Step 8: Lease Guarantor
A guarantor, also called a co-signor, is someone who is willing to guarantee your lease. The guarantor is responsible for all terms of your lease and guaranties not only your share of the rent but the entire lease – if in a share situation.
Why a Guarantor
For students or individuals who do not meet income or credit requirements, a guarantor might be the solution. A guarantor (co-signor) is someone who is willing to take the financial liability of your lease if you are unable or unwilling to fulfill it. The guarantor is generally not required to pay anything in order to get you approved; however by agreeing to guarantee you, they are responsible for all terms of your lease.
If you are sharing an apartment, it is important to understand the guarantor is ultimately responsible for the entire lease. Landlords may accept multiple guarantors, however, they are not legally obligated to do so. If a landlord is inclined to refuse an application based on poor credit, the decision to allow a guarantor for approval may depend on how bad the credit is and how strict their policies are. Sometimes a combination of guarantor and extra security are needed.
Third-Party Guarantors
If you do not have someone in the United States who can co-sign for you, there are several services available, for a fee, that will co-sign on leases. The following vendors are not affiliated with NYU:
-
TheGuarantors:
We know that apartment hunting is tricky, and after finally finding the one, the last thing you want is a “no” at the door.
That’s where TheGuarantors steps in. We believe in making your dream home a reality, whether you’re a student, recent grad, freelancer, new to the U.S., in-between jobs, or fixing up your credit.
Get qualified for your next apartment with ease. Our application is free and takes only a few minutes to complete. Even better, at some buildings, you can rent without a deposit, so you can keep more cash in your pocket at move-in.
Want to know more? Visit TheGuarantors.com download our Chrome extension for StreetEasy to easily browse the New York buildings that work with us.
Happy renting!
