Here’s how to gain the upper hand in NYC’s fiercely competitive rental market
“Even though you may earn a good salary, you can face a tough time qualifying for an apartment because rents are soaring now,” says Charles Schoenau of Insurent Lease Guaranty.
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New York City’s rental market is the most competitive it has ever been—with skyrocketing rents and open houses drawing lines of interested renters. Anxious renters are even outbidding each other in order to win apartments. (That’s right—bidding wars for NYC rental apartments are happening.)
To compete, it’s essential to be prepared with a strategy that will give you the best chance at getting the apartment you want.
“Even though you may earn a good salary, you can face a tough time qualifying for an apartment because rents are soaring now,” says Charles Schoenau, managing director at Insurent Lease Guaranty. “If your annual income doesn’t match the 40 to 45 times the monthly rent that landlords want to see—on a $3,000 apartment that’s at least $120,000 a year—you’ll need a guarantor,” he says.
Don’t know anyone who lives in New York, Connecticut or New Jersey, earns 80 times the monthly rent, and is willing to put themselves on the hook for your entire rent? That’s where Insurent Lease Guaranty comes in.
Meet landlords’ strict financial requirements and get approved easier with Insurent
Insurent Lease Guaranty can act as your guarantor and pre-qualify you even before viewing an apartment. You’ll pay 65 to 85 percent of a month’s rent if you have U.S. credit, and about a month’s rent if you are foreign with no U.S. credit.
It’s a quick, easy, and essential tool for renters who don’t meet landlords’ financial requirements–including recent graduates, international executives, self-employed, U.S. and international students, non-employed renters with significant liquid assets and retirees.
More than 8,000 buildings representing over 775,000 apartments accept Insurent. Visit Insurent.com or email underwriting@insurent.com
