Prospective tenants who may not otherwise be eligible to rent form Venture Management because of insufficient income may still be eligible by having another person cosign the Rental Agreement and Rules and Obligations of Tenancy. A co-signer does not live in the unit for which the tenant is applying, but is still fully responsible for all terms of both agreements. Co-signers are usually parents or other close relatives.
The minimum requirements for a co-signer are:
- Must be 25 years of age or older
- Must be employed full time, and have had the same employment for at least two years
- Must earn at least four times the amount of the monthly rent for the unit for which the prospective tenant is applying
- Must work in the state of Iowa
- Must complete an application and provide a copy of a photo ID.
If all of these requirements are met and the application is approved, the co-signer will sign the Rental Agreement and Rules and Obligations along with the prospective tenant. The co-signer will then be responsible for any rent, repair costs, or damages if the tenant fails to pay. Co-signer will also be responsible for all terms of the rental agreement in the event the tenant moves before the minimum term is up, or is evicted. Notices of violations will be provided to the co-signer at the address listed on the application.