As most renters know (or are shocked to learn), finding an apartment that’s affordable, livable, and available is only the first chapter in the epic battle for a NYC rental.
Once you’ve found a place worthy of renting, you must now convince a landlord that you are rent-worthy. There are a bunch of ways to flunk this test, such as:
- Your perfectly respectable annual salary does not equal at least 40-50 times the monthly rent (say, at least $120,000/year for a $3,000 one-bedroom)
- You’re a foreign employee or international student relocating to the U.S. and you have no U.S. credit history
- You’re self-employed (to a landlord, your income is too unpredictable), or...
- You have a lot of money in the bank, but no job (think investor, retiree, trust-fund baby, newly single, etc.)
- You are a full-time student and do not work
Some landlords will accept a large up front security deposit (3-12 months) to overlook your unworthiness. Many will take a guarantor—but the guarantor usually has to live in the Tri-State area, be willing to wade through cumbersome paperwork, and earn 75-85 times the monthly rent (that works out to about $240,000 for that $3,000 one bedroom).
Or, you can simply hire a guarantor. Insurent—accepted at over 2,600 NYC buildings representing over 375,000 rental units (and more in New Jersey, Chicago, Boston, and Washington D.C.)—will guarantee your lease at an average cost of about 80 to 85 percent of a month’s rent if you have US credit and 110 percent of one month's rent if you are foreign with no U.S. credit.
Here are some scenarios in which Insurent can save the day and get you that apartment:
- You have good (not necessarily perfect) credit and earn at least 27.5 times the monthly rent (that’s $82,500/year—not $120,000—for that $3,000 one-bedroom)
- You earn less than 27.5x rent or you’re a student, and you have parents who live outside of tristate area or even overseas. (Insurent’s requirements for parents are less stringent than most NYC landlords, and they accept overseas parents as signatories.)
- You have a lot of liquid assets (in the bank or stock market) but no job
- You’re moving here from another country to start a job, but you don’t have U.S. credit history
- You’re self-employed
- You have roommates and none of your parents make 80 times the monthly rent or do not wish to guarantee the full lease
- At this stage of your life, hitting up mom and dad as guarantors feels all wrong. Plus you don’t want them to know how much you’re spending on an apartment.
You will be pleasantly surprised to learn that Insurent is faster and simpler than the normal guaranty process, too. Click here to apply online and find out whether you’re approved in about an hour; the guaranty is usually delivered to your landlord within 24 hours.
Click here to view the buildings and landlords that accept the Insurent Program.
Also from Insurent: