FORPAYING RENT UP FRONT
Why would I have to pay rent up front?
In some situations a landlord may ask an applicant to pay six months to a year upfront. This could be because an applicant does not have any income or the applicant has no US credit history. This can result in renters having to front an astronomical amount of cash. By asking for the rent to be paid up front the landlord is making sure there will be no risk of nonpayment for the year.
What are my alternatives to paying rent up front?
If the landlord is asking you to pay rent up front, you may be able to use a guarantor or co-signer instead. A guarantor should be someone who makes over 80x your rent and has an excellent US credit score. For some landlords there might be extra requirements for a guarantor, such as needing to reside in the tri-state area (New York, Connecticut, or New Jersey).
What if I don’t know a guarantor or co-signer?
If you don’t have someone that can be your guarantor you will have the option to use a professional guarantor service, such as TheGuarantors. A professional guarantor or co-signing service will, in essence, guarantee your rent payments for the term of your lease, eliminating the risk of non-payment for the landlord. Many landlords accept our service and you can apply online to get qualified with no application cost.