Insurent Lease Guaranty Service is now incorporated by tens of NYC rental listing websites and is viewed as a necessary rental resource by sites like Rentenna, Urbanedgeny, Brickunderground, Urbansherpa, HowToRentinNYC and Streeteasy.com.
“We at Rentenna support the Insurent Guarantor Program because there is no other service like it in the New York City area and it is desperately needed. The strict criteria that landlords impose on renters such as making 40x their monthly rent is ludicrous and what they ask of your potential guarantor (usually a parent/sibling) is more paperwork than adopting a child. For a fee less than a broker, they will act as your institutional guarantor. Owners win because they don’t have any risk. If you default, Insurent pays. You win because Insurent’s criteria into their program is A LOT easier than a landlords and you can quickly get your dream apartment within 24 hours of applying.”
“Insurent Lease Guaranty is the first and only
institutional guarantor of residential leases. What is a guarantor? A guarantor is the cosigner on your lease when you do
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not meet the qualifications the landlord requires of you on your own. A standard requirement for NYC landlords is that you make 40-50 x the rent. So if you are renting a $2000 studio you need to make $90,000. It is also a requirement that you have “good” standing credit and a solid work history. Landlords want to know how YOU plan on paying the rent and if you can muster to fit into their requirements you will need a guarantor and most of the time that guarantor has to be in the tri-state area. This is because if you default and they have to come after your aunt Jim who cosigned your lease it is much easier to come after them legally if they are local. Also Uncle Jim as a guarantor is required by most landlords to make 80 x your rent so now the requirement becomes $180,000+ income which obviously in this economy is rare.
This is where Insurent Lease Guaranty comes in. They will act as your co-singer/guarantor if you make 27.5 x the rent and not 45. That same $2,000 studio now requires you only make $55,000 or if you have a roommate and your portion of the rent is $1500 that requirement becomes $41,250. They will accept you if you are a new hire, retired, or are from outside the United States. For retirees you have to show significant cash assets but you don’t have to pay 6-12 months up front to the landlord now you just pay the Insurent fee and you can pay your rent monthly. If you do not make 27.5 x the rent and are in school Insurent will also guarantee your Uncle Jim, parents or whomever you can get to cosign the lease. Insurent’s requirements are far less stringent and much less paperwork for them as well than that of the average NYC landlord.”
“Who can serve as a guarantor?
Most guarantors are parents, relatives, or friends. In many cases, landlords will require that your guarantor lives locally (within the Tri-state area). Some landlords may allow you to have a separate guarantor for each roommate signing the lease, but this isn’t always the case so if this is important to you, make sure to square away these details beforehand. If a personal contact isn’t an option, and your problem has more to do with lack of credit than bad credit, a service called Insurent will step in and act as a guarantor for a fee.”