone you trust with a strong financial standing, reliable income, and a willingness to share financial  responsibility. Parents, siblings, or other close relatives are common choices since they often have a vested interest in helping you. Well-established friends with solid financial stability can also be great options. If family or close friends aren't available, consider reaching out to a mentor or trusted advisor who might feel comfortable taking on the responsibility. 

How to ask someone to be a co-signer

Approaching someone to co-sign your lease requires sensitivity and transparency. Here’s how to have the conversation effectively:

1. Explain why you need a co-signer: Be honest about why a co-signer is crucial for your apartment application. 
2. Outline their responsibilities: Make sure they understand the financial and legal obligations they’d be taking on. 
3. Provide assurances: Explain how you’ll ensure they won’t have to step in. Highlight plans to make timely payments or any ongoing financial support systems. 
4. Give them time: Don’t rush a decision. Co-signing can have  significant implications, so allow them time to think it through. 

If they say yes, outline the documentation they’ll need to provide during the application process.

Pros and cons of having a co-signer 

Pros 

• Better chances of approval: A co-signer is ideal for renters with a lower credit score or limited history, helping secure apartments where they might otherwise struggle.
• Chance to build credit: Paying rent on time can build your credit history, and your regular on-time rent payments will show up on your credit report, demonstrating to future landlords that you’re financially responsible. With Zillow Rent Reporting, you can report your on-time payments to credit bureaus, for free.
• Access to more apartments: A co-signer can enable opportunities to more units that may otherwise have been out of reach.
• Lower rent or security deposit: In some areas where allowed, landlords charge higher rents or security deposits for high-risk tenants. A co-signer may help you avoid or negotiate better terms.

Cons

• Relationship strain: Financial disagreements can create tension with family or friends acting as co-signers if issues arise.
• Some landlords don’t allow it: Not all landlords accept co-signers, which could limit your housing options.
• Challenges finding a suitable co-signer: Locating someone qualified and willing to take on the responsibility may not always be easy.
• Financial or legal complications: Co-signers are equally liable for unpaid rent, damages, and other penalties, which could harm their credit if they go unpaid. 

Should you co-sign on an apartment lease? 

Agreeing to co-sign on an apartment lease is a significant decision for both the tenant and co-signer. It’s essential to discuss the details, weigh the benefits and risks, and ensure everyone fully understands their responsibilities. If you're considering being a co-signer on an apartment, understand the lease terms and assess your ability to step in if needed. 

For renters, having a co-signer can make a world of difference when allowed by a landlord, opening up housing opportunities that might otherwise be inaccessible. However, always approach this option thoughtfully, considering both the upsides and potential risks, and communicate openly with anyone you're asking to co-sign.