As New York’s rental market continues to tighten, rent guarantors at Insurent and urging people to be prepared for the worst.
“This year I expect that renters will be in for a shock when they see how fast apartments rent, how high prices are, how difficult it is to qualify in many cases, and how quickly they have to decide about an apartment if they are qualified,” said Charles Schoenau, managing director of Insurent.
“Renters are already complaining to us that it is hard to find an appropriate apartment, and when they finally do, it is often gone the next day.
“In many cases, these renters did not have their guarantor information in perfect order and that caused them to lose the apartment.”
In one specific case, a renter put down a one month deposit on
the apartment but took an extra two days to provide full guarantor documentation and lost the apartment
as the owner had another renter completely qualified with checks.
“The moral of these stories is to be fully qualified with a guarantor (if necessary) when you begin your search. Then, when you find your ideal apartment, you will not lose it unnecessarily,” said Schoenau.
Accepted in over 200,000 apartments in New York City and recently accepted in Boston, Chicago and Washington D.C. metro areas, the Insurent Lease Guaranty has become a go-to tool for people looking to quickly qualify for their chosen apartment.