Many students who are looking for student housing near UGA are getting ready to sign their first lease. At Rambler, our team has helped hundreds of students and parents navigate the leasing process.
Read Next: Ultimate Guide to Living Off-Campus for UGA Students
We are often asked questions like, “What is a guarantor?” and “Do I need one to sign a lease?” For this reason, we will be answering some of our most commonly asked questions about guarantors, including:
- What is a guarantor?
- What will my guarantor be responsible for?
- Do I need a guarantor?
- What is Rambler’s guarantor policy?
@ramblerathens•What is a guarantor? A guarantor is someone who co-signs the lease agreement and is responsible for any rent payments that you cannot or do not make. •Do I need one? Majority of apartments in Athens will require you to have a guarantor as an undergraduate student. •What happens if I don’t have a guarantor? If you choose not to have one an income requirement will likely have to be met with pay stubs or bank statements.♬ original sound – Rambler
What is a guarantor?
When you sign a lease as a student, you enter a contractual agreement with the property’s landlord to pay your rent each month. Since signing a lease is a hefty commitment, your landlord will look at your qualifications – typically your income and credit score – to decide whether or not you are qualified to sign a lease.
According to Watson Property Management landlords typically want candidates to make approximately three times the price of monthly rent in income each month, which is not practical for the majority of UGA students.
Since most students won’t have this type of income on their own, it is typical for student apartments to require a guarantor to sign the lease. A guarantor is someone who co-signs the lease agreement and is responsible for any rent payments that you cannot or do not make.
What will my guarantor be responsible for?
By guaranteeing your lease, the guarantor is taking on the liability of rent for the entire duration of the lease, plus any damages. If you do not pay your rent, they will be responsible for payment.
For example, if your rental rate is $1,000 per month, and you sign a 12 month lease, your guarantor will be held accountable for the entire sum of $12,000, plus any additional fees for extras or damages.
In an individual lease, both you and your guarantor are only signing for your bed space. This means that your guarantor is not responsible for any of your roommates’ bedrooms. They would sign a separate lease and likely have a guarantor of their own.
However, if you are looking into a traditional apartment, this is not the case. If students sign a traditional joint lease, then the guarantors will be joint too. In this scenario, all roommates and guarantors will be liable for the cost of the entire space.
Read Next: 5 Benefits of Signing an Individual Lease in Athens
Do I need a guarantor?
Due to the income requirement, guarantors are very common in student housing apartments around Athens. In fact, there is a good chance landlords in Athens will not allow you to sign a lease as an undergraduate student without one.
This income requirement can be met and proven by showing pay stubs or bank statements. You and your guarantor will likely also have to provide your Social Security numbers so that the landlord can run a credit check.
Read Next: 5 Benefits of Living in Athens Student Apartments
What is Rambler’s guarantor policy?
We require all residents at Rambler Athens to guarantee their lease in one of four ways:
- Sign with a guarantor that meets the qualifications below
- Prepay two rent installments, which are applied to the last two months of your lease term
- Utilize the Guarantor Waiver Program (GWP) offered by Leap (full-time students only)
- Utilize the Rent Guaranty Program offered by Leap
For option #1, you will list the name and email of your guarantor during the application process, and your guarantor will receive an email to fill out their portion of the application.
For a guarantor to qualify, they must meet the following qualifications:
- Must earn 3x the monthly installment
- Must not have filed for bankruptcy in the past seven years
- Must have a credit score of 600
If you are a full-time students and are not able provide someone to act as a guarantor on your behalf, or you cannot prepay two installments, you will be enrolled into the Guarantor Waiver Program (GWP) offered by Leap by our leasing team. Leap acts as your guarantor for a monthly fee of $72, which is added to your rent payment. The GWP is only available for full-time students (domestic or international).
If you are not a full-time student and do not have a guarantor or the ability to prepay two installments, you will be enrolled in the Rent Guaranty Program offered by Leap. To enroll, you will fill out an online application with Leap and pay a one-time, non-refundable fee after your application is reviewed. This fee ranges between 55% and 90% of one month’s rent, depending on credit history and financial situation.
We hope this article helped you better understand what a guarantor is and whether or not you may need one.
If you have any questions about leasing a student housing apartment near UGA campus, feel free to contact our leasing team, who are happy to answer any questions you may have during your housing search.
