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
- No rental history. A history of timely lease payments can help a landlord accept your application. Students that have relied on Airbnb for long-term housing have reportedly encountered problems when they chose to finally rent due to failure to show their positive renter history.
- Low income. If you cannot meet the minimum income requirements, a willing guarantor with greater income can help you secure the apartment you desire.
- Poor or no credit. Keep in mind that credit history is all encompassing – if you’ve missed a car payment and your overall credit score is impacted that will affect your rental options. A guarantor can help ease landlord’s concerns about your credit.
Can’t find an apartment guarantor?
- Expand your options. Low-income housing is always an option. This includes Section 8 housing and the New York Housing Lottery
- Sublet an apartment. Paying a roommate to sublet their apartment can be much a much easier process than dealing directly with a landlord.
- Speak directly to landlords, and keep an open mind. They may understand your situation and be willing to accept your lease on certain conditions, such as pre-paying multiple months of rent.
If you need further help, learn more about finding an apartment guarantor at ApartmentGuarantors.NYC.