There’s no doubt that COVID-19 shook the world. New York was one of the hardest hit, leaving residents concerned about their health and job security. Many New Yorkers who lost their jobs are also experiencing housing anxiety. How can you rent an apartment if the pandemic left you unemployed? First, it’s critical to know that you’re not alone. New York City’s unemployment rate reached 20.4% in June 2020. That’s twice the number during the peak of the great recession in 2009. The rental market responds with rent concessions and drastically lower rents, making life in the city more affordable. However, during an unemployment crisis, it doesn’t make renting a new apartment any easier. But it is possible when armed with some essential knowledge. Here’s how to rent an apartment without a job.
Manhattan Rentals Under $2,500 on StreetEasyArticle continues below
Hudson Heights
4395 Broadway
$2,400No Fee
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1
Yorkville
407 East 88th Street
$1,675No Fee
Studio |
1
Chelsea
335 West 29th Street
$2,475No Fee
Studio |
1
Yorkville
512 East 88th Street
$2,450No Fee
1 |
1
Chelsea
213 West 18th Street
$2,250No Fee
Studio |
1
East Harlem
116 East 116th Street
$2,395No Fee
2 |
1
Kips Bay
151 East 26th Street
$2,450No Fee
1 |
1
Lenox Hill
509 East 78th Street
$2,425No Fee
Studio |
1
Hell’s Kitchen
324 West 43rd Street
$2,100No Fee
Studio |
1
Murray Hill
5 Tudor City Place
$2,250No Fee
Studio |
1
Yorkville
411 East 85th Street
$2,395No Fee
Studio |
1
Murray Hill
304 East 41st Street
$2,500No Fee
Studio |
1
How to Get an Apartment Without a Job? Secure a Guarantor
Pre-pandemic, a landlord would ask for a guarantor if someone couldn’t prove income or had terrible credit, says Becki Danchik of Warburg Realty. It still holds in the current market.
“It might not be the most convenient or comfortable way for someone to rent an apartment, but it’s one of the most effective,” she said. And there are two ways to go about finding one.
1. Use a Personal, Tri-State Guarantor
“The guarantor would be someone whose income is a bare minimum of 80 times the monthly rent,” said real estate agent Bill Kowalczuk. “For example, if an unemployed person is looking at a rent of $3,000 per month, the guarantor would need to make a minimum of $240,000 a year and have excellent credit and low debt. When it comes to how to rent an apartment without a job, if you know someone who meets those requirements and lives in the tri-state area, ask them if they’d be willing to act as your guarantor.
2. Use a Third-Party Guarantor
If you don’t have someone local who meets the guarantor requirements, companies like Insurent will act as one. “To use a guarantor company, usually you have to pay a fee of about two months rent,” said Kowalczuk. “Companies like these typically guarantee rent payments. But, there’s a catch. You need stellar credit.”
Brooklyn Rentals Under $2,500 on StreetEasyArticle continues below
Weeksville
239 Utica Avenue
$2,150No Fee
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1
Borough Park
1115 63rd Street
$1,675No Fee
1 |
1
Bensonhurst
1930 Bay Ridge Parkway
$1,700No Fee
1 |
1
Carroll Gardens
105 Luquer Street
$1,254No Fee
Studio |
1
Coney Island
3086 West 1st Street
$1,750No Fee
2 |
1
Weeksville
1593 Park Place
$2,400No Fee
2 |
1
Crown Heights
1901 Bergen Street
$2,000No Fee
2 |
1
Crown Heights
1901 Bergen Street
$2,500No Fee
3 |
1
Park Slope
263 Fifth Avenue
$2,400No Fee
1 |
1
Bath Beach
180 Bay 26th Street
$2,100No Fee
2 |
1
Flatbush
1407 Flatbush Avenue
$2,495No Fee
1 |
1
Bedford-Stuyvesant
146 Herkimer Street
$1,700No Fee
1 |
1
How to Get an Apartment Without a Job? Get a Credit Letter
If you saved substantially for a rainy day and can’t meet the apartment’s income requirements, you could set up a credit letter with a bank. In a nutshell, it guarantees that a tenant’s rent payments will be received on time and for the correct amount. In this example, it pays to have savings regarding how to get an apartment without a job.
“If the tenant is unable to make a payment on the rent, the bank will be required to cover the full or remaining amount of the rent,” said Kowalczuk. “The tenant supplies the bank with the full year’s rent, which is held by the bank, similar to a typical security deposit. The tenant would still be required to pay the monthly rent. The money held by the bank is used if the tenant is unable to pay the rent for any particular month. At the end of the lease, the leftover funds are returned to the tenant.”
According to agent Jeremy Kamm of Warburg Realty, another similar option is to secure a personal loan. “You could use a personal loan to cover the costs of living while unemployed and using those funds as proof of funds for a landlord,” he noted. “That being said, it may be challenging to secure a personal loan right now, and the interest fees might be very high.”
