Will being a guarantor impact my ability to rent an apartment for myself?
I am considering being a guarantor for my brother (for his apartment in NYC) because he doesn't make enough money.
I'm also considering moving in the next 6 months or so.
If I am the guarantor for his apartment, could that affect my ability to sign my own lease? For example, would I then have to make 80x his rent plus 40x of my own?
Would my (new) landlord even be aware of the fact that I'm his guarantor? Does that show up on a credit report or would there be another indication of it somewhere?
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Would my (new) landlord even be aware of the fact that I'm his
guarantor? Does that show up on a credit report or would there be
another indication of it somewhere?
It may come up during background checks, and it may not come up. You're expected to disclose material information on the rental application, and withholding it may lead to voiding the rental contract and eviction.
But the problem is slightly different. Can you afford paying two rents? By being the guarantor you take the responsibility of paying the rent "in the case if...". You need to treat it as a real liability that you will be expected to pay. With all the respect to your brother, if something unexpected happens - you will be on the hook. You have to account for that.
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