A co-applicant on an apartment lease is someone who signs the lease agreement along with the primary applicant. This person shares equal responsibility for the rent and other obligations outlined in the lease.
When applying for an apartment with a co-applicant, both individuals' credit scores, income, and rental history will be taken into consideration by the landlord or property management company. Having a co-applicant with a strong credit score and income can help strengthen the application and increase the chances of approval.
It's important for co-applicants to discuss and agree on important details such as how the rent will be split, who will be responsible for certain utilities, and how any potential damages or lease violations will be handled.
If one co-applicant wants to move out before the lease term is completed, they may need to find a suitable replacement or reach an agreement with the landlord to remove their name from the lease. It's crucial to communicate openly and be honest with each other when entering into a lease agreement as co-applicants.
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