Finding an Apartment Guarantor as a Student in New York

Learn the ins-and-outs of finding an apartment guarantor as a student in New York.

Landlords focus most of their application decision on one thing: whether they think you’ll meet your monthly payments. If you can’t prove that reasonably, that’s where an apartment guarantor comes in. Apartment Guarantors serve as a safety net for the rental property in case you can’t pay your rent. A student attending college may find it difficult to secure a lease approval due to their poor credit history, lack thereof, or insufficient income. If this is the case, you need to find an apartment guarantor that will co-sign your lease.

What is an Apartment Guarantor?

An apartment guarantor is a person who signs a lease alongside a tenant, due to the building’s financial and legal requirements. Usually, a lease guarantor can be your mom or dad, uncle or aunt, as well as any close friend or relative, that satisfies the building’s earning’s-to-rent ratio, however it can also be a third-party company. The guarantor insures the tenant’s potential overdue rent, legal damages, and a host of other unforeseeable circumstances. In essence, they agree to pay anything you owe in your lease if you cannot afford it.

What is the earning-to-rent ratio?

The earning-to-rent ratio determines how much you need to make to qualify for a rental apartment. Depending on the landlord’s preferences and risk tolerance, the requirements may vary. For example, for a $3000/month apartment, a landlord may require the tenant to make 45 times the rent in order to qualify. That means you would have to make at least $135,000/year to qualify to sign the lease. This is just one scenario where a lease guarantor can help you get the home you want.

Three situations requiring a rent guarantor

Can’t find an apartment guarantor?

If you need further help, learn more about finding an apartment guarantor at ApartmentGuarantors.NYC.