Skip to main content
Fulltext search
FILTER RESULTS BY:
RECOMMENDED IN RENT
Moving to NYC after college? Here's how to find a rental apartment
RECOMMENDED IN BUY
How buying real estate in NYC is unlike anywhere else
RECOMMENDED IN SELL
A guide to using a no-fee renovation loan from a NYC real estate firm
RECOMMENDED IN IMPROVE
How to make your NYC renovation more pet-friendly
BEST REAL ESTATE WEBSITE!
National Association of Real Estate Editors
BEST REAL ESTATE WEBSITE! National Association of Real Estate Editors
Brick Underground
Social Links
follow:
  • Facebook
  • Twitter
  • Instagram
  • Flipboard
  • search
Brick Underground
☰ Brick Underground
Brick Underground
Brick Underground
☰
Brick Underground
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
    New condos in Manhattan
    Investing
    Rise of all-cash deals in NYC reshapes the real estate market
    empty nesters in modern kitchen
    Rent
    Empty nester checklist: What to consider if you are buying or renting in NYC
    co-op board reference letters NYC
    Co-ops
    Here are 8 real co-op board reference letters from successful buyers
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
    Rachel's one-bedroom co-op apartment is newly renovated.
    Roommates + Landlords
    Why I moved to NYC from Long Island: After living with mean roommates, I wanted to own a place of my own
    Apartment buildings on MacDougal Street in Greenwich Village
    Affordable Housing
    Cuomo’s attack on Mamdani’s $2,300 apartment brings rent stabilization into the spotlight
    Woman walking down street in Jackson Heights
    Roommates + Landlords
    Ask Altagracia: Can my landlord refuse a lease assignment if I need to break my lease?
    Sponsored By Outerbridge Law P.C.
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
    Aerial view of downtown Brooklyn
    Sell
    Median sales price in Brooklyn climbs to $995,000 in the second quarter
    Downtown New York City
    Sell
    Manhattan deals rose to highest level in nearly two years, defying national trends
    Modern residential buildings in Chelsea, Manhattan
    Negotiations + Closings
    What is a post-closing possession agreement and what are the risks for buyers and sellers?
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    Woman on the phone to a plumber about a leaking sink
    Small Projects + DIY
    Here's what I learned to get our absentee landlord to fix things fast
    Big Apple Moving stackable eco-friendly bins
    Products + Test-drives
    Do I have to use cardboard boxes when moving in NYC? Are there any green alternatives?
    Sponsored By Big Apple Moving
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
    insurance adjuster inspecting mold
    Products + Services
    How to tell if your apartment has mold—and how to get rid of it
    Woman on the phone to a plumber about a leaking sink
    Small Projects + DIY
    Here's what I learned to get our absentee landlord to fix things fast
    mini splits apartments new york city
    Products + Services
    Yes, you can install central AC in your co-op or condo unit. Here's how
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
    Burned and Boarded Up Windows
    When should your board hire a public adjuster?
    Manhattan GM
    What should we consider when renewing insurance for our building?
    Facade of NYC buildings
    How much is insurance on a NYC co-op or condo building?
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    Big Apple Moving stackable eco-friendly bins
    Products + Test-drives
    Do I have to use cardboard boxes when moving in NYC? Are there any green alternatives?
    Sponsored By Big Apple Moving
    Woman walking down street in Jackson Heights
    Roommates + Landlords
    Ask Altagracia: Can my landlord refuse a lease assignment if I need to break my lease?
    Sponsored By Outerbridge Law P.C.
  • Brick Report
  • About Us
  • About Us
Email Address
Fulltext search
FILTER RESULTS BY:
New Main menu
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
  • Brick Report
  • About Us
    • About Us
    • Advertise
  • About Us
SUBSCRIBE TO OUR NEWSLETTER →
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
The Market [ SPONSORED ]

Do you need a guarantor to rent an apartment in NYC? 6 reasons you might

  • NYC landlords typically want renters with annual salaries of 40 times the monthly rent
  • If you are self-employed or freelance your fluctuating income may make you look like a risk
  • Foreign renters relocating to the U.S. with no U.S.-based credit history may need a guarantor
By Insurent  | August 3, 2023 - 12:30PM
woman looking at her phone on a NYC street

Because the NYC rental market is so competitive, landlords here can be picky about who they qualify for an apartment.

