International Students: Lease Screening In The Us

International students planning to stay in private accommodations in the US often face challenges due to their lack of financial background and credit history. However, there are several ways for them to get screened for a lease. Firstly, international students can provide alternative documentation, such as bank statements, to demonstrate their ability to cover rent. Another option is to have a guarantor or co-signer, such as a parent or relative, who agrees to take financial responsibility if the student cannot pay the rent. Additionally, building a positive rental history by paying rent on time, maintaining the apartment, and following the lease terms can help international students secure future leases. Some housing options may also cater specifically to international students, offering flexible requirements. Understanding the requirements and providing the necessary documentation, such as proof of financial assistance and recommendation letters, can increase the chances of obtaining a lease as an international student in the US.

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Guarantors or co-signers

International students in the US often need a guarantor or co-signer when renting private property. A guarantor is a person, organisation, or company that acts as a safety net and takes responsibility for the rent if the tenant cannot pay.

Guarantors are typically credit-worthy third parties, such as parents or trusted friends, who can vouch for the tenant's rental profile, including their ability to pay rent on time and follow the tenancy agreement. They may also be companies or organisations that provide guarantor services for a fee, which is usually a percentage of the monthly or annual rent. This can be a good option for international students who may not have a US-based guarantor or may not be able to meet the financial requirements.

When acting as a guarantor, a company will typically require proof of income, a FICO score of 630 or above, and cash assets of 50 times the rent amount. They may also require the tenant to have a family member with a certain level of income or liquid assets.

In some cases, landlords may not require a guarantor if the tenant is a strong applicant with a positive rental history, good references, and proof of income. However, as an international student with little to no income, it is almost unavoidable to need a co-signer.

To find a guarantor company, international students can research and compare different companies, such as TheGuarantors, to find one that meets their needs and requirements.

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Proof of income

International students in the US may face challenges when it comes to providing proof of income, as traditional sources of income may not apply to them. However, there are several alternative ways for international students to demonstrate their financial ability and secure a lease. Here are some options specifically related to providing proof of income:

Bank Statements

One way to demonstrate financial ability is by providing bank statements. This can be in the form of personal bank statements or statements from a sponsor, such as a parent, friend, or relative. These statements should show sufficient funds to cover the cost of tuition, fees, and living expenses for at least the first year of study. The required minimum amount will vary depending on the institution and cost of attendance.

Scholarship or Financial Aid Letters

If an international student receives scholarships or financial aid, providing official award letters can demonstrate financial stability. This includes scholarships from the student's home country or the US college they plan to attend. It is important to note that most grants and scholarships in the US are limited to US students, so international students may rely more on scholarships from other sources.

Sponsor Endorsement Form

When a student's proof of funding is provided by a sponsor, they may be required to submit a Sponsor Endorsement Form along with the bank statement. This form indicates the sponsor's commitment to providing financial support.

Guarantor or Co-Signer

Many landlords accept a guarantor or co-signer, such as a parent or relative, who agrees to take financial responsibility if the tenant cannot pay rent. This option may be suitable for international students who do not have a financial history in the US.

Prepaid Rent

Some landlords may be willing to accept prepaid rent for a portion or the entire lease term as proof of financial capability. This option may be considered in lieu of a guarantor or co-signer.

While these options focus specifically on proof of income, building a positive rental history and providing reference letters can also help international students secure a lease in the US. It is recommended to research housing options near universities, as some accommodations may be more flexible and understanding of the unique needs of international students.

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Rental history

International students with limited rental history may need to provide a guarantor, such as a family member or guardian, who can vouch for their credibility as a tenant. This is because landlords want to ensure that they will receive their rent payments on time and that the tenant will abide by the terms of the lease.

A guarantor is a person who agrees to be financially responsible for the property that is being rented. Usually, this is a credit-worthy third party, such as a parent or trusted friend, who can vouch for the tenant's positive rental profile. This includes paying rent on time, being a good tenant, and following the tenancy agreement.

There are companies that can act as guarantors, too. These are known as institutional guarantors and can take on the financial liability for a fee. This is a good option for international students who may not have a guarantor that meets the requirements of the landlord.

If an international student does have a rental history, they can use this to their advantage. Building a positive rental history is essential for future leases. This can be achieved by paying rent on time, maintaining the apartment in good condition, communicating with the landlord, and following the lease terms and policies.

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Discrimination protections

International students in the US are protected by federal law against discrimination in rental housing. The Fair Housing Act of 1968 and the Fair Housing Act Amendments Act of 1988 prohibit discrimination based on race, religion, or any other protected category. These acts apply to all aspects of the landlord-tenant relationship, including advertising, making statements, and setting different terms or conditions for rental units. Landlords may not indicate any limitation or preference based on protected categories and must apply the same standards to all applicants, regardless of citizenship.

In addition to federal law, many states have their own fair housing laws that provide additional protections for tenants. For example, California law protects tenants in owner-occupied buildings with four or fewer rental units, which are exempt from federal law. It is important for international students to be aware of both state and federal laws pertaining to housing discrimination to understand their rights as tenants.

When screening international tenants, landlords can consider factors such as visa status, employment verification, and rental history. However, they must do so consistently and equally for all applicants. International students may face challenges during the screening process due to unverifiable documentation, lack of US references, and difficulty corroborating background details. To address these challenges, some organizations have developed international student household qualifiers that consider documentation, verifiable assets, and cosigners instead of rental history and bank statements.

In Canada, international students are also protected by extensive housing rights that prohibit discrimination. These rights include the right to a habitable living space, privacy, and freedom from discrimination. Landlords and property managers are legally obligated to treat all tenants equally and fairly, and tenants have the right to seek housing without facing bias. If discrimination occurs, tenants can file a complaint with the appropriate human rights tribunal in their province.

Required documents

International students in the US may face challenges when renting an apartment due to their lack of financial background and credit history. However, they can take several steps to secure a lease. Here is a detailed list of documents that may be required:

• Proof of Income/Financial Assistance: International students may not have traditional sources of income, so they can provide alternative documentation to demonstrate their ability to cover rent. This includes bank statements showing sufficient funds for the lease term, payslips, tax documentation, or proof of financial aid from scholarships, loans, or parents.
• Guarantor or Co-Signer: A guarantor is a person who agrees to take financial responsibility if the tenant cannot pay rent. It is usually a creditworthy individual like a parent or trusted friend, but it can also be a company or organisation. The guarantor provides financial stability and vouches for the tenant's good rental profile.
• Visa and School's Offer Letter: International students must ensure their visa is active for the entire duration of the lease. They should provide a copy of their visa and the school's offer letter as proof that they are in the US for educational purposes and require off-campus housing.
• Recommendation/Reference Letters: These letters support the rental application by vouching for the tenant's character and demonstrating their responsibility. They can be obtained from professors, teachers, or past employers.
• Employment Letter (if employed): This document shows the landlord that the tenant has a steady source of income.
• Identification: International students new to the US will need to provide their passports for identification verification. Those who have resided in the US for a while can also submit a driver's license or any other state-issued photo ID.
• Rental History: Building a positive rental history is beneficial for future leases. Consistently paying rent on time, maintaining the apartment in good condition, and following lease terms are essential for creating a favourable rental profile.

It is important to note that requirements may vary, and students should discuss their specific situations with the leasing manager to determine the exact documentation needed.

Frequently asked questions