If you don't meet a landlord's financial or employment requirements, you'll need to find a guarantor. A guarantor signs a contract that makes them liable if you default on your lease; for this reason, guarantors are usually close family members.
Most landlords will only accept guarantors that live in the Tri-state area (New York, New Jersey or Connecticut) and who have an annual income of 80 times or more than the monthly rent of the apartment you’re applying for. Typically, your guarantor will need to submit the same documents requested of you by the landlord (e.g. bank statements, tax returns, etc.). And if you have roommates, most landlords will only accept one guarantor--so that person needs to be comfortable guaranteeing the entire lease.
Need a single guarantor to co-sign a lease for you and your roommates? Accepted at more than 4,700 buildings across the city representing over 475,000 apartments, Insurent Lease Guaranty is a quick and easy way to get the apartment you want—whether you're applying with roommates or on your own. Click here to learn more.