Stocksy

SHARE:
Share to Facebook
Share to Twitter
Print
More...

You might be mistaken for thinking that simply finding a New York City apartment you’d like to live in is the biggest hurdle when it comes to the cut-throat rental market here. But the truth is, you can have a million dollars in the bank (literally) and still get turned down for that cute one bedroom asking $3,000 a month.  

“People who have no reason to expect a problem renting an apartment get turned down all the time,” says Charles Schoenau, managing director of Insurent Agency Corporation, the leading company that guarantees leases in New York, as well as in New Jersey, Boston, Chicago and Washington, D.C., Maryland, and Virginia.

Because of the competitive market, landlords can be picky, and there are multiple reasons—some logical and intuitive, some not as much—why you might get turned down for a NYC rental.

One solution is to reach out to relatives or wealthy friends to serve as your “co-signer,” meaning they take on the responsibility of your rent if you neglect to pay. That can work, but the salary requirements for co-signers are even higher (75 to 90 times the monthly rent) and many landlords won’t accept co-signers who live outside of the tri-state area. So if you have a really rich aunt in Los Angeles or London, that’s not going to work.

The good news is that oftentimes these issues can be resolved by enlisting the services of an institutional guarantor, a company that guarantees you’re good for the rent. “Normally, a co-signer is an individual—a mother, father, a relative,” says Jeffrey Geller, vice chairman and chief operating officer at Insurent. “We’re a company that does the same thing. We’re the institutional mommy and daddy. We enable people who are qualified to get the apartment they want.”

If any of the below criteria apply to you, you may need a guarantor:

  1. You don’t meet the landlord’s annual income/monthly rent multiple, which in New York, is typically 40 times the monthly rent (i.e., for that one bedroom, you need to be making $120,000 or more).
  2. You are self-employed/freelance, which can be perceived as a risk due to fluctuating income.
  3. You’re a foreigner relocating to the U.S. and have no U.S.-based credit history.
  4. You have a high net worth—that hypothetical million dollars, or a robust stock portfolio—and so you don’t work. Having liquid cash is different from have a job. (See reason number one.)
  5. You are retired. This same thinking applies to retirees, who may have a healthy nest egg, but whose annual income falls short of the required minimum of 40 times the monthly rent.
  6. You are an international student or U.S. student.

Insurent is currently accepted in around 9,000 NYC buildings representing over 825,000 rental units. The company will guarantee your lease for an average fee of 65 to 85 percent of a month's rent if you have U.S. credit, and around a month's rent if you are foreign with no U.S. credit.

Insurent Lease Guaranty is the first and leading institutional guarantor of residential leases in New York. To qualify and get the apartment you want, visit www.insurent.com or call 646-843-1712.

You Might Also Like

image
The Search 5 ways renting in NYC is unlike anywhere else
image
The Market Who's allowed to be your guarantor besides your parents?
brooklyn apartments
The Search No co-signer for your rental? No problem—try these 6 guarantor workarounds
 
Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

topics:

guarantors Rent
SHARE
TWEET
BRICK’S PICKS
empty nesters in modern kitchen
Empty nester checklist: What to consider if you are buying or renting in NYC
NYC apartment building with AC units
My neighbor's dripping AC is driving me crazy. What can I do?
Historic brick facades of NYC apartment buildings
Getting overcharged by a landlord? Here’s how the Tenant Protection Unit helps rent-stabilized tenants
Apartment buildings in Soho
New Rent Guidelines Board report justifies a rent freeze, tenant advocates claim
Brooklyn apartment buildings
Understanding net effective rent: Here's how to calculate your real monthly rent
image
How much should you renovate your NYC apartment or house before selling?
Follow Brick on Instagram
@brickunderground | #brickunderground
Brick UndergroundBRICK UNDERGROUNDREAL LIFE. REAL ESTATE. REAL NEW YORK.
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
Main menu footer
  • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide

Get more news you can actually use...

Email Address

Delivered to your inbox weekly - for free.

*By signing up you agree to receive occasional emails on behalf of our sponsors

Footer Menu
  • About Us
  • Advertise

Copyright 2009-2024 by BND Ventures Inc | Privacy Policy | Terms of Service | Ad Choices | Login