Renting with a guarantor in New York

A guarantor is someone who signs an agreement to pay your rent if you cannot. Many New York renters use one: students, people early in their careers, newcomers to the United States, and anyone whose income is below the landlord's guideline.

When you need one

Most landlords look for an annual income of about 40 times the monthly rent. If yours is lower, or your credit history is short, a guarantor can make your application one the landlord can approve.

What landlords look for in a guarantor

• An annual income of about 80 times the monthly rent;
• Good credit;
• Many landlords ask that the guarantor live in the United States, and some prefer the New York area.

What the guarantor provides

Usually the same documents you do: photo ID, proof of income such as pay stubs or tax returns, and bank statements. They also sign the guarantee, often alongside your lease.

If you don't have a guarantor

Some landlords accept a company that acts as your guarantor. Tell your agent early, so they can point you to the apartments where your application fits best.