Guarantor vs Cosigner: What Renters Should Know

What is a Guarantor?

A guarantor is someone who agrees to take financial responsibility for your lease if you’re unable to make payments. However, unlike a cosigner, a guarantor does not sign the lease as a tenant and has no rights to occupy the apartment. Their role is purely financial—they serve as a backup if you fail to meet your rent obligations.

Guarantors are often required when a renter doesn’t meet a landlord’s income or credit requirements. This is common for students, first-time renters, or those with little to no credit history. Landlords typically prefer guarantors with strong credit and a stable income, ensuring they can cover rent payments if necessary.

Before agreeing to be a guarantor, the person must go through an application process, which usually includes a credit check, proof of income, and other financial verifications.

What is a Cosigner?

A cosigner is someone who signs the lease alongside the primary tenant and shares legal responsibility for the rental agreement. Unlike a guarantor, a cosigner is treated as a tenant—even if they don’t live in the apartment. This means they are equally responsible for ensuring rent is paid on time and may also be liable for other lease obligations, such as damages or fees.

Cosigners are commonly used when a renter doesn’t meet credit or income requirements on their own. Landlords typically require cosigners to have a strong credit history and a stable income to reduce the risk of missed payments.



Since cosigners are legally bound to the lease, they can be held accountable for rent from day one, whereas a guarantor is usually only contacted if the tenant fails to pay.

Guarantors vs Cosigners: Key Differences

While both guarantors and cosigners help renters secure an apartment, they play different roles in the lease agreement. Here are the key differences:

1. Legal Responsibility

2. Lease Involvement

3. When They Step In

4. Landlord Preferences

• Guarantor: Preferred in some cases where landlords want a financial backup rather than an additional tenant.
• Cosigner: More common in situations where a landlord requires a financially stable leaseholder.



Both options provide security for landlords, but the best choice depends on your situation as a renter.

Guarantor vs Cosigner: Which One Should

You Choose?

Deciding between a guarantor and a cosigner depends on your financial situation, rental requirements, and the landlord’s preferences. Here’s how to determine which option is best for you:

Choose a Guarantor if:

• Your landlord only requires a financial backup, not an additional leaseholder.
• You want to keep legal responsibility for the lease solely in your name.
• Your guarantor prefers limited involvement in the lease agreement.

Choose a Cosigner if:

• Your landlord requires an additional leaseholder to strengthen your application.
• You need extra support securing the apartment, as cosigners can sometimes be more reassuring to landlords.
• Your cosigner is comfortable taking on full financial responsibility from day one.



Before making a decision, check with your landlord or property management company to see which option they accept. Some landlords only allow cosigners, while others may be open to either arrangement.

Other Important Considerations for Renters

Before asking someone to be a guarantor or cosigner, here are a few key factors to keep in mind:

1. Landlord Requirements

Not all landlords accept both guarantors and cosigners. Some may have specific requirements, such as a minimum income threshold or a certain credit score for either role. Always check with your landlord to understand their policies.

2. Impact on Your Guarantor or Cosigner

Both guarantors and cosigners take on financial risk. If you miss payments, it could impact their credit score and financial stability. Make sure the person you choose fully understands their responsibilities before agreeing.

3. Alternative Solutions

If you don’t have someone willing or able to be a guarantor or cosigner, consider other options like:

• Offering a larger security deposit if your landlord allows it.
• Finding a roommate to split costs and strengthen your rental application.
• Using a third-party guarantor service, which some landlords accept in place of a personal guarantor.



Taking these factors into account can help you choose the best option for securing your apartment without unnecessary complications.

Find Your Ideal Apartment with Weida Today

At Weida Apartments, we understand that securing a lease can feel overwhelming—especially if you need a guarantor or cosigner. That’s why we strive to make the rental process as simple and stress-free as possible for Purdue students.

Whether you have a cosigner, a guarantor, or qualify on your own, we’re here to help you find a quality apartment at an affordable price.

Have questions? Our team is happy to guide you through the leasing process!