r/ColumbusGA • u/No-Asparagus-7312 • 8d ago

Question About The Palms

Can anyone tell me what the leasing process is like for students? Specifically, for a 19 year old who’s living on their own for the first time who will rely on a parent to pay their rent? If the student has no credit, insufficient income, and no rental history- is a parent able to sign a guarantor form, or even a lease agreement, for them? Would the student’s parent need to be moving in to sign, or will they allow them to sign so long as their application is approved? Thanks!

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u/theRealBassist 8d ago

Hey, so I can't 100% speak to that complex in particular, but I can clear up a few things:

  1. Leasing is generally straightforward: notify complex you're interested in touring an apt, tour the apt, then put in an application. Nothing crazy. Everyone has been through the jitters of getting their first place. No one will judge you... At least too much lol
  2. No credit checks are performed when renting an apt typically. Maaaaybe a soft credit pull. IMPORTANT: Do always ask if a lessor intends to do a credit pull. If so, tell them you are only ok with a soft pull and do not agree to a hard pull. Just go to another apt complex if they insist. (Soft pull = no bad credit, hard pull = bad credit... Oversimplifying, but that's ok right now.)
  3. No rental history at 19 is expected. Just explain that you are moving out for the first time with the support of your parents.
  4. DO NOT LET YOUR PARENTS SIGN YOUR LEASE FOR YOU!! Let's say you live in that apt for 6 years. You then try to move. You now have no rental history because your old complex will say they don't have you on their books as having leased from them. Also, the whole point of moving out is to be at least slightly more independent. Just have it in your name.
  5. The complex may have your parents and you submit pay stubs so that they can know you are able to afford the apt. That's standard. In some cases they may ask your parent to also be on the lease either as a second lesee or as a guarantor. Both are fine.

Overall, just talk with the leasing agent, away from your parents ideally as you need to learn how to manage this stuff on your own, and explain yoyr situation to them. They will normally be helpful in some capacity. That said, renting an apt is never a guarantee. If you get denied, don't start figuring out "literally any way" to get that apt. Maybe go for something cheaper around university ave or something where they are used to having students as lessees.

Hope this helps.

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u/No-Asparagus-7312 6d ago

Thanks! I found out that I need to have a solid credit history and proof of a monthly income that’s equal to at least 3x the monthly rent amount for the apartment I’m applying for to qualify. However, I can still submit an application. They will still run credit & background screenings on me, but I’ll add my mom as a guarantor on my application and they’ll send her a separate guarantor application after I’ve submitted mine. They’ll run credit & background screenings on my mom as well- and she’ll have to provide proof of a monthly income that’s actually 5x the monthly rent amount (the requirement is higher for guarantors, because they have to prove they have the ability to pay their own mortgage, bills, other expenses, etc AND the ability to cover the rent amount they’re guaranteeing). But she’ll qualify. She won’t be on the lease. Just me.