What A Co-Signer Is Worth And How It Would Help A 17-Year-Old Rent An Apartment

A co-signer is often used by 17-year-olds in Chicago to rent an apartment because they are too young to officially sign a lease on their own. A co-signer is someone who formally agrees to pay the rent and damages to the property. This is usually a parent or guardian signing the lease with the child.

Most of the time, renters want co-signers to have good credit and a steady income. In case the child can't pay the rent, this makes sure that it will be paid. If a co-signer has good credit, you have a much better chance of getting an apartment. Even with a co-signer, not all landlords will rent to a child, so it's important to read the rules before you apply.

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How Proof Of Income And Stable Finances Can Help You Get A Rental Agreement Approved By A Landlord

Even with a co-signer, landlords want to see proof that the rent is always paid on time. A 17-year-old's application might be stronger if they have a steady job or another way to make money. Some landlords may ask to see your most recent pay stubs, bank statements, or proof of work.

If a kid doesn't have a steady source of income, some renters may take pre-paid rent. To show that you can pay, you have to pay for several months ahead of time. Not all owners will agree to this, but some might be open to talks if they know they will get paid in full up front.

A 17-Year-Old Can Legally Rent An Apartment Without A Cosigner After Becoming Free

For 17-year-olds who don't have family help and need to live on their own, empowerment could be the answer. A juvenile can sign contracts, work full-time, and take on other adult responsibilities once they are fully free. This process isn't easy, though, because you have to show that you can live on your own and pay your own bills.

The courts grant emancipation when a person has a stable source of income, the ability to handle daily responsibilities, and sometimes parental approval. If accepted, the child can rent an apartment without needing a co-signer or any other kind of legal help.

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