Davida Gisriel: We HAVE to have a co-signer because in order to rent here (Richmond, VA; not sure if it's like this everywhere) you must make three times your rent (which we do not; we are both part-time college students).
Alane Antes: Time to stand on you own so find one you can afford without outside help
Matt Tiry: Wow. You're in a tough situation. I've never heard of a leasing company NOT accepting a co-signer. And I've never EVER heard of having to make three times your salary in order to rent an apartment. Is this just something within the leasing company you're working with or is this all of Richmond? (It's nice there, I like it).I don't think all leasing companies would turn away co-signers. I would be up front with them and ask first thing....Show more
Fritz Sisomphou: Wow. I read the whole thing. Wish I could help, but I don't live in your state. Good luck
Lita Thammorongsa: I can only tell you what I know of my area which is Cent! ral FL. Yes most companies do want 3x the rent BUT in my case when I was younger didn't have a co-signer so was always okay with putting down and extra deposit. Almost all apartment complexes can work with you and it sounds like for whatever reason, this place you are trying to get approved for isn't interested in having you live there.
Gale Hartt: I am a property manager in Virginia and do business in the Richmond market. A rent to income ratio of 1:3 is pretty much the standard in that area.When evaluating a guarantor (co-signer) it is normal to consider their debt load and obligations (such as leases) to determine whether they have the means to assume another debt. Our company for instance, raises the threshold to 5:1 (income/rent) for guarantors, since they must continue to service their own obligations in addition to paying rent if it becomes necessary to ask them for payment.It is reasonable to ask the renting agency the basis on which they have declined your ! guarantors. Perhaps your mother's debt load is high due to th! e other lease. Your stepfather is self employed, which has some bearing in terms of proof of income. We typically ask for last year's 1040 and Schedule C as proof.If they both have spotless (or nearly so) credit and the income to rent ratio isn't excessive, you should press the landlord for an explanation as to why they aren't acceptable as guarantors. If the landlord refuses, contact consumer protection and the Better Business Bureau. You might also talk to someone at the Fair Housing office and request a copy of the landlord's tenant selection or qualification criteria to determine if you are being treated in a discriminatory way....Show more
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