Securing law school housing with no guarantor? Forum

[adevotchka]

Didn't know where else to post this, but does anyone know how difficult it is to secure housing without a cosigner? I currently work and make a decent living in NYC but will be giving that up for law school this fall. I have fairly good credit (name was on a lease, etc), but my parents won't/can't cosign for any housing I might try to secure.

I've looked at some housing options in a few cities, and the applications all ask for parent/cosigner info. Will I be denied housing if I don't provide it? Any advice?

[TheStrand]

Hmmm I was able to get a place without having a cosigner just by having good credit, even though the application had a spot for one. I don't know what cities you're looking in, but for some places it seems like you might not need one, and that might be an optional kind of thing. Ask the landlord or management company?

If you are taking out loans to pay for law school, some landlords I've spoken to have said that that will suffice for proof of income in lieu of having a cosigner. Or if you are getting a significant amount of scholarship, a letter confirming that has worked for some students I know. Good luck.

*edit* Also, just fyi, your name being on a lease doesn't impact your credit score. It wouldn't even show up unless you didn't pay your rent). Credit scores are impacted by things like the loans you have, credit cards, or delinquencies (if you owed money to your landlord, a utility company whatever, and you didn't pay and it went to a collection agency).

[WVUCelticFan]

I've haven't had a guarantor for my last two years of undergrad and had a much more limited credit history than you did. Some places might care, especially high-end/expensive ones, but it should be fairly easy to find something.

[TheStrand]

Oh, I forgot to mention. All that about not having to have a cosigner probably doesn't apply in New York. In the last four years of looking for apartments, or helping for friends look for theirs, I've only once seen a place that didn't require a cosigner for an income less than 40-60 times rent, and it was a place that wanted the rent in cash on a month to month basis (it was a pretty shady place). In that case I really don't know what you should do. How do you have an apartment in NYC now?

[Renzo]

It's doable, especially since you'r already familiar with NYC and it's crazy rental market. My school (and so I assume others as well) will give you a letter verifying your loan package to use as proof of income. You should get in touch with the school; they often have info on student-friendly apts.

Just make sure you don't tell any landlord you're a law student. No one wants a lawyer for a tenant.

[adevotchka]

Oh, I forgot to mention. All that about not having to have a cosigner probably doesn't apply in New York. In the last four years of looking for apartments, or helping for friends look for theirs, I've only once seen a place that didn't require a cosigner for an income less than 40-60 times rent, and it was a place that wanted the rent in cash on a month to month basis (it was a pretty shady place). In that case I really don't know what you should do. How do you have an apartment in NYC now?

If I choose to stay in NYC I'm not too worried--I can keep my current lease as they don't ask for new income info each year.

I work and earn a decent income right now. I was looking at the campus housing Emory provides and it requires parental info and cosigner info. So proof of loans should suffice in this scenario?

[Renzo]

Oh, I forgot to mention. All that about not having to have a cosigner probably doesn't apply in New York. In the last four years of looking for apartments, or helping for friends look for theirs, I've only once seen a place that didn't require a cosigner for an income less than 40-60 times rent, and it was a place that wanted the rent in cash on a month to month basis (it was a pretty shady place). In that case I really don't know what you should do. How do you have an apartment in NYC now?

If I choose to stay in NYC I'm not too worried--I can keep my current lease as they don't ask for new income info each year.

I work and earn a decent income right now. I was looking at the campus housing Emory provides and it requires parental info and cosigner info. So proof of loans should suffice in this scenario?

Oh, shoot--if you're leaving NYC, you'll have no problem finding a place. Plenty of apartments in the real world (i.e. not Manhattan) don't even require proof of income.