You’re moving to Los Angeles and you know you’ll need to rent a place to live. However, you aren’t really sure what’s involved. You’ve heard about cosigners, lease guarantors and other requirements, but you aren’t exactly sure what it all means. Read on to discover the purpose of a cosigner in Los Angeles.
Like in any other city in the United States, a cosigner in Los Angeles will act as a guarantor for you on your lease with the understanding that they will pay your rent if you are unable to. A cosigner is one way you can get around some of the other qualification requirements when renting an apartment. Some of the requirements might include:
While the qualification requirements will differ from one landlord to another, you will generally find that having a good credit history, the right income, and one year’s history at your job are required by most landlords.
In the event that you don’t meet any of these requirements, in some cases, you will be able to overcome them with a cosigner.
From the landlord’s point of view, there’s a very good chance you will have to have a cosigner who at least lives in California. Many aren’t willing to accept an out-of-state guarantor because it is simply too difficult to pursue them to recover any outstanding debt.
On the other hand, you also have to consider that asking someone to be your cosigner in Los Angeles isn’t a simple thing. After all, you’re asking them to reveal a lot of personal information, as they will have to provide income statements, and other documentation, but you’re also asking them to pay your rent if you are unable to.
In other words, you’re probably going to have to ask someone who is really close to you, such as very good friends or family. Another option might be the company will be working for, especially if they have a vested interest in keeping you around.
Unlike New York City, for example, where the right cosigner can usually help you get an apartment, in Los Angeles things are little different because not all landlords will accept a cosigner. This is because a cosigner in Los Angeles is really not liable for the rent, meaning that many landlords see it as too great of a risk.
Thus, you’ll need to ask in advance if a cosigner is an option. If not, then you’ll have to continue hunting for an apartment.
Since not all landlords accept cosigners, you might have difficulty in finding a place to rent. Here are a few other options.
First, you’re going to have to do a lot of research. We have said that not all landlords accept cosigners in Los Angeles, but some do. So, you have to do your research to find them. Inform yourself on your rights as a tenant in Los Angeles as well before accepting a sub-standard apartment.
Then, there are landlords who offer alternative solutions. For example, Blueground has top-quality apartments in some of Los Angeles’ best areas. The important part, though, is that they don’t ask for a cosigner or lease guarantor. Instead, you’ll simply have to pay a security deposit and part of the rent at signing, which will be refunded after you move out.
Their lovely apartments are fully equipped and beautifully furnished, which makes them an excellent option for someone who is moving to Los Angeles from out-of-state or from abroad.
If you really can’t find a place that will take a cosigner, or you aren’t in a position to pay a security deposit, then another solution might be to consider a roommate.
Statistics show that 44% of tenants in Los Angeles rent with a roommate. Rent has been going up in the city, which has led to many people having trouble affording a place to live. So, more and more people are opting for roommates.
If you’re having trouble finding a place, then a roommate might be a good solution for you. This is especially true if you can find someone who already has a place and is looking for someone to live with them to share the costs. In this case, you might not even have to be on the lease, as the landlord might let you live in the apartment as a subletter.
Some landlords might be more lenient if you have money in the bank and you can prove it with bank statements. Most landlords want to see at least three months’ worth of bank statements, but some might require more.
One important piece of advice is that if you freelance or have a job where a lot of your income is cash, then you need to deposit it all the time. Even if you take it out the next day, you still need to provide proof of your income, and the only way you can do that is by depositing having a record of it in your bank account.
In the worst-case scenario, you can consider a short-term rental until you’ve saved enough for a security deposit or have found an apartment that accepts a cosigner in Los Angeles. Though it’s not an ideal solution, it’s still better than not having a roof over your head.
Regardless of which option you choose, you can be sure you will find a place to stay, even if a cosigner in Los Angeles is not a solution you can resort to in your particular situation. Just remember to be calm and logical about the whole process, and it won’t be long before you find the perfect place for your needs.