Is a Joint Guarantor Required?

It’s understandable that property owners appreciate a joint guarantor requirement in contracts, as there’s no telling what unforeseen issues may arise when renting out an apartment.

But there are companies that are willing to let you move into an apartment with no guarantor required. As a contractor, this might save you time, but if any difficulties do occur, not having a guarantor could land you in a very stressful situation.

It’s best if the contractor can pay for any damage caused themselves, but if for any reason they can’t, a joint guarantor will be able to help out.

So even if it does take a little more time and costs you extra, it’s wise to go with an apartment that requires a joint guarantor because, at the end of the day, it’s for your own good. You’ll also want to choose a company that actually cares who lives in their apartments to ensure your experience will be a comfortable one.

Another important preparation step is to figure out how much time and money you can spend, and what you want to prioritize. Rest assured you’ll probably be able to find a monthly apartment that accommodates your needs.

What You’ll Need

Monthly apartments are similar to regular apartments in regard to contracts. Here we’ve listed the documents that are usually required when moving in.

• Identification Document (a copy of your driver’s license / certificate of residence)
• Certificate of Income
• Joint Guarantor
• Consent Form
• Emergency Contact

Requirements differ depending on the company so you should confirm beforehand. Even if you aren’t required to have a joint guarantor, it’s better to specify an emergency contact.

Security deposits and key money are unnecessary, however, there may be some upfront costs. Be sure to ask about these as well.

You’ll also want to know what amenities your apartment provides. Getting any uncertainties out of the way before you make a decision is important.

What to Be Careful Of

Monthly apartments are easy to rent, but you should still pay attention to the fine print. Make sure you understand the rules about cancellation, penalties, and who is responsible for what in the event of unexpected situations.

Also, while these apartments are great for short-term stays, you’ll be better off cost-wise renting a regular one if you plan on living there for more than a month. The main reason monthly apartments are cost-effective for short and casual stays is the non-existence of a security deposit and key money. Keep these points in mind when deciding what kind of apartment you want to rent.

Responsible companies usually have screenings for applicants wishing to move into an apartment. They may also contact your guarantor to make sure that they’re aware of the contract you’re about to sign. Tenants should also check on the rules regarding who can move into an apartment, such as whether it’s limited to the contractor or if there are exceptions.

For example, if a parent is signing a contract for their son, naturally the contractor and occupier will be different names. There might be certain restrictions if the person who will actually be living in the apartment is underage. Make sure to ask beforehand.

No Guarantor? Don’t Fret

Why is a joint guarantor required in the first place?

As aforementioned, it’s better if you have a guarantor in the case that you find yourself in an unexpected situation that’s difficult to handle on your own. Most companies will advise you to find a guarantor, but what happens if for any reason you can’t?

Some places don’t require a guarantor and you’ll be okay with just an emergency contact. Others that do might also let you off with a valid emergency contact, but you should look into it and ask about anything you’re unsure about.