Queens Rentals Under $2,500 on StreetEasyArticle continues below
Ridgewood
64-16 Palmetto Street
$2,500No Fee
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1
Ditmars-Steinway
22-10 80th Street
$2,200No Fee
1 |
1
Queens Village
93-23 218th Street
$1,875No Fee
1 |
1
Forest Hills
98-30 67th Avenue
$1,999No Fee
Studio |
1
Maspeth
54-12 Flushing Avenue
$1,850No Fee
Studio |
1
Long Island City
36-29 30th Street
$2,100No Fee
1 |
1
Briarwood
141-47 84 Drive
$1,650No Fee
Studio |
1
Elmhurst
52-07 90th Street
$2,300No Fee
3 |
1
Kew Gardens
83-43 118th Street
$1,550No Fee
Studio |
1
Kew Gardens
83-60 118th Street
$2,150No Fee
1 |
1
Ridgewood
60-41 68 Road
$2,100No Fee
1 |
1
Briarwood
84-31 Van Wyck Expressway
$1,995No Fee
1 |
1
Don’t Forget Unemployment Benefits
Just because you lost your job doesn’t mean you have no source of income. Unemployment benefits max out at $504 a week in NYC, and it’s more than $600 in New Jersey, meaning you could have around $2,000 or more before taxes to spend. And as of July 2020, a law was signed that provides additional unemployment insurance. You can refer to the U.S. Department of Labor for the latest regarding Federal Pandemic Unemployment Compensation.
UPDATE: As of September 5, 2021, several federal unemployment benefit programs across the states will expire. Please check with your local unemployment office for more information.
Bronx Rentals Under $2,500 on StreetEasyArticle continues below
Kingsbridge Heights
80 Van Cortlandt Park South
$1,868No Fee
2 |
1
Morris Park
1575 Williambridge Road
$2,150No Fee
2 |
1
Williamsbridge
3639 Barnes Avenue
$2,500No Fee
1 |
1
Riverdale
3671 Hudson Manor Terrace
$2,375No Fee
1 |
1
Hunts Point
875 Hunt’s Point Avenue
$1,950No Fee
2 |
1
Woodstock
598 Eagle Avenue
$2,292No Fee
1 |
1
Kingsbridge
3120 Corlear Avenue
$2,095No Fee
1 |
1
Kingsbridge
3120 Corlear Avenue
$1,625No Fee
Studio |
1
Soundview
1770 East 172nd Street
$1,950No Fee
2 |
1
Highbridge
1030 Woodycrest Avenue
$1,825No Fee
1 |
1
University Heights
2337 Andrews Avenue North
$2,118No Fee
2 |
1
Concourse
1127 Sheridan Avenue
$1,800No Fee
1 |
1
How to Get an Apartment Without a Job? Find a Roommate
If you’re having trouble securing an apartment on your own, consider finding a roommate. Apply for an apartment with a friend (or two) who perhaps are in a better financial situation than you. That way, your combined income could meet the landlord’s requirements.
If you don’t have potential roommates lined up to share the cost, plenty of online services like Share a Room or Roomi have listings of people looking for roommates. Another option is to find someone subletting a vacant room in an already leased apartment on these sites or Craigslist.
Staten Island Rentals Under $2,500 on StreetEasyArticle continues below
Saint George
30 Daniel Low Terrace
$1,495No Fee
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1
Clifton
166 Vanderbilt Avenue
$1,650No Fee
1 |
1
Port Richmond
180 Jewett Avenue
$2,000No Fee
2 |
1
Grymes Hill
476 Howard Avenue
$1,900No Fee
1 |
1
Arrochar
795 Hylan Boulevard
$2,500No Fee
2 |
1
Grymes Hill
4 Stratford Avenue
$2,250No Fee
2 |
1
Grymes Hill
4 Stratford Avenue
$1,700No Fee
1 |
1
West Brighton
62 Britton Street
$1,750No Fee
Studio |
1
Bulls Head
170 Amsterdam Avenue
$2,000No Fee
Studio |
1
Graniteville
182 Fahy Avenue
$1,250No Fee
Studio |
1
Huguenot
266 Stafford Avenue
$1,350No Fee
Studio |
1
Graniteville
1598 Richmond Avenue
$2,295No Fee
2 |
1
Consider Renting in a Co-Op
Although it’s not a tried and true method, some experts believe co-ops might be more lenient about renter restrictions given the market and economic climate. “I could see how some of the smaller buildings might be willing to take a chance on the tenant since the responsibility is on the shareholder,” said broker Becki Danchik.
Apply For Cash Assistance or Rental Relief Programs
Not surprisingly, government agencies are recognizing that COVID-19 created an unprecedented crisis. Even the safety nets in place for residents weren’t enough. In response, additional programs were formed recently to help New Yorkers. These programs could help unemployed residents looking to rent an apartment.
The state set up the COVID Rent Relief Program to help households facing an increase in rent burden due to a loss of income during the pandemic. However, it ended. As of June 1, 2021, a new federally-funded rental assistance program opened. If you’re seeking help, please reach out to New York State’s Emergency Assistance Program (ERAP). It is important to note that the rental assistance grant from ERAP does not have to be repaid.