No co-signer for your rental? No problem—try these 6 guarantor workarounds

To demonstrate that you can reliably pay your rent, you will usually need to show a combination of good credit and an annual salary of 40 to 45 times the monthly rent. That hurdle can be impossible to clear, given New York City's notoriously sky-high rents. If that describes your situation, you'll need to find a co-signer—someone who will be on the lease with you and, therefore, fully liable for any unpaid rent—or a guarantor who agrees to pay the rent if you can't.

In NYC, co-signers and guarantors are generally required to have a credit score of at least 700 and an annual income of at least 80 times the monthly rent—working out to a minimum of $240,000 for a $3,000 apartment. They must also typically reside in the tri-state area (New York, Connecticut, or New Jersey), making it easier to bring a lawsuit in the event of an issue. Some landlords will only accept guarantors who are NY residents for the same reason. 

[Editor's note: An earlier version of this article ran in June 2024. It has been updated with new information for June 2025.]

However, many parents, grandparents, or other relatives are unable to meet these steep requirements, whether due to retirement or a lack of a steady income. And while close friends or employers can step in as guarantors, these non-relatives are often reluctant to shoulder the financial liability if you or a roommate defaults.

Another wrinkle: You can no longer pay several months of rent in advance, which was previously helpful for those with shaky credit or lower incomes who had sufficient money in the bank. This option was taken off the table in 2019 with changes to the rent laws aimed at reducing upfront costs. It’s now illegal for a landlord to require prepaid rent and a security deposit greater than one month's rent.

Don't despair. Here are six options to explore if you can't find a personal guarantor or co-signer.

1. Hire a third-party guarantor

If you don’t have a family member or friend who can act as a guarantor or co-signer, you can pay a company to take on that role. Institutional guarantors such as Insurent and TheGuarantors have income requirements that are significantly less strict than landlords' 40-times rent rule and are accepted by thousands of buildings across the city—a trend that accelerated during the pandemic. The one-time cost for this is generally equal to one month's rent.

"We're seeing an increase in third-party guarantors to levels we've never seen before," said Adam Frisch, managing principal at Mantus Real Estate, a brokerage firm. "It’s a change that’s here to stay."

To find a landlord that accepts such arrangements, you can search for partner buildings on Insurent's website or  add a Chrome extension via TheGuarantors.

2. Offer to pay a higher rent

Paying a higher rent might be difficult to stomach, but it just might convince a landlord to rent to you despite having no credit history.

It is not unheard of for renters to offer to pay a higher rent to secure an apartment; in fact, bidding wars are happening in the current red-hot rental market.

It’s also possible renters may find that an advertised rent goes up in response to an applicant’s credit score.

Frisch says renters will continue to see more amenability by landlords in the future. “If someone just graduated and doesn’t want to—or can’t—use their parents as guarantors, we will let them take the apartment for an extra $100 in rent," he said.

3. Opt for a sublet (or become the new roomie)

Living in a place where your name is not on the primary lease has its pros and cons, but one major "pro" is you might not have to go through the income qualification gauntlet. Heads up, however: If you are subletting in a co-op or condo, expect a board interview. 

Many listing sites advertise sublets as well as short-term rentals. Some sites will help you find a roommate arrangement, too. 

Just ensure the building allows subletting, especially if it's a co-op. You are also encouraged to sign a lease with the primary tenant, even if it's someone you know and trust. 

4. Go with a co-living company

Co-living companies—including Cohabs and Outpost Club—offer the convenience of a furnished apartment and instant roommates, all for one monthly payment. Many companies vet tenants the same way traditional landlords do, with background checks and credit/income qualifications, only with less stringent financial requirements. Some (such as Roomrs) feature flexible lease terms, which are very much in demand. 

A few caveats to keep in mind: It is illegal to rent a single room in a co-living space—all roommates need to be on a lease for the entire apartment. You'll also want to do some due diligence on the company to make sure it is legit, and the unit is properly set up for fire safety. What's more, basement and windowless bedrooms are not legal—or safe.

5. Get insurance that guarantees your rent

An increasing number of buildings are offering rent guarantee insurance that will cover your rent if you lose your job. Landlords often charge a fee for this service and roll it into your monthly rent. In these cases, make sure the amount is spelled out in the lease. 

Be aware that by signing up for rent guarantee insurance, you will lose the ability to withhold rent if a landlord fails to make necessary repairs, which is an important leverage point against a negligent owner.

6. Shop around for the right landlord

Consider renting an apartment in a privately owned brownstone or a smaller building, as these kinds of landlords tend to be more willing to work with your particular set of circumstances—especially if you can move in during the slower winter months (and perhaps offer to take on some maintenance tasks). Being upfront with your broker and landlords about your situation might help you seal the deal.

—Earlier versions of this article contained reporting and writing by Virginia K. Smith and Emily Myers.

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