A guarantor (usually a parent, guardian, family member or friend) is a leaseholder who does not occupy the unit. You may be asked to add a guarantor to your application if you do not meet the financial qualifications to lease. A guarantor agrees to take joint responsibility for all aspects of the lease if the tenant(s) fails to do so. A guarantor needs to complete the same application process as a renter and is also required to sign the lease.