College housing
Do my parents have to cosign my student apartment lease?
Updated By the Housing Rocket moderators
Short answer
Often, yes. Most full-time students don't earn the income landlords ask for, commonly about three times the rent, so landlords usually want a parent or other guarantor who does. Some landlords accept alternatives, such as paying several months upfront or using a paid guarantor service, and rules on what landlords may ask for vary by state and city.
A guarantor promises to pay if you don't. On a joint lease that promise can cover the whole rent, not just your share, so if a roommate stops paying, your parent could be asked to cover them too. Before your parent signs, read the guaranty and ask whether it can be limited to your share.
What landlords usually ask of a guarantor:
- A separate application and credit check.
- Proof of income, often a higher multiple of the rent than they ask of tenants.
- A signed guaranty form, sometimes notarized.
Some landlords want a guarantor who lives in the US, or even in the same state. If your parents can't qualify, ask about paying more upfront or about third-party guarantor companies, which charge a fee. More on guarantors and cosigners is in rent and applications.
Want the whole picture? Read Off-Campus Housing for Students: A Semester-by-Semester Timeline.