As you take the time to move into a new apartment, there are a few terms that you need to know about to ensure that you are prepared and know what your options are all about. If you are new to renting and do not have a lot of credit history or you have bad credit history and a bad mark on your past rental history, then you may want to look into some of the options available to you to help you rent an apartment. One such option is to get a guarantor.
A guarantor is someone who doesn’t actually live in the apartment at any point of the lease, but they are still legally responsible for it. These can often be a parent of the tenant or some other adult who will have a great financial record and good credit who is willing to take on the legal responsibilities if the tenant is not able or willing to pay the rent to the landlord. This can often be to a child who is just starting out and has not built up their credit yet.
It is possible for friends, businesses, and work colleagues to be a guarantor, though this is less common than other options. And some charitable organizations and government groups can do this for low-income tenants and others who struggle to find some of the housing that they need at any given time. Most people will find that they only need a guarantor for their first apartment as they get settled, and then they can do the work on their own.
Remember that the guarantor is not the same thing as a co-signer. Co-signers are going to have equal responsibilities when it comes to making payments each month, while the guarantor will only need to step in and make a payment if the primary signer is not able to do it. A co-signer is also allowed to live in the apartment, but the guarantor does not at any point during the lease.
If you are looking to move to the South Nashville area, then it is time to come take a look at some of our amazing apartments and see if they are right for all your needs. We are confident that you will fall in love with our apartments in South Nashville, not just because of the location, but also due to all of the fun amenities, the great space, and so much more. We encourage you to call some of our friendly staff and then come and take a tour of our wonderful community as soon as possible. Contact us today to learn more!