Urban states “We all know the rental market now is hotter than ever. Landlords can afford to be selective and if an applicant doesn’t fit the bill completely, they can get boxed out. So in most cases, people who don’t fulfill those requirements need to ask for a guarantor to back the lease. But buildings have stiff requirements for them too. Most need to show higher income and credit scores and often need to be located in New York State. If a renter doesn’t have that they are out. Now, a relatively new company is stepping up the plate to help less qualified renters secure a home. It’s called Insurent.
Insurent helps secure leases for renters who need a little application enhancement. For example, foreigners with no U.S. credit, students, or recent grads who don’t yet earn a high enough income, those who are self-employed or those who have family or friends who could help, but are out of the area.
Applicants for Insurent still need to qualify, but the standards are lower than they are for most landlords.”
“We want your annual income to be a minimum of 27.5 times the monthly rent and for you to have good credit, decent credit or no credit,” explains Insurent Lease Guaranty Program Founder Jeffrey Geller. “In addition, we also qualify renters on cash liquid assets (here or overseas) being a minimum of 50x the monthly rent, and international and US students with parents who have a minimum annual income of 50x the monthly rent or 80x the monthly rent at banks or in marketable securities.”
Senior Vice President of Caliber Associates Joseph Haddad says the service is a deal maker for clients who would otherwise need to rent outside of the city.
“They save so many deals that definitely would not have been approved I don’t even know what those clients would have done,” notes Haddad.
The Insurent Lease Guaranty Program was created to serve renters, landlords, condo/coop owners, and brokers and relocation specialists by offering the first institutional guarantor of residential leases. The Insurent Lease Guaranty Program has been featured in the New York Times, The Real Deal, The New York Real Estate Journal, Real Estate Weekly and Multi-Housing News.
The Insurent Lease Guaranty Program is underwritten and issued by Argonaut Insurance Company, a property and casualty insurance company rated A (Excellent) by A. M. Best. Instead of looking for an individual guarantor or co-signer, or having to pay a significantly larger security deposit or prepaid rent, a renter may utilize the Insurent Lease Guaranty to satisfy the landlord’s financial and credit requirements.