Co-Signer Information

What is a co-signer?
A co-signer is a third-party individual who agrees to assume all responsibilities involved in a Tenancy Agreement. A co-signer will be held fully responsible should the tenant default on their rent payments. A co-signer is also responsible for any other financial debt that the tenant owes the property management company, such as damage to the apartment or outstanding utility bills. 

Do I need a co-signer?
Some applicants require a cosigner if they do not meet qualifying standards (eg. poor or no credit rating, bad debt, low income, no rental history, etc). Note that if an application was previously denied, a co-signer may not necessarily be sufficient to approve an application.

Will a credit check be done on a co-signer?
Yes. A property manager needs assurance that the co-signer is financially able to assume the rent payments along with their own living expenses. A credit check will be done to ensure that the co-signer can afford the rent payments/debts owed on top of their own personal financial commitments, should the tenant default.

Will a co-signers credit be affected?
Yes. Payments are reported to Equifax monthly. Both the tenant and the co-signer are linked to the tenant file that reports to Equifax. On-time rent payments will positively impact your credit rating and delinquent rent payments will negatively impact your credit rating.

Who can be a co-signer?
Anyone that can financially take on the risk of being a co-signer for your unit. A co-signer must fully understand the Tenancy Agreement and they are also required to sign the lease. Current tenants of VHP cannot act as a cosigner for an incoming tenant.

If you require a co-signer form, one can be downloaded here.


Cancelled applications that require a deposit refund may be subject to a cancellation fee.