Four ways to get around the guarantor problem

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If you aren’t lucky enough to make 40 to 45 times your monthly rent, you might have trouble qualifying for an apartment where you can actually pay said rent. Most folks get around this by finding a guarantor to co-sign the lease and agree to pay the rent if you don’t. These guarantors are generally required to have a credit score of at least 700, an annual income of 80 times the monthly rent, and to reside in the tri-state area. But what happens if you don’t know anyone who’ll agree to be your guarantor?

  • Money talks: If you offer your prospective landlord extra cash up front—in the form of extra rent or a larger security deposit—many will look the other way. But remember that landlords of rent-stabilized apartments or new rental buildings that have received government subsidies (like the 421A tax abatement) aren’t legally allowed to accept extra security or rent, so don’t try this tactic with landlords at either of these types of buildings.
  • Sublet: You’ll probably have an easier time finding a place if your name won’t appear on the lease, so try subletting or becoming someone’s roommate.
  • Hire a guarantor: For a fee of 80 percent of a month’s rent if you have U.S. credit and 110 percent if you are foreign with no U.S. credit, Insurent Lease Guaranty will be your guarantor.
  • Find the right landlord: Some landlords don’t verify income and work off of credit score. Others require high income levels. And some specifically seek out renters with iffy credit. Try to find a landlord willing to work with your particular set of circumstances.

For more, read “No Co-Signer for your rental? No problem—check out these work-arounds.”

In Case You Missed It: Every so often, BrickUnderground digs through the archives to find the best advice our experts have shared through the years.


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