The Scoop about Guarantors

  |     |   Apartment Living, Student Rentals

Signing a lease on a Manhattan rental apartment requires having a guarantor.

What does that mean to you?

You’re filling out the lease agreement for your new apartment rental and you get to the part about a guarantor. “Hmmm…, “ you say, “Who