I got a call yesterday.  The polite young man was interested in a house that I currently have for rent. He indicated that he was looking for a place for himself.  He had previously rented a room from some friends, but really had no credit history.  Based on his current income, he didn't make enough money to cover the rent and utilities. He explained that he could have someone co sign the lease for him.

Landlords, do you rent to tenants that need a co signer to qualify to rent a property?

Although I always say this...every tenant's individual situation must be looked at on a case by case basis, before making a decison to rent to them or not. There is no hard, fast rule that covers every situation.

But, typically, I don't care to rent to tenant's that require a co signer in order to rent a property.  Especially if that co signer will not be living in the house.  I want the parties involved to all have a vested interest and an incentive to pay the rent.  It helps when the roof is over THEIR head, and the co signer is not living somewhere else. More often than not, I don't rent to tenants that must have a co signer.

Which leads to my next question...do you rent to tenants where there is not one party living in the house that can afford the complete rent payment on their own?For instance,

I've had friends call me that want to move in together and each one has wanted to give me a check for their portion of the rent. I really don't care to do this.  The ideal scenario is when one party makes enough money and is willing to be responsible for the lease and the entire month's rent, for the term of the lease. 

I want to collect my rent on one house from one person, in ONE check. 

I've seen landlords get into situations on one house, where they are collecting the month's rent from 3 different people. One person has the rent and the other two don't. I've also seen situations where one friend moves out, and the other party or parties cannot afford the rent any longer (because they couldn't when they first moved in). I don't do this either.

So, landlords and property managers I am curious to see what works for you, in your area.

This article is authored by Sandy Shores, Brevard County Real Estate

Melbourne Florida Real Estate News