<p>Son is taking over a lease and needed a guarantor. For the first time in my recollection, they also wanted proof of income. I really don't like giving the kind of detailed info that a pay stub or tax return would contain to god knows whom....</p>
<p>Just bugs me...</p>
<p>Has anyone else dealt with this?</p>
<p>No, I haven't. Both D's have rented near their respective colleges without parental involvement (other than carrying belongings up stairs). Gender issue?</p>
<p>I think it may be a "college town" issue. More than 50% of the population of this town are students at state U. I've had to do the guarantor thing since freshman year. I just haven't been asked to verify our income before, and it feels icky. Don't want to....</p>
<p>He's already in the apt. They have my guarantor form, including my SSN and they are going to do a credit check. I'm tempted to wait and see what happens...</p>
<p>Most college towns in CA seem to require a guarantor, but I have also found proof of financial aid even loans will suffice. We had a bad experience a few years ago as cosigners and decided no more, so the kids have to do it on thei rown or live on campus and they have found ways to make it work</p>
<p>S will be in a rented house with 4 other guys next year. The guys each signed the lease and were responsible for paying the security. The landord did not request anything additional from anyone.</p>
<p>DDs apt. is in a complex managed by a company. They were happy with one parent who showed income to cover the rent; we (all parents in agreement on this one) however required that each girl have a parent guarantor.</p>
<p>S1 lived in an apt. for two years that required a guaranteer but it basically was just my signing a form agreeing to be financially repsonsible for his part of the rent and having it notarized. The company did not require any finanical records. </p>
<p>When he and roommates decided they wanted to rent a house for senior yr., they found one through a rental co. that required all four boys to have guaranteers and wanted all of the personal financial info from us including the phone numbers of of workplaces so they could verify our employment and salaries. </p>
<p>DH said "no way" to all of that and told S1 he would have to find a different house.
They ended up renting one advertised in the university's newspaper. The landlord just required a deposit from each guy (all were over 21 except one who soon would be) and nothing of the parents.</p>
<p>Son's college town landlords require guarantors, but no proof of finances from the parents. No electronic payments, but (parents) could pay ahead and multiple checks accepted- know our funds going straight to the management company, and don't have to remember son's share every month.</p>
<p>
[quote]
I just haven't been asked to verify our income before, and it feels icky. Don't want to....
[/quote]
</p>
<p>With the current financial mess, which in part resulted from financial firms trusting that people made what they said they made, I'm not too surprised to hear that they want proof and not just your word.</p>
<p>The landlord may have been burned in the past, or it may even be a restriction placed on his mortgage for the investment property (that all tenants must have documented proof that they have sufficient income to cover the rent).</p>
<p>As an Ohio LL, I can say yes it is common, and I'm not even in a college town. Rocket is exactly right in post 9. Tenants who are are of legal age but are especially young often have no credit history. Those, and others(of all ages) with spotty history can be a great risk to LL. It is common to seek additional security in the form of a parent guarantor. Naturally, a LL might want some verification of guarantor's income. That's the whole point of security- some tangible assurance that if the lessee fails to honor his contract and doesn't have the money to properly compensate LL, the guarantor is willing AND able to step up on his behalf.
It is no different in principle than a co-signer on a car loan- but in most cases the property the LL has is much much more valuable than most cars.</p>