Insurent Lease Guaranty: Why you probably need it

Over 125,000 apartments in NYC accept them. To search by landlords who accept Insurent Lease Guaranty click here.

Insurent Lease Guaranty is the first and only institutional guarantor of residential leases. What is a guarantor? A guarantor is the cosigner on your lease when you do not meet the qualifications the landlord requires of you on your own. A standard requirement for NYC landlords is that you make 40-50 x the rent. So if you are renting a $2000 studio you need to make $90,000. It is also a requirement that you have "good" standing credit and a solid work history. Landlords want to know how YOU plan on paying the rent and if you can muster to fit into their requirements you will need a guarantor and most of the time that guarantor has to be in the tri-state area. This is because if you default and they have to come after your aunt Jim who cosigned your lease it is much easier to come after them legally if they are local. Also Uncle Jim as a guarantor is required by most landlords to make 80 x your rent so now the requirement becomes $180,000+ income which obviously in this economy is rare.

This is where Insurent Lease Guaranty comes in. They will act as your co-singer/guarantor if you make 27.5 x the rent and not 45. That same $2,000 studio now requires you only make $55,000 or if you have a roommate and your portion of the rent is $1500 that requirement becomes $41,250. They will accept you if you are a new hire, retired, or are from outside the United States. For retirees you have to show significant cash assets but you don't have to pay 6-12 months up front to the landlord now you just pay the Insurent fee and you can pay your rent monthly. If you do not make 27.5 x the rent and are in school Insurent will also guarantee your Uncle Jim, parents or whomever you can get to cosign the lease. Insurent's requirements are far less stringent and much less paperwork for them as well than that of the average NYC landlord.

Over 125,000 apartments in NYC accept them. To search by landlords who accept Insurent Lease Guaranty click here.