Top 5 QUESTIONS Parents Should Ask Before Helping Their Child Rent an apartment in NYC

By Charles Schoenau Managing Director of Insurent Lease Guarantor Service

1. CAN YOUR CHILD QUALIFY TO RENT WITHOUT YOU? Typically in NYC, landlords require that young grads earn at least 40x the monthly rent and a have “good” US credit score. Accordingly, if the monthly rent is $2500, the income requirement would be $100,000 (40x monthly rent). If you son or daughter has no US credit, he/she will not qualify without you or Insurent as a guarantor.

2. DO YOU QUALIFY TO BE YOUR CHILD’S GUARANTOR? The landlord normally requires that the guarantor earn approximately 80x the monthly rent and have “good” US credit. If you are retired or do not earn 80x the rent or have inadequate or no US credit, you will normally not qualify as a guarantor for your child. In nearly all cases, parents without US credit cannot be guarantors. If you do not qualify as guarantor, consult with to determine if they can serve as your child’s guarantor . Many parents don’t like giving invasive paperwork and disclosing their income and taxes, at Insurent our application is far simpler.

3. DO YOU HAVE ALL YOUR NECESSARY PAPERWORK AND MONIES READY TO GO? Be prepared! On many occasions, apartments can be rented out from under a potential renter because

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he/she did not immediately present all necessary documentation and the evidence of qualification of the guarantor. Paperwork includes employment letter, taxes for the previous year, payment stubs and sometimes bank statements or recommendation letters from previous landlords. Monies include payment of the first month’s rent and one month security deposit by cashier’s check. International renters sometimes have major problems if they are wiring funds from overseas, which can take days. We have seen countless distraught renters who have lost apartments for any or all of these reasons.

4. DO YOU HAVE ENOUGH TIME TO FIND AN APARTMENT? Do not wait until the last 2 weeks before you need to occupy an apartment. At that time they are less availabilities and very likely less desirable choices. The market is tight. On the other hand you cannot really search 3-4 months before your occupancy date because most/many apartments will not be listed at that time. The best time to search seriously is 4 weeks prior to your expected occupancy date for optimal vacancies and time to search.

5. DO YOU NEED A BROKER’S HELP? Determine if you wish to use a broker or not in your search. Broker’s fees typically range from 10-15% of the annual rent. If you are unfamiliar with the city and are on a time crunch Brokers are necessary to ensure you find the best apartment you can for your child!


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.