I need a guarantor, but my roommate meets the NYC landlord’s income requirements on her own. What should we do?

A lease guarantor can help you qualify if you don’t meet income requirements on your own, and that’s helpful when renting in a pricey place like New York City. Many landlords here have an annual income requirement of 40-times the monthly rent, plus good credit. 

Whether you’ve needed one yourself or had a roommate mention it, you probably know that a guarantor is somewhat common in the NYC rental market. It's a commitment from a parent or other family member to pay your rent if you are unable.

“But many people moving to New York don’t have a family member that could act as a guarantor,” said Tom DeRose, co-founder and CEO of PandaGuarantee, a residential lease guarantee provider for renters and landlords. DeRose pointed out that many landlords want to see 80-times the income requirement for guarantors. 

“Landlords in NYC can afford to be picky,” DeRose said. “Even if you’re applying to an apartment with roommates and their application meets the income requirement, if yours doesn’t, a landlord may go with another application.” 

If you don’t meet a landlord’s high income requirement and don't have a family member who can pledge to pay your rent, PandaGuarantee can act as your guarantor. They generally beat competitors' costs, with the immediacy and flexibility you need to quickly secure an apartment in NYC’s competitive market. 

PandaGuarantee lets landlords accept renters who can afford the monthly rent but may not meet the landlord’s income requirements. Fill out a short application and get approved within the same day, so you can secure the apartment you want with a one-time fee.

Apply for one roommate’s portion, or the whole lease

It’s not unusual for roommates to have different finances, and not everyone on the lease may need a guarantor. But if one roommate’s income isn’t hitting the minimum threshold, the whole group likely loses out. PandaGuarantee is the only service in NYC that will accept a guarantee on just one roommates’ portion of the rent. 

“So if your roommate qualifies without a guarantor, you can apply for coverage of just your portion of the rent,” DeRose said. Just check to make sure the landlord accepts a guarantee on one portion of the rent.

And if both roommates need a co-signer, apply as a group for full lease guarantee. Your profile, including each roommate’s income, will be scored as a combined application. 

How PandaGuarantee works for renters and landlords

Immediacy can make the difference between signing a lease and hunting for months on end, and PandaGuarantee will keep the process moving quickly.  

“The people taking advantage of our service don’t have time to wait days for a decision,” DeRose said. “The application takes a few minutes, we issue approvals quickly so that you’re not held up in submitting apartment applications.”

It’s free for landlords, and gives them confidence that they will get paid if tenants can’t pay without assuming any risk.

Lower costs with PandaGuarantee

There’s also ways to reduce your premium with PandaGuarantee. When you apply, you fill out all kinds of information that contributes to your risk factor, and you can add your parents’ income and credit, even if it doesn't meet the landlord’s 80-times income level often required for guarantor applications. 

“You can add a parent or personal guarantor to your application, rather than adding them as part of your lease to your landlord,” DeRose said. “So even if they don’t qualify as a guarantor on the lease, their income and credit can bolster your application, likely lowering your cost.” 

Getting back on the hunt with confidence

Whether the landlord is asking for a guarantor or you want to walk into your next viewing with more confidence, getting a quote on a rent guarantee can help you feel more assured as you look for apartments with your roommates. 

More than 38,000 units in New York accept PandaGuarantee. If you need a rent guarantor, apply here and get a decision in just a few minutes: PandaGuarantee.com or email us: [email protected].