More than 65% of New York City residents are renters, so whether it is your first time searching for an apartment or the 10th, you are not alone. Our guide to renting in NYC shares everything you need to know about the ins and outs of renting, from how much rent you can afford to tips for breaking a lease (hey, it happens!).
Other topics covered in this guide to renting in NYC include how to go about finding the best apartment for you (and roommates if you need them), what to expect at a lease signing, paperwork and fees you'll need to rent a place, whether you should use a broker, and much more.
Ready to search for your new apartment? Start here.
There are no guarantees in life. But there *are* guarantors. If your credit or lack thereof has you worried about securing a rental in NYC, don’t fret. You do have options that may help while you work on improving your credit score higher. But first, you may be wondering, what is a guarantor? We will delve into all that and more — we (ahem) guarantee it.
Table of Contents
Brooklyn Rentals Under $3000 on StreetEasyArticle continues below
Gowanus
365 Bond Street
$2,995No Fee
Studio |
1
Bushwick
453 Irving Avenue
$2,999No Fee
1 |
1
Bushwick
123 Melrose Street
$2,795No Fee
Studio |
1
Clinton Hill
103 Ryerson Street
$2,995No Fee
2 |
1
Midwood
1730 Ocean Avenue
$2,995No Fee
2 |
1
Greenwood
168 20th Street
$2,550No Fee
1 |
1
Crown Heights
1735 Prospect Place
$2,700No Fee
2 |
1
Ocean Hill
519 Chauncey Street
$2,600No Fee
2 |
1
Sunset Park
761 44th Street
$2,450No Fee
2 |
1
Flatbush
3214 Clarendon Road
$2,190No Fee
1 |
1
Midwood
1704 Ocean Avenue
$2,760No Fee
1 |
1
Bushwick
68 Covert Street
$2,999No Fee
2 |
1
Why Would You Need a Guarantor?
There are reasons a person might need a guarantor. And they all relate to money, credit, or both. For example, perhaps you’re a full-time student and don’t have an income of your own that meets the 40 times rent requirement equation. (FYI, landlords use the formula to determine how much rent you can afford.) Maybe you shied away from credit cards and haven’t established a credit score yet. Or, possibly, your credit score is very low. (You may find it hard to rent an apartment if your credit score is lower than 650.) In those situations, knowing what is a guarantor can help.
What Is a Guarantor?
The solution to getting an apartment with poor or no credit? It just may be asking a friend or family member to help as a lease guarantor. That’s someone who guarantees payment on the lease if you can’t come up with the cash. The person doesn’t need to be a relative, but they generally need to reside within New York State. That way, a landlord can easily collect from the guarantor should the need arise.
There Is a Hitch
But keep in mind, your guarantor needs to meet a specific financial requirement in addition to having good credit. “They have to make 80 times the rent,” says Nikki R. Thomas, Licensed Associate Real Estate Broker for The Corcoran Group in Manhattan and Brooklyn. “Landlords are looking for someone who is super-duper qualified, so they can pay your rent when you can’t. That’s why they want double the 40 times rent requirement typically required from renters.”
East Village Rentals Under $3000 on StreetEasyArticle continues below
East Village
269 East 10th Street
$2,850No Fee
1 |
1
East Village
273 East Tenth Street
$3,000No Fee
1 |
1
East Village
336 East 5th Street
$2,800No Fee
1 |
1
East Village
73 First Avenue
$2,800No Fee
1 |
1
East Village
516 East 6th Street
$2,695No Fee
Studio |
1
East Village
211 East 5th Street
$2,850No Fee
Studio |
1
East Village
63 East 7th Street
$2,700No Fee
Studio |
1
East Village
319 East 5th Street
$2,695No Fee
Studio |
1
East Village
153 Avenue C
$2,475No Fee
1 |
1
East Village
18 Saint Marks Place
$3,000No Fee
1 |
1
East Village
57 East 3rd Street
$2,600No Fee
Studio |
1
East Village
153 Avenue A
$2,745No Fee
Studio |
1
What’s the Difference Between a Guarantor and a Co-Signer?
Unlike a guarantor, who lives elsewhere but is on the hook if you fail to pay your rent, a “co-signer” on a rental is a co-tenant. They’re on the lease with you and live in the apartment. Both parties are responsible for paying the rent.
