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 2025. It has been updated with new information for February 2026.]

However, many parents, grandparents, or other relatives are unable to meet these steep requirements, whether due to retirement or the 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, as part of 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 equal to more 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, TheGuarantors, Rhino, and PandaGuarantee 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

For renters without strong credit, paying a slightly higher monthly rent can sometimes help secure an apartment—but it’s a strategy that deserves careful consideration.

In a competitive rental market, some landlords are willing to approve applicants without guarantors in exchange for a rent premium. This is especially common in high-demand neighborhoods or among recent graduates with a steady income but limited credit history. In some cases, landlords may adjust the rent after reviewing an applicant’s credit score, effectively pricing in the perceived risk.

Frisch says renters will continue to see greater landlord amenability 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.

Renters should understand the true cost before agreeing. That extra $100 per month adds up to $1,200 over a one-year lease and can set a higher baseline for future renewals. It’s also important to ensure any rent increase is clearly reflected in the lease terms.

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 advantage is that you might not have to go through the income qualification gauntlet.

Many NYC listing sites advertise sublets, short-term rentals, and even roommate situations, making these options relatively easy to find. Just don’t skip the paperwork: even if you’re subletting from a friend, sign a written agreement with the primary tenant. It helps spell out rent, term length, and responsibilities—and protects everyone if plans change.

Another heads up: Rules vary by building. In co-ops and some condos, subletting may require board approval—and sometimes an interview—so expect extra paperwork and longer timelines. Always confirm that subletting is allowed, particularly in co-ops, where it may be limited or prohibited. 

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 must be on a lease for the entire apartment (although that may change if a proposed NYC shared housing legislation passes). You'll also want to do some due diligence on the company to make sure it is legit, and the unit is up to code for fire safety. What's more, 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 a critical leverage point against a negligent owner.

6. Shop around for the right landlord

Landlord requirements vary widely across NYC. Smaller, privately owned buildings—such as brownstones or walk-ups—often have more flexible approval standards than large, professionally managed properties.

Individual owners may be willing to look beyond strict income or credit thresholds, especially if you can show steady income, strong references, or flexibility on timing. Slower rental periods, like late fall and winter, can also work in a renter’s favor.

Being upfront with brokers and landlords about your situation can help direct you toward owners more likely to work with your circumstances, saving time and application fees.

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

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