Renting a Destin apartment for the first time can be quite an intimidating experience, especially if you have doubts about your ability to meet the rental requirements. But the good news is that, regardless of your financial or personal situation, a lease guarantor could help you secure the apartment you want.
That brings us to the question: What is a lease guarantor? In short, a guarantor is a person who will sign an amendment to the lease agreement and, as a consequence, takes full responsibility for paying the rent if the tenant is unable or unwilling to pay. Now that you know what a lease guarantor is, let’s find out when you might need one.
When Do You Need a Lease Guarantor?
In general, a guarantor may be beneficial in the following situations:
- You have insufficient or no rental history. If there’s a gap in your rental history, or you’ve never rented a place before, a guarantor could help you qualify for a Destin apartment. Since the guarantor is as financially responsible as the tenant, his or her responsibility often goes beyond paying rent on the tenant’s behalf. If you, for example, cause damage to the rental property and the repair costs exceed the security deposit, the apartment manager may pursue your guarantor to cover the remainder. This assurance can give apartment managers peace of mind, so they feel more at ease renting to tenants with no prior rental history.
- You have a low or no credit score. If you’re a student or recent graduate, you might not have had much time to build up your credit. Yet, apartment managers will check your credit score and history to determine whether you’re a financially responsible person. Unfortunately, a lack of credit history or a low credit score could hurt your ability to rent an apartment in Destin, FL. In this particular case, your chances of securing the Destin apartment you want increase if your lease guarantor has an excellent credit score.
- You’ve got a previous eviction. A history of eviction for a serious lease violation or significant damage to rental property could prevent you from getting approved for a rental apartment. If, on the other hand, the eviction was due to failure to pay rent or utility bills on time, a guarantor who can prove his or her ability to make all the payments on your behalf may help you qualify for a Destin apartment.
- You don’t have a steady source of income, or the monthly rent will take up more than 30% of your income. When trying to rent an apartment in Destin, FL, proof of income is one of the most important factors apartment managers consider during the applicant screening process. If you don’t have a steady source of income, or the monthly rent you’ll need to pay exceeds the 30% rule of thumb for rent, the only way to secure an apartment is to have a trustworthy, financially responsible person backing you up.
- You’re trying to get approved for a luxury apartment in Destin, FL. So, you were already approved for an affordable apartment but had your eyes on a luxury apartment that’s more conveniently located. If you can’t qualify for that apartment on your own, a guarantor could help you go from denied to approved and seal the deal.
Who Makes a Good Guarantor for a Destin Apartment Lease?
When it comes to choosing a lease guarantor, anyone, including a close friend, a family member, or a colleague, can be the right person for that role. Besides the person’s willingness to help you out, the most important aspects to consider when asking someone to be your guarantor are his or her employment status, income level, credit score, and criminal background. To be approved for one of our luxury apartments in Destin, FL, your guarantor must earn at least 5 times the monthly rent, submit proof of income, and undergo a credit check.
How Can You Find a Lease Guarantor?
If you’ve gone through everyone you know and couldn’t find someone willing to take the financial responsibility of your lease if ever required, you still have options. First, you could offer to pay a few months’ rent in advance. Alternatively, you could find a roommate who meets the specific requirements for the apartment. While a joint lease has its own drawbacks, finding a roommate with a good credit score and solid rental history could help you get the Destin apartment you desire.
Opting for a lease guarantor can be a great solution when you don’t meet the application criteria. But unfortunately, not all apartment complexes allow applicants to use a guarantor in order to get approved for an apartment. At Sugarloaf Luxury Apartments complex, not only do we accept lease guarantors; we also make it easy for you to find the right rental apartment for your lifestyle. If you’re looking for an apartment in Destin, FL, we’d be glad to go over our apartment options with you!
*Sugarloaf Luxury Apartments only puts the residents on the lease and all must all be approved by credit and background checks. We also do not take a larger deposit in lieu of good credit. Each applicant must be approved through our system.