Co-signer Requirements
A co-signer for an applicant has higher requirements than the tenant applying. The co-signer must have good credit, must be employed or show proof of income from any other source. Income must be sufficient enough to pay their own expenses and the rent of the tenant in the case the tenant fails to do so.
A co-signer cannot be on a fixed income or be dependant on government assistance.
The co-signer would be responsible for all unpaid rent, and any other charges the account incurs.
The application fee is outlined in the property listing and is charged for each applicant and each co-signer.
Applications will not be accepted or processed without application fee.
Application fees are non-refundable.
The application process takes approximately 24 hours. The processing time can be reduced if co-signer submits proof of income along with their application.
Co-signer Frequently Asked Questions
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Do I have to pay the application fee?
Yes. Every applicant is screened to see their credit and verify income. -
Why do I have to pay an application fee to be a co-signer?
Because we charged the same fee for any processed application. -
What is the criteria for a co-signer?
We look at the overall credit history not the score. We’re looking to make sure there are no accounts in collections or past due. We hold co-signers to a higher standard than applicants because they have to be able to take care of their own finances and the tenants if need be. -
I’ve never rented. Does that matter?
No, we’re just looking at your financial ability. -
What happens if the person I’m co-signing for doesn’t fulfill the lease term?
You will be responsible if for any reason they do not satisfy their obligations including any damages as per the lease. -
I’m not comfortable with the applicant’s roommate that will be living in the property. Will I be responsible for them as well?
Yes, but each roommate could have their own co-signer to share the risk. Otherwise, we suggest you have that discussion with the applicant for whom you are co-signing. -
What happens if the roommate doesn’t pay? Will I be held responsible for the entire amount?
Yes, but each tenant and co-signer will have access to a portal that enables you to see the account at any time, including who has paid what amount. -
Why are all the room mates on one lease?
SOTO leases are drawn up per property, not per occupant. All occupants are responsible for the fulfillment of the single lease. -
What if a roommate wants to move out?
A roommate can be removed provided the remaining tenant meets our screening criteria. -
Can a roommate be added after the lease has started?
Yes, the additional roommate will just need to apply and meet our screening criteria. -
Will I be notified if there is an issue with the account for which I’m co-signing?
Yes, and you will be able to view all financial transactions through the tenant portal any time. -
Why do I have to set up a portal?
Your portal is there for your convenience. It is not only required to be able to access and sign the lease but it is also a huge help in monitoring when and how much the tenants are paying. -
If they choose to stay beyond the lease term, do I have to stay as co-signer?
We can reevaluate at that time. Sometimes it isn’t necessary to have a co-signer beyond the first year. Just let us know you’re interested in this option at that point. -
Why does the applicant need a co-signer? They rented before and have a good credit score.
They didn’t meet one or more of the requirements as described in our screening criteria. -
I will be the one paying the rent. Why do they need to apply? They have no rental history or credit.
We require everyone aged 18 or older that will be living in the property to apply and be screened. They will also be named on the lease which helps them build rental history. -
I’m on a fixed income, such as social security. Will I qualify as a co-signer?
Unfortunately not, co-signer must be financially able to cover their expenses plus tenants.