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Can My Parents Lease an Apartment for Me?
Going off to college is one of life's most exciting adventures. For many people, it's their first opportunity to live alone, giving them the space and freedom to become their own adult.
Universities have off-campus housing options, but older students and students with different space needs may prefer living off-campus. This can get complicated because most apartments around campus will require an adult to sign a lease as guarantor, which leads students to the question: Can my parents lease an apartment for me?
Here at The Depot in Akron, Ohio we provide students with stylish 1, 2, 3, and 4 bedroom apartments. We specialize in providing off-campus housing to students at The University of Akron and other colleges in the area.
In this blog, we'll explore the process of finding the right guarantor (whether it's a parent or other adult), signing a lease, and getting into your very own off-campus apartment.
Can I Lease an Apartment on My Own as a College Student?
One of the best options is leasing an apartment on your own. There are communities out there that may allow you to rent without having a parent as guarantor.
Generally speaking though, it is difficult for college students to qualify for an apartment lease, especially since most college students are between 17 and 24 years old.
Why? Well, for starters, you might have either a low credit score or no credit score at all at this point in your life. The ideal resident has a steady job, a predictable source of income, and a good rental history. All 3 of these are more rare when you’re just moving into adulthood.
In this case, your best option is asking someone else to serve as your guarantor. This will increase the chances of a landlord allowing you to lease a rental property.
Can My Parents Lease an Apartment for Me?
If you're not able to qualify for an apartment lease on your own, you'll be happy to hear that the answer to the question, "Can my parents lease an apartment for me?", is a resounding "yes!" They can take on the role of parent guarantor.
What is a parent guarantor? It's a parent who agrees to step in and cover any rent payments you're not able to make. More often than not, your parents will have to sign your apartment lease as well as a separate guarantor agreement. By doing this, they'll take responsibility for paying your rent if you struggle to make your payments to a landlord at any time. A guarantor doesn't have to be a parent. You can ask any adult if they would be willing to serve as a guarantor for you.
After hearing about how this works, you might be asking yourself another question. This question is, "Is a guarantor a cosigner?"
A guarantor and a cosigner will both accept responsibility for helping you pay rent if you're not able to do it yourself, but you should know that a guarantor and cosigner aren't the exact same thing.
A guarantor is someone who will agree to step up and make rent payments for you if you miss them. A cosigner, on the other hand, is someone who will accept financial responsibility for your apartment lease from the very beginning.
In the eyes of a landlord, a cosigner will be like a roommate to the person on the lease. In some instances, cosigners will even move in with this person to make sure they keep an apartment clean and pay rent on time.
What Will My Parents Have to Do to Lease an Apartment for Me?
Just because your parents might be in a better financial situation than you does not necessarily mean that they will be able to lease an apartment for you. They will need to meet certain qualifications in order to serve as your parent guarantor.
First and foremost, most landlords want parent guarantors to have great credit scores. They'll also need to confirm that these parents make a certain amount of money each year to prove they'll be able to pay the rent for their children, if necessary.
Additionally, landlords will ask parents who will be leasing apartments for their children to provide them with documentation. This includes:
- Proof of identity: Government-issued ID
- Proof of income: Pay stubs, tax returns, or a letter from employer
It’s important for you and your parents to discuss whether they would be a good fit as guarantors. If they don't have great credit or if one of them is currently unemployed, it could hinder their chances of getting approved.
What If My Parents Can't Qualify to Lease an Apartment for Me?
If your parents aren't able to qualify, you'll be happy to hear that you have other options. The good news is that family members or close friends are also able to serve as your guarantor if they meet the requirements.
If, for some reason, you aren't able to find a guarantor, there are also rent guarantor programs out there that can help to bridge the gap. Leap is an excellent example of a company that'll make it easy for you to fill out a rent guaranty application in the hopes of having them serve as your guarantor. The Depot Apartments refers residents to Leap whenever a student needs a guarantor.
Going to College? Contact Us for Off-Campus Options
After exploring the questions, "Can my parents lease an apartment for me?" and "Is a guarantor a cosigner?", you are ready to begin your apartment search.
If you are a student at The University of Akron or another local college, The Depot provides the city’s best off-campus housing. Our 1, 2, 3, and even 4 bedroom floor plans are fully furnished and come fitted with private bedrooms, walk-in closets, energy-efficient appliances, and hardwood-style flooring.
We can also help you find a guarantor for your apartment lease if you need one, as we routinely work with Leap and know you'll love their guarantor program.
Schedule your tour today with one of our leasing specialists and find out why so many students choose to make their home at The Depot.