What is a guarantor? Apartment guarantors required to sign the lease in New York


What is a guarantor?

The New York Real Estate market, like it or not, is notoriously tricky. In many cases, a prospective renter’s income needs to be at least 40 times the annual rent (yes, you heard us right). Often times, even if you do make that income, there are other factors that can prevent you from qualifying. As a solution, the landlord might require a guarantor to sign the apartment lease. The guarantor, in many cases, has to make 80 times the annual rent and is legally responsible if you stop paying your rent. Essentially, in the event of a tenant being unable to meet their obligations whether for overdue rent, damage to the property or whatever transpires, the guarantor is legally bound to accept the liabilities on behalf of the tenant. Needless to say, it's a big commitment.

Why do I need a guarantor?

There are quite a few scenarios in which a prospective renter will need a guarantor: Income does not meet the requirements; the applicant is a student; the credit score is low or absent; the landlord requires a prospective tenant to have a twelve-month history in a job; the tenant is retired with no income; the tenants are roommates and don’t want full responsibility of signing the lease; a corporation wants to sign the lease; or if the applicant is not a US citizen.

What if I don't have a guarantor?

This is where we come in. TheGuarantors can act as your rental guarantor. We have partnered with The Hanover Insurance Company, an insurance company licensed in New York, to create a rental bond and act as your guarantor, because we believe that qualified renters should be able to have the apartment of their dreams. Qualifying is easy; please fill out our free application online and upload any supporting documents. We will get back to you within 24 hours to approve you for the apartment you want or send you other options if you haven't found a place yet.