Leases...younger tenants

[dsluchin]

Hi!
Looking for some advice about renting to younger tenants (19). Does anybody have any suggestions about adding a parent to a lease if this has been agreed upon? How to do this properly? Is there another form? Other details I might need to know. Is this even a good idea?
I really appreciate your consideration, Deanna

 

[NorthernAlex]

You could add the/a parent(s) as a lease guarantor. I was thinking to do that, but got an older tenant.

I just googled it (see here) and found the second hit, a word document, quite interesting.

 

[housingrental]

Yes Alex is correct you can add as a guarantor and this is regularly done in student housing.

 

[TomRebstock]

I have all students have at least one parent to co-sign always.

That way all parents are:

informed
approve
financailly co-responsible

Tom Rebstock
5 homes

 

[OlegP]

QUOTE (dsluchin @ Mar 21 2009, 08:40 AM) Hi!
Looking for some advice about renting to younger tenants (19). Does anybody have any suggestions about adding a parent to a lease if this has been agreed upon? How to do this properly? Is there another form? Other details I might need to know. Is this even a good idea?
I really appreciate your consideration, Deanna

It is a common practice to ask for parental guarantee. Without it you are running a much higher risk of default - plain and simple. I can attest to that both as a landlord and as a credit risk manager for a major bank. Young people always default at a much higher rate than more mature individuals. The same, by the way, is true for renters vs. homeowners.

 

[trev]

I agree.
Always get a co signer for a student
Usually for anyone that young

And if their parent won`t co-sign? Think hard.... Their parents probably know them pretty well and have good reason not to co-sign.
I have even used co signers for more mature tenants. Maybe they have good job but bad credit / recent bankruptcy. As long as I have someone to go after, I feel OK.
Just make sure you do the full screening on everyone.