Here’s an example from the famous New York renters on the show “Friends.” If Monica Gellar and Rachel Green both signed the lease on their apartment, they would be co-signers. And if actor Joey Tribiani were hard up for cash to get his own apartment in the building, his more flush pal Chandler Bing could act as his guarantor. If Joey loses his “Days of Our Lives” gig and can’t pay the rent, he might ask: “what is a guarantor?”…and Chandler would have to pony up his rent.
Co-Signer Also Means Something Else
When it comes to buying a home, though, the co-signer term means something different. It’s more akin to a guarantor. When the primary borrower does not financially qualify for a mortgage, the lender will require someone to “co-sign” the loan. That person then becomes liable for the mortgage payment if the primary borrower defaults.
South Harlem Rentals Under $3000 on StreetEasyArticle continues below
South Harlem
136 West 119th Street
$1,862No Fee
Studio |
1
South Harlem
113 West 117th Street
$2,400No Fee
Studio |
1
South Harlem
15 West 116th Street
$2,995No Fee
2 |
1
South Harlem
263 West 123rd Street
$2,750No Fee
1 |
1
South Harlem
1770 Madison Avenue
$2,875No Fee
1 |
1
South Harlem
1798 Madison Avenue
$3,000No Fee
2 |
1
South Harlem
8 West 122nd Street
$2,274No Fee
Studio |
1
South Harlem
1829 Madison Avenue
$1,900No Fee
1 |
1
South Harlem
245 West 115th Street
$2,200No Fee
Studio |
1
South Harlem
1638 Park Avenue
$2,204No Fee
Studio |
1
South Harlem
2280 Frederick Douglass Boulevard
$2,650No Fee
Studio |
1
South Harlem
364 West 119th Street
$2,650No Fee
1 |
1
Can You Combine Guarantors?
One question that often comes up when you’re curious about what is a guarantor is whether you can combine guarantors. In short: yup! You can. One guarantor’s income may be too wee for your landlord’s 80 times the rent policy. So you can ask another guarantor to join — like your Mom and your Aunt Linda. It’s a fairly common practice. If your rent is $2,500, your guarantor would need an annual income of $200,000. That’s a lot of money.
If that doesn’t work, showing that you have other ways of making your rent payment may get you approved. If you or your parents have significant savings, share the account statements with your landlord. It’s worth asking, anyway. After all, this is New York City — a place where anything’s possible.
Manhattan Rentals Under $3000 on StreetEasyArticle continues below
Fort George
570 West 182nd Street
$2,650No Fee
2 |
1
Midtown
117 West 58th Street
$2,850No Fee
Studio |
1
Hell’s Kitchen
402 West 45th Street
$2,500No Fee
Studio |
1
Central Harlem
107 West 138th Street
$2,095No Fee
1 |
1
Kips Bay
150 East 27th Street
$2,700No Fee
Studio |
1
Lenox Hill
434 East 75th Street
$2,750No Fee
1 |
1
East Harlem
420 East 120th Street
$2,500No Fee
2 |
1
Upper West Side
491 Amsterdam Avenue
$2,260No Fee
1 |
1
Washington Heights
120 Haven Avenue
$2,650No Fee
2 |
1
Fort George
609 West 186th Street
$1,900No Fee
1 |
1
Yorkville
1702 Second Avenue
$2,500No Fee
1 |
1
Lower East Side
146 Orchard Street
$2,850No Fee
Studio |
1
Can Your Guarantor Be Out of State or Out of the Country?
People from all over the world come to live in NYC. And you may question if a guarantor can be out of the state or even out of the country. “I have heard of landlords accepting out-of-country guarantors. There are also landlords willing to accept guarantors located anywhere in the U.S., so it doesn’t hurt to ask.”
What if You Don’t Have Anybody To Be Your Guarantor?
Not everybody has a family member or friend they can turn to when they need a guarantor. Evan Rugen, Licensed Real Estate Salesperson with R New York, says you may want to look into getting “an institutional guarantor, which is quite expensive.” But to get your foot in the door of a New York apartment, it’s worth considering. For a fee, companies like Insurent and The Guarantors may be able to assist in easing your new landlord’s worries so that you can fret about more important things. Like what to serve at your housewarming party.