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Rent Guarantees - Which Company Is Right For Your Situation?

In NYC, landlords require tenants to show 40X the rent as income. A lot of pepple don’t necessarily meet this and might not have a parent that makes 80X the guarantor requriement.

All buildings are different for how much income they ask you to have to be able to guarantee your own rent. Don’t worry here are some great companies that can help!

 

Insurent

  • The cost for a lease guarantee for a one-year lease is usually around 70% to 90% of one month’s rent for U.S. citizens.

  • You need decent to good credit. 

  • Income requirements are usually 27.5 times your rent, but if you have over 50 times your rent in cash assets you also qualify.

  • They offer the lowest fees in the industry. 

  • No additional fees 

  • They only guarantee buildings they have partnerships with. They are accepted by over 725,000 apartments and 7,000 buildings in New York, New Jersey, Massachusetts, Illinois, Virginia, Washington, D.C, California, and Florida.  

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The Guarantors 

  • One of the oldest guarantor companies in NYC.

  • They provide renters insurance and security deposit insurance. 

  • One must need a 550 bare minimum credit score, 630 is the most common.

  • Income requirements are usually 27 times the rent.

  • The rates and fees are 4.5% to 7% for U.S. citizens and 7% to 10% for non-U.S. citizens. Sometimes fees will also be applied based on credit.

  • The cost for a lease guarantee for a one-year lease is usually around 35% to 80% of one month’s rent.

  • They require 2 years of financial statements.

 

Rhino  

  • Rhino is only offered to landlords and you must pay one months rent to move in. 

  • It is billed monthly so you can cancel whenever you want.

  • Do not need a high credit score, as long as the property you are moving into takes Rhino. 

  • Individualize costs for each renter, can be monthly or a one-time fee. Based on preference and location! 

  • No income requirement just if the building allows Rhino!

  • They offer flexible payment plans.

  • Can only guarantee your rent in AK, CT, DE, IN, KY, MD, ME, NY, PA, SD, TN & WV.

 

If you know someone who is looking to buy or sell, contact me! 

Danielle.Nazinitsky@compass.com 

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