What Landlords Don't Tell You: The Real Reasons Behind Cosigning Leases

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Ever wondered why landlords ask for co-signers? Ross Mack explains the intriguing details about credit history and income requirements for leasing.
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Welcome to The Finance Couch with Ross Mack and Andini! In this segment, Ross Mack, a financial expert from the South Side of Chicago, brings his mission of financial literacy to a college campus. Today, we meet Peyton Kim, a 20-year-old from Los Angeles, who seeks advice on why her parents might need to cosign her apartment lease.

Ross explains that cosigning is often necessary because young adults like Peyton may not have a credit history or sufficient income to meet the landlord's requirements. He breaks down how cosigning provides a safety net for landlords, ensuring rent is paid even if the primary tenant cannot fulfill the obligation. Ross also discusses state-specific income multiples that can affect leasing agreements.

Tune in to learn about the importance of credit history and income requirements in leasing agreements. Don't miss out on these practical financial tips from the Finance Couch?

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