This thread is simultaneously very helpful and making me queasy as D is about to move this fall to a very high-cost city far away. Doesn’t have a roommate and I don’t want to be a guarantor. We will see, I guess! Good luck to the OP and thanks to all for the posts
My daughter is renting in Manhattan with a friend and they were not required to have 40 times full monthly rent per person salary and the parents did not co-sign the lease. Maybe this is applicable to some fancy buildings. Please do not scare other parents.
Our experience in Manhattan was some landlords required Guarantors and others didn’t. There were plenty that didn’t.
My close friend had to be the guarantor for her daughter’s Manhattan apartment too. They also found the housing market very fast moving and had to go ready with checkbook in hand and able to commit on the spot (they apparently lost out on a number of places because they wanted to mull things over).
D2 graduated yesterday and we moved her into a new apartment today - she starts her graduate professional program in one month - city is Columbus, Ohio.
She has one roommate and they looked for apt together. Did not need parents to sign on to anything. They will split the costs and the lease designates this. Both signed lease.
They are renting in a house that is split in two apts in a popular older neighborhood. Here are some things learned from our experience:
- Recommend the renters insurance - thanks for the reminder on that!
- If parking is not provided, check out the neighborhoods for any fees associated with street parking. That can be an added expense.
- Be sure to see what if any utilities are included - even water/sewer provided can be a savings. Don’t forget internet/wireless costs even if they don’t use cable.
- If it’s a larger city are they close to transportation?? Even as an option?
- It’s their first apartment. It’s ok if every item on their “wants” checklist is not checked off. For a first apt that you are sharing with another person in a new city, location, personal space and safety are most important. D2 would have loved hardwood floors but instead her apt has carpet - ok to give up for all the space the apt has, in a good safe location and walkable to her grad program!
Same for my D in LA ^^^ crazy competitive, fast moving, cutthroat. Their group got burnt a few times with houses. Apartments seemed more straightforward.
What happens if you get locked out? With these new keyfobs and electronic doors not all apartments have weekend staff. Learned that one the hard way.
Check the laundry machines and make sure what you see is what you get. Bad machines can really make a mess of clothes. Put it in the lease.
Double check that the kitchen cabinets actually have drawers. Yup on a brand new apartment we learned that on move in day.
In terms of utilities find out if the individual unit is metered. If not the bill is divided to all tenants by a submetering company. So you can’t control utility costs.
Verify how rent is to be paid. Is it check, debit card or bank account. Sometimes first payment has to be a money order.
Find out whether it is gas or electric heat.
Early termination clause with 60 days penalty for a job transfer. And a subleasing clause.
Assigned parking spots?
Garbage disposal if that is important.
Screens if they like to open windows.
Bedroom door that locks?
If it is a snowy area and they bhave to park on the street, find out what the winter parking restrictions are and how parking is handled during plowing/snow emergencies.
My daughter and her boyfriend are graduating next week and are moving to a different city together for graduate school. They are not working with a high projected income. They did not have the funds for a quick trip to go look for a place. My daughter is starting a lab rotation at the end of May and her boyfriend has a summer internship that starts at the beginning of June so they wanted to move in right away after graduating.
They hunted for their apartment on Zillow and Craigslist. In fact it was kind of an obsession for a few weeks once my daughter accepted her PhD program and found out which neighborhoods were safest and had the amenities that they wanted. She and I were constantly sending pictures of the posted apartments back and forth and discussing the pros and cons of each. Once they found some that they thought they liked they asked the property manager or landlord for a video tour and discussion about the place. Everyone they asked to do this obliged. They looked at several places this way. They found one that they like, have rented it and have a move in date scheduled. They had to prove income 3X rent per month and used their offer letters with stipends. They did not need a parent guarantor.
Our S had nowhere near 40 or 50x rent. His rent was maybe 1/3 of his gross salary but that was fine with the owner/landlord if the condo. He actually had higher earnings from his part time job. His 1st lease was in VA and he’s still living in VA. Maybe their rental market isn’t quite as crazy competitive. He’s lived in his same condo now for several years, tho he has moved several times from his 1st rental.
S was able to secure a place for my nephew, his cousin in DC. He viewed the units and helped choose one, make deposits, sign leases, maybe he is even a guarantor, not sure. My brother (dad of the new tenant) paid son in full.
Rental markets can be very different from one city and even county to another. D lives in a room in a house in LA. I am NOT a guarantor. Her rent is under $1000/month, including utilities and laundry. It’s one of her less expensive lodgings. I don’t know the details but she seems pretty happy and has a place to park her car as well.
I have had to be a guarantor a time it two for her but never for her brother.
@Tanbiko - no one is trying to scare anybody. It’s just a reality that some places do require guarantors. Whether it is applicable clearly depends on many factors. But, making the OP (and others on this thread) aware that it is a possibility is simply providing information. Which is what was asked for.
Thank you everyone, I really appreciate the info and am keeping a list.
If your daughter is currently listed on your auto insurance, remember that you can take her off as soon as she signs the apartment lease.
^^^ Why???
@abasket I’m taking D off after she moves. She will a resident of another state, not a member of my home, and she isn’t taking a car. It will make a huge difference in our premiums.
However, I can’t get a clear answer on this. S had a period of time where his only vehicle was state provided. So, he dropped his auto insurance as it was unneeded. That agent had a fit and said he would then be uninsurable when he did buy his next vehicle and he needed to maintain coverage even when he didn’t own any vehicles. Cost him $900/yr.
^^ I understand your situation @sryrstress if they aren’t going to be driving at all. I didn’t get the reference to getting someone off “as soon as she signs the apartment lease”.
If you D is going to be renting cars for business travel or borrowing a friend’s, it may be better for her to keep an insurance policy. It shouldn’t be that much if she doesn’t own her own vehicle. It definitely doesn’t have to be under your own plan though.
Maybe “as soon as she signs the lease” came across too strong. I meant exactly what @sryrstress said. Once your adult child gets an address of their own, they are no longer considered a licensed driver in your household for insurance purposes, so taking them off your policy becomes a possible cost saving option.
It took an act of God to get our kid off of our auto insurance for the two years she was in the Peace Corps…no car, not allowed to drive, and in a third world country far away.
When she came back, it was no problem at all to get her added back on our policy.
When she moved to a different state, our insurance company was very clear. First…the car was in her name and had to be registered in her new state. She also needed a new State drivers license. She then needed new state car insurance…our company would not allow her to stay on our plan.
So check the details. Really…the cost for DDs car and renters insurance was about the same as her as an additional driver on our insurance here.
Anytime you make a claim, your rates go up. If all that was stolen was a computer, it’s usually cheaper in the long run to pay out of pocket, than to make a claim and see your rates go up.