What is a Guarantor, and How Can They Help You Get An Apartment in Manhattan?

Before you rent an apartment in New York on your own, you should know that most landlords require their applicants to have nearly-perfect credit before they’ll be considered as a tenant. Along with your apartment application, you’ll also be asked to submit financial and personal information, along with copies of your tax returns, pay stubs and company letters which prove you’re employed. With all this personal information being revealed, it’s nearly impossible to hide less-than-perfect credit from a potential landlord.

But all is not lost; if your credit (or salary) can’t stand on its own, your would-be landlord might ask that you obtain a guarantor (also known as a co-signer). A guarantor provides your landlord with a safety net – if you can’t pay your rent, your guarantor is legally obligated to do so. Some landlords may require that your guarantor earns more than the amount of your monthly rent. Or, if your guarantor makes less than what your landlord requires, you may have to supply them with more than one individual.

Guarantors are just as likely to be subjected to credit checks as a potential tenant. As such, you should ensure that you have sufficient funds to cover the guarantor’s credit check as well as your own.