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. 

Brooklyn Rentals Under $3000 on StreetEasy Article continues below

Bedford-Stuyvesant

226A Madison Street

$3,000 base rent

3 |

2

Bedford-Stuyvesant

484 Greene Avenue

$2,950 base rent

1 |

1

Flatbush

219 Lenox Road

$2,499 base rent

Studio |

1

Flatbush

2605 Snyder Avenue

$3,000 base rent

2 |

1

Prospect Lefferts Gardens

224 Hawthorne Street

$2,699 base rent

1 |

1

Greenwood

124 32nd Street

$2,895 base rent

3 |

2

Ditmas Park

1111 Foster Avenue

$2,800 base rent

1 |

1

Ditmas Park

1111 Foster Avenue

$2,500 base rent

Studio |

1

Midwood

1802 Ocean Avenue

$2,750 base rent

1 |

1

Stuyvesant Heights

880 Dekalb Avenue

$2,999 base rent

1 |

1

Crown Heights

287 Kingston Avenue

$2,799 base rent

2 |

1

Bay Ridge

580 84th Street

$2,000 base rent

1 |

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 StreetEasy Article continues below

East Village

205 Avenue B

$2,500 base rent

Studio |

1

East Village

536 East 14th Street

$2,595 base rent

Studio |

1

East Village

510 East 5th Street

$2,790 base rent

Studio |

1

East Village

232 East 2nd Street

$2,700 base rent

Studio |

1

East Village

542 East 11th Street

$2,695 base rent

Studio |

1

East Village

185 Avenue C

$2,725 base rent

Studio |

1

East Village

76 E 1st Street

$2,799 base rent

Studio |

1

East Village

320 East 11th Street

$2,500 base rent

1 |

1

East Village

314 East 6th Street

$2,750 base rent

Studio |

1

East Village

514 East 5th Street

$2,800 base rent

Studio |

1

East Village

422 East 14th Street

$2,985 base rent

Studio |

1

East Village

425 East 12th Street

$2,695 base rent

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 StreetEasy Article continues below

South Harlem

24 West 125th Street

$2,498 base rent

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1

South Harlem

117 West 111st Street

$3,000 base rent

Studio |

1

South Harlem

201 West 120th Street

$2,300 base rent

1 |

1

South Harlem

355 West 115th Street

$2,730 base rent

1 |

1

South Harlem

155 West 120th Street

$2,195 base rent

Studio |

1

South Harlem

55 East 110th Street

$1,925 base rent

1 |

1

South Harlem

2294 Frederick Douglass Boulevard

$2,895 base rent

1 |

1

South Harlem

2294 Frederick Douglas Boulevard

$2,475 base rent

Studio |

1

South Harlem

8 West 119th Street

$2,495 base rent

1 |

1

South Harlem

274 West 115th Street

$2,500 base rent

1 |

1

South Harlem

1309 5th Avenue

$2,516 base rent

Studio |

1

South Harlem

152 West 124th Street

$2,073 base rent

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 StreetEasy Article continues below

Manhattanville

501 West 134th Street

$2,950 base rent

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1

Yorkville

226 East 85th Street

$2,995 base rent

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1

Morningside Heights

3133 Broadway

$2,900 base rent

1 |

1

Two Bridges

199 Henry Street

$2,600 base rent

1 |

1

Lenox Hill

40 East 64th Street

$2,600 base rent

Studio |

1

Fort George

560 West 192nd Street

$2,550 base rent

2 |

1

Washington Heights

1224 Saint Nicholas’s Avenue

$1,900 base rent

Studio |

1

Fort George

609 West 191st Street

$2,050 base rent

1 |

1

East Harlem

414 East 119th Street

$2,695 base rent

2 |

1

Two Bridges

109 Madison Street

$2,900 base rent

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1

Hamilton Heights

515 West 144th Street

$2,600 base rent

2 |

1

Washington Heights

652 West 160th Street

$2,800 base rent

3 |

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.