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EDDIE LANDSBERG
  • FRONT PAGE
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    • Proving Income if you are Self Employed >
      • Apartment Hunting for Actors, Artists and Musicians
    • Can international students rent apartments in NYC?
    • Can the landlord raise my rent?
    • Can foreign nationals rent apartments in New York City?
    • QUESTIONS ABOUT RENTING APARTMENTS IN NYC
  • SELLING/BUYING
    • Super Deals! (under $300k)
    • Condos & Co-ops / under 700k
    • Condos & Co-ops / Over $700k
    • Houses / Multi-family / Townhouses
    • All Properties (over 1.5M)
    • Eddie on City Snap
    • What's my house worth?
  • Featured Listings
    • RentHop
    • StreetEasy
  • LANDLORDS
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    • ニューヨーク市の賃貸物件
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    • 0-1 BEDS by PRICE
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      • Unbeatable Deals: Blocks from Central Park
      • Affordable Deals in the Financial District
      • Upper East Side Bargains and Deals
      • Latest on Market in Bushwick
      • Midtown Manhattan Rentals
      • Specials in Soho
      • CHELSEA awaits you
      • Astoria is Hot and Cooking!
      • Best of the Village
      • Washington / Inwood: The Very Best of Upper Manhattan
      • Upper West Side Living
      • Best Deals in Harlem
  • Search by Budget
  • Resources / Documents
    • 3D Viewings and Virtual Tours
    • How to DocuSign
    • Rent Calculators >
      • Gross Rent Calculator
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      • Money Due at Lease Signing Estimator
      • Rent Increase Calculator
      • Rent Burden Calculator
      • Cheaper to Buy or Rent?
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How Guarantors Work

What if you can't qualify for the apartment you want?

Qualifying for an apartment in NYC can be a hurdle for some people, especially those whose income situation is unconventional.  

Let's say you don't quite earn 40x the rent of that dream apartment you're looking for, or for some reason your credit score isn't stellar.   Or, let's say you're an international student, or for some reason credit invisible.  (This means that your credit history is too recent or sparse to show up on the radar.)

If you can't qualify for an apartment, you have a number of choices.   One is to find a personal guarantor, but that person will usually have to make about 80 times the rent of the apartment, meaning annual salary has to be the monthly rent x 80.    Remember, technically speaking they'll have to pay their own rent plus yours if things go south for you.

Luckily, there's another option out there.   It's called a surety bond.   Surety bonds are issued by third party guarantor companies. These services will hope qualify, even pre-qualify you for apartments by guaranteeing your lease for a a small fee, for example (depending upon your case about 65-85% of the rent.)  

​The two biggies in NYC are THE GUARANTORS and INSURENT.   A third option is Rhino, which also has an option that can potentially save you upfront money on your security deposit. 

In so far as working with an agent like myself, you can always ask me to help find you guarantor friendly apartments.  Having an agent who knows which of the major landlords (or at least which type of landlords) tend to work best for your situation never hurts.  And having a resourceful agent in any situation is definitely something you want anyway, especially in the competitive market that we're currently in.


Advantages and Disadvantages of Using a Third-Party Guarantor

ADVANTAGES:  
  • They give you a second chance of getting a lease put through that would have been otherwise rejected   
  • May broaden your choice of housing
  • May get you over the hurdle if you're a student, gig worker or don't have a stellar credit score
  • Frees you from having to beg friends and relatives to co-sign your lease.
  • Application process is quick and easy
  • Helps you bypass the embarrassment of asking someone for a favor

DISADVANTAGES:
  • Not free (unlike a personal guarantor)
  • Raises front money required to sign the lease (slightly)
  • Not all landlords accept

CAVEAT:
  • You still have to budget responsibly
  • It doesn't get you out of paying the rent if you fall on tough times
  • Conditions and fees may vary.  Some people may have to pay more.  Some people may not qualify at all.
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Fair Housing Notice
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Keller Williams NYC
​Edward Paul Landsberg
License # 10401370067​
licensed Real Estate Salesperson​

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 Krieger Real Estate
146 Sullivan Street #23
New York, NY 10012
(484) 460-2668

This site is copyrighted eddielandsberg.com 2001-2023 and beyond.

This website is owned and operated by Edward Landsberg doing business as Eddie Landsberg.   I am a Licensed Real Estate Sales Person affiliated with Krieger Real Estate.   The website is a third party website. I am fully responsible for its content.  
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The information on this site is presented as general information and for marketing purposes only and does not constitute  personal or professional advice.  Please refer to DISCLAIMER and Terms of Service.

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  • FRONT PAGE
    • New York City Listings Page (Rentals)
  • BIO
    • BIO as Real Estate Agent
    • BIO as Musican
    • Let's Search Together!
  • BROKER LINK
  • RENTER EDUCATION
    • Apartment Hunting On A Budget
    • Filling Out A Rental Application
    • How Guarantors Work
    • Proving Income if you are Self Employed >
      • Apartment Hunting for Actors, Artists and Musicians
    • Can international students rent apartments in NYC?
    • Can the landlord raise my rent?
    • Can foreign nationals rent apartments in New York City?
    • QUESTIONS ABOUT RENTING APARTMENTS IN NYC
  • SELLING/BUYING
    • Super Deals! (under $300k)
    • Condos & Co-ops / under 700k
    • Condos & Co-ops / Over $700k
    • Houses / Multi-family / Townhouses
    • All Properties (over 1.5M)
    • Eddie on City Snap
    • What's my house worth?
  • Featured Listings
    • RentHop
    • StreetEasy
  • LANDLORDS
  • 日本語
    • ニューヨーク市の賃貸物件
    • プロフィール
  • RENTALS BY BEDS
    • 0-1 BEDS by PRICE
    • 0-1 BEDS by RECENCY
    • 2 BEDS by PRICE
    • 2 BEDS by RECENCY
    • 3 BEDS by PRICE
    • 3 BEDS by RECENCY
    • 4 or more BEDS by PRICE
    • 4 or more BEDS by RECENCY
  • Pet Friendly Apartments
    • most recent
    • by price
  • Amenities
    • Search by Amenities
    • Elevator Only
    • Laundry In Building
    • Laundry in Unit / Dishwasher
    • Rentals with Swimming Pool
    • FURNISHED APARTMENTS >
      • most recent
      • by price
      • Roommate and Room Share Friendly
  • RENTALS BY NEIGHBORHOOD
    • Moving to New York City
    • MAP VIEW
    • DRAWING TOOL
    • Search by Neighborhood & Zip (Manhattan)
    • Popular Neighborhoods in NYC >
      • Long Island City (QUEENS)
      • Unbeatable Deals: Blocks from Central Park
      • Affordable Deals in the Financial District
      • Upper East Side Bargains and Deals
      • Latest on Market in Bushwick
      • Midtown Manhattan Rentals
      • Specials in Soho
      • CHELSEA awaits you
      • Astoria is Hot and Cooking!
      • Best of the Village
      • Washington / Inwood: The Very Best of Upper Manhattan
      • Upper West Side Living
      • Best Deals in Harlem
  • Search by Budget
  • Resources / Documents
    • 3D Viewings and Virtual Tours
    • How to DocuSign
    • Rent Calculators >
      • Gross Rent Calculator
      • Rent Pre-Qualification Calculator
      • Money Due at Lease Signing Estimator
      • Rent Increase Calculator
      • Rent Burden Calculator
      • Cheaper to Buy or Rent?
    • Lease Assignment
    • Monthly Budget Sheet
    • NYC Real Estate Market Reports
    • Tenant Rights and Disputes
  • FAIR HOUSING NOTICE