This is because the majority of students have little or no credit or rental history. Usually, your guarantor will have to agree to take financial responsibility for your rent and other obligations in case you, as the tenant, for any reason, are unable to meet them. Guarantors range from a family member, a close relative, or even a trusted friend. Someone willing to vouch for your financial responsibility. Of late, requiring a guarantor for university accommodation is a growing practice and serves several purposes as explained below:
Financial Security:
University accommodation can be expensive, and the accommodation provider needs to have a financial safety net in case you are unable to pay your rent. The guarantor , usually a parent or guardian, acts as a co-signer who agrees to cover your rent and any potential damages if you cannot.
Credit and Rental History:
Many students don't have an established credit history or rental history. Having a guarantor provides assurance to the accommodation provider that there is someone with a proven financial record who is willing to vouch for your financial responsibility.
Legal Obligations:
Rental agreements are legal contracts, and having a guarantor may be a legal requirement in some jurisdictions to ensure that you the tenant meet your financial obligations.
Risk Mitigation:
Accommodation providers want to minimize the risk of rent defaults and property damage. A guarantor offers an extra layer of protection against these risks.
Peace of Mind for Landlords:
Landlords or university accommodation departments often prefer to have the assurance of a guarantor as it can expedite the rental application process and give them greater confidence in your ability to fulfil your rental obligations.
It's important to note that the specific requirements for a guarantor may vary from one accommodation provider or university to another. Typically, your guarantor should be a financially responsible individual with a stable income and a good credit history.
At Unihousing, we require you to have a guarantor to secure your accommodation with us. Details of the criteria are available in the terms and conditions of the contract being offered to you. It's essential to carefully review the terms and conditions of the housing agreement and discuss any concerns or questions with us at all times.
Looking for Student Accommodation? Unihousing Can Help!
Unihousing is a student accommodation provider near the University of Birmingham, operating since 1984. All of our accommodation in Selly Oak is owned by us, so we can respond quickly to any requests using our qualified team of tradesmen. Our property office is located on Bristol Road, only a short walk away from all of our accommodation. This means we can deal directly with our tenants.
Unihousing was selected as the Number 1 Student Letting Agent in Birmingham by the UK's biggest fresher community, Unifresher.
