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We recently spent several days in another state helping our son look for an apartment. A little background on son: will graduate from college soon and is moving half-way across the country for a great job opportunity. He does not have bad credit. He simply has NO credit history. He will graduate debt-free. Laws changed several years ago for student credit cards so he also has no credit cards. We've tried a couple of ways to get him a card so he has a history, but even in the last three years (since we helped his older sibling with this) it has become nearly impossible. He does have a two-year rental history.
All of the apartment complexes he looked at will run a credit check (no surprise there). Many of them are managed by one of three large property management companies. Two of the companies will require a larger deposit or a co-signer for someone with no credit history. The larger deposit is fine. The third company will only accept a co-signer. For a number of reasons we don't want to do this--primarily because his income will be 5 times his rental costs. If this was the only option, then we would do this.
We visited several apartment complexes run by the "co-signer" only company. At all visits we asked about the "No credit history" first thing. Only at the last complex was the leasing agent honest with us and indicate the only way (or a 95% chance as she put it) he could rent there was with a co-signer. The other two places we visited run by this same company indicated he might need a bigger deposit OR a co-signer. Given what the last agent said, I think these other two places were being dishonest.
So my question is this: why would these other two places be dishonest about the co-signer requirement? Do the leasing agents get some kind of bonus for a certain number of applications? How would it benefit them?
Final note--these complexes are all "off the list."
I'm fine with a "no credit at all". That's a lot better than bad credit.
Your son's big problem is landlord references. He only has 2 years and perhaps only one landlord? If that is a college dorm or college roommate sort of rental history, it has very little value as a reference.
I, too, would prefer a qualified cosigner and extra deposit. If you know he is a good tenant, and you know he has lots of income, and you know for sure he is reliable, why would you not cosign for him? He's your son. You should know whether or not he can be trusted. If you don't trust him, should I trust him?
For me, the big issue is that I don't rent to helicopter parents. Your son would have to come and apply in person.
I'm fine with a "no credit at all". That's a lot better than bad credit.
Your son's big problem is landlord references. He only has 2 years and perhaps only one landlord? If that is a college dorm or college roommate sort of rental history, it has very little value as a reference.
I, too, would prefer a qualified cosigner and extra deposit. If you know he is a good tenant, and you know he has lots of income, and you know for sure he is reliable, why would you not cosign for him? He's your son. You should know whether or not he can be trusted. If you don't trust him, should I trust him?
For me, the big issue is that I don't rent to helicopter parents. Your son would have to come and apply in person.
To answer a couple of your questions/comments. It's not a matter of trusting him to pay his rent. He's proven himself to be financially responsible. It's a matter of parenting in a way that is the opposite of helicopter parenting. It's about recognizing that he is an adult and can do things without his mommy and daddy helping him out. It's about teaching him, with guidance as needed/requested, that he is now financially responsible for himself. It's about cutting the apron strings and letting him fly on his own. For us its about parenting. As his parents that is our decision to make, and I would guess we've made some good parenting decisions along the way given what both of our children have achieved in many areas of their lives.
I don't know if you intended to imply that we are helicopter parents because we went to the apartments with him. That was not the purpose. We went with him for practical and fun reasons. This location is a four hour plane ride away. First, at age 21 renting a car is nearly impossible (especially without a credit card). The same applies for renting a needed hotel room. He was in charge of asking all questions, choosing apartments to view, etc. I helped set up some appointments as he was busy with work and school. It was a matter of optimizing our time. When one leasing agent tried to speak with me, ignoring son, I politely told her that this was son's apartment and that she needed to speak with him. He will be responsible for all decisions related to the apartment. We've tried to teach him what he needs to ask and look for in a lease. He knows he can ask for help should he need it. We also joined him because we wanted to see where he was relocating. Husband visited the general area once many years ago. I had never been there. We did a few fun things during our short trip.
He has two years of renting with two different landlords in private apartments-not dorms. Although he had roommates each roommate is fully responsible for all rent should one roommate flake out.
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