renting an apartment

All you should know about renting an apartment being 17-years old!

Business

As a landlord, you must’ve realised that calibre and temperament of occupant is important as rent itself. Finding good tenants isn’t difficult but who knows they’ll reveal their dark side later such as pestering neighbours, damaging home interior, untimely payment, crooked behaviour so on! Evicting such types is also difficult as they might use powerful resources against a landlord.

All such things become extremely important when renting an apartment to a 17-year that eventually became a huge trend especially in countries where students flock from around the world, seeking economic apartment living options.

Being 18 years old is considered legal adulthood in majority of states but if someone’s 17 and willing to sign a property rental contract, it’s not entirely impossible! Some countries and landlords simply refuse letting to underage tenants should the minor fails to pay rent, damage the property or worse, break the contract in between. In such cases, landlord would’ve trouble taking legal action against minors as the case may backfire on them for renting in the first place!

Still, there’re exceptions such as legal emancipation, marriage or military service at the age of 17 where individuals are considered legal adults and capable to rent an apartment. A co-signer in addition may support financially to secure the deal.  Before going further, a word of favour for one company that helps renters in finding suitable apartments for rent in Dubai, for providing such insightful information. Let’s find out some facts over rental at 17; check below!

Why rent at 17?

A liberal or emancipated minor usually takes on adult responsibilities before the legal adulthood. These “emancipation laws” vary among different countries but some may approve the age of 17 as adult with court’s consent or an action like joining the military, getting married. Emancipated minor is eligible to rent an apartment whereas exceptions also exist for those who enter the agreement on behalf of parents or guardian’s permission such as a student moving away from parents home to attend school!

Screening & background requisites

Homeowner may enforce strict evaluation standards for prospective tenants and like any adult; a 17 year old must furnish reliable proof of;

  • Sufficient credit and income to bear the rent and other associated expenses, necessary for a living.
  • Satisfactory rental history such as no evictions, a clear transaction and no criminal record.

Owner has the right to reject the application straight away if the individual is found guilty in any criminal activity. While it’s possible that 17 year old may have no credit, this isn’t the same as bad credit! Nonetheless, limited credit and rental history pose a higher risk for homeowner due to weak financial support and element of unreliability.

Compensation for credit deficiency

Besides the monthly rent, the lessee must fulfil deposit, security and also to earn a quality living. Here’s when a landlord would request to furnish bank account statements, earning reports like tax returns, pay stubs, evidence of present employment so on to determine if young tenant is capable to meet the requirement.

Underage occupant might’ve some trouble at this point due to part-time, seasonal or limited employment record. Big budget resources, reference letter from teachers, government employee or any other reputable figure would definitely help. In the end, the final decision of whether renting to 17 year old or not rest upon the owner or real estate management company.

Co-signer: A real blessing!

Co-signer or guarantor is a person who takes responsibility for such tenant in terms of financial support. He acts as an insurance policy while can be anyone such as parents, guardian or any other reliable adult. If for instance someone’s hunting for an economic apartment living option, while the co-signer resides somewhere else, owner may still request for credit, asset, income and employment document for credibility.

Conclusion

Renting at 17 years old won’t be difficult once you understand the above rules and requisites! As for the owner, following the steps as listed and it’ll surely bring occupants that you won’t regret later; even if they’re aspiring teens!

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