Q: Today’s question is from Gretchen. She asks: “My 18-year-old has signed a lease for an apartment at college. Each tenant has their own room and bathroom, along with their own lease. Parents can opt to be guarantors. Should we proceed with this?”
A: Thanks for reaching out, Gretchen. Acting as a guarantor on a lease is akin to co-signing a loan. If issues arise—like unpaid rent—you’ll be responsible for covering those costs.
Many parents choose to be guarantors to enhance their child’s likelihood of securing a lease, especially since many landlords require it for younger tenants. However, this may not apply to your scenario.
If you and your husband were to be added as guarantors now, it would primarily serve the landlord's interests, as you’d become liable for rent if your child fails to pay. Additionally, any missed payments could negatively impact your credit score.
My advice? Since the lease is already signed, I wouldn’t recommend becoming a guarantor. Instead, maintain open communication with your child to ensure they handle their finances wisely and have a solid plan in place to cover rent.
