I have been a huge advocate for Insurent Lease Guaranty’s rental cosigner service since they first launched a few years ago. I was a rental broker before I started this website and if we had Insurent when I was working my life would have been far easier. There was no such thing as a rental cosigner service in 2008. This meant hundreds of qualified renters with good credit couldn’t rent their desired apartment. In NYC the criteria for income is a strict 40-50x the monthly rent. This means if you were to rent a $2500 one bedroom you would have to make $112,500. ?Insurent Lease Guaranty requires only 27.5 x the monthly rent so for that same $2500 apartment you only have to make $68,500. ?If you were not born in the United States (or have no U.S. credit) you could forget trying to rent at all unless you could put up 6 months of security.
Their service is a necessary one in NYC and it is now becoming just as necessary in the rest of the United States. Rental prices are soaring in most cities making it difficult to rent everywhere this rental season unless you make six figures and have perfect credit. Insurent lease guaranty will allow you to have “very good” credit vs. the usual needed “perfect” which allows some breathing room if you forgot to pay off your Gap Credit Card when you were 22 years old. (Yep, that was me.)
There is a fee to use the service but it is less than a one-month fee of the rent (far cheaper than broker fees in NYC and Chicago) and it allows far more breathing room to pick an apartment you actually want to live in.
If you aren’t sure if an apartment you like accepts Insurent, call Insurent directly and they will work with you and your landlord.?(800) 675-7619 or (212) 295-5000