How To Rent with No Credit or Too Little Income
Landlords will want to make sure you are capable of paying your rent. Consequently, they usually demand that their potential tenants have good to excellent credit, as well as an annual income that is many times the monthly rent.
If you have no US credit or don't make enough money, though, you'll need a rental guarantor to cosign your apartment rental lease. Read on to find out how to get a cheap, safe guarantor that can ensure you protection for your apartment and get you that apartment!
A rental lease guarantor is someone who is legally responsible for your rent payment if you default. Most management companies or individual owners prefer that your guarantor is related to you or in your immediate family, so that in the event of a default they are more likely to be able to collect from the guarantor.
However, there are always exceptions. Your guarantor will be subject to the same intense scrutiny of any rental applicant, and will be required to be on the lease. Also, keep in mind that they will need an additional credit check and application fee for your guarantor. If they don't meet all of these criteria, they can't be used as your guarantor.
What if I have GOOD credit but don't make 45x the rent? Can I find a guarantor?
Yes, you can! There's a service that will act as your guarantor if you don't make the proper income, but have good credit.
We at AddressReport support the Insurent Guarantor Program because it's a desperately needed service that has no comparison in New York City. The strict criteria that landlords impose on renters, such as an annual income of 40x-50x the monthly rent, are ludicrous. What they ask of your potential guarantor (usually a parent or sibling) is more paperwork than adopting a child.
For a fee less than a broker, Insurent will act as your institutional guarantor. Landlords win because they lose all risk associated with the rental. If you default, Insurent pays them. Simple as that. You win because Insurent's criteria for serving as your guarantor is A LOT more lenient than a landlord's, and you can quickly rent your dream apartment within 24 hours of applying.
The Insurent® Lease Guarantor Program was created to serve renters, landlords, condo/co-op owners, and brokers and relocation specialists by serving as the first institutional guarantor of residential leases. Insurent Lease Guaranty has been featured in the New York Times, The Real Deal, The New York Real Estate Journal and Real Estate Weekly.
The Insurent® Lease Guaranty Program is underwritten and issued by Argonaut Insurance Company, a property and casualty insurance company rated A (Excellent) by A.M. Best. Instead of looking for an individual guarantor or co-signer, or having to pay a significantly larger security deposit or prepaid rent, a renter may utilize the Insurent® Lease Guaranty to satisfy the landlords financial and credit requirements.
Luxury NYC Apartments that Accept Insurent Lease Guarantor Service
Guarantors are accepted in:
- Luxury Doorman Tribeca Building: The Saranac at 95 Worth Street
- Luxury Doorman Upper East Side building: The Rivereast at 408 East 92nd street
- Luxury Doorman Chelsea Apartment Building: The Olivia at 315 west 33rd Street
- Luxury Doorman Chelsea Apartment Building: The Monteray at 175 East 96th Street