If you’re looking to take advantage of the slowdown in New York City’s rental market to move out on your own or trade up to a bigger apartment, you might need to enlist a guarantor to satisfy a landlord’s steep income requirements, even if you’re getting a deal or a concession.
Most NYC landlords require you to make 40 to 45 times the monthly rent to qualify for an apartment. Sometimes landlords will take your savings into consideration, but if you fall short, a guarantor is an option to secure the apartment.
A guarantor can be a close friend or family member who promises to pay your rent if you default, but they usually have to live in the tri-state area, have solid credit, and make at least 80 times your rent. (Why so steep? The thinking is they need to be able to cover their own housing expenses, plus yours.) If you don’t have a personal guarantor, you can use an institutional guarantor, like Insurent (a Brick Underground sponsor). To qualify for Insurent, you must have a minimum annual income of 27.5 times the monthly rent or cash assets or publicly held securities equivalent to at least 50 times the monthly rent—plus decent to good credit.
Find Your Next Home
So, if you’re looking to move and your income doesn’t meet the requirements, here are five Manhattan rentals with landlords that accept guarantors for you to consider.
22 Grove St., #4D, West Village
This no-fee studio is asking $2,250. The apartment has hardwood floors, high ceilings, arched doorways, a fireplace, separate kitchen, stainless steel appliances, and two closets. It’s located in a co-op building, so board approval is required. Amenities include a live-in super and laundry room. If you’re a fan of the TV show “Friends,” that apartment is next door, and eateries like Moustache Pizza and Buvette are nearby.
221 West 14th St., #4A, Chelsea
This no-fee one bedroom, one bath is asking $3,200. Apartment #4A has hardwood floors, south-facing windows, 14-foot ceilings, stainless steel appliances, built-in bookshelves, a wood-burning fireplace, and a walk-in closet. Amenities include a live-in super, laundry room, and bike storage. Jackson Square, one of the city’s oldest parks, and eateries like The Crooked Knife are nearby.
411 West 35th St., #4D1, Hudson Yards
This no-fee one bedroom, one bath is asking $3,500 with three months free on a 12-month lease. The apartment features hardwood floors, oversized soundproof windows, recessed lighting, matte black appliances, solar shades, and an in-unit washer/dryer. Amenities include a live-in super, 24-hour doorman, concierge, fitness center, landscaped terrace, roof deck, and bike storage. The Shed and eateries like Friedman’s are nearby.
747 9th Ave., #3N, Hell’s Kitchen
This no-fee two bedroom, one bath is asking $3,550 with two months free on a 12-month lease. Apartment #3N has hardwood floors, exposed brick walls, crown molding, recessed lighting, stainless steel appliances, central air conditioning, and an in-unit washer/dryer. Eateries like Empanada Mama and Aqua Boil are nearby.
111 East 29th St., #2A, NoMad
This no-fee two bedroom, one bath is asking $5,000 with three months free on a 13-month lease. The apartment has hardwood floors, exposed brick walls, recessed lighting, stainless steel appliances, five closets, an in-unit washer/dryer, central air conditioning, and a private patio. Trader Joe’s and eateries like Penelope are nearby.
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