A guarantor, sometimes called a co-signer, is a third party who guarantees a tenant’s obligations under the lease. If the tenant fails to pay rent or causes damage beyond the deposit, the landlord can look to the guarantor to make good on the shortfall. Guarantors are common when an applicant has thin credit or limited income — for example, a student or someone new to the workforce.
A guarantor is different from a co-tenant: a co-tenant lives in the unit and is a party to the tenancy, while a guarantor typically doesn’t occupy the unit and only backs the promise to pay. Because you’re evaluating a guarantor’s finances with a consumer report, the same screening duties apply. How far the guaranty reaches — one term, renewals, damages — depends on the written guaranty and local law, so put the terms in writing and treat this as general education, not legal advice.
This is general educational information, not legal or tax advice. Rules vary by state and locality and change over time — check your local law and confirm specifics with a qualified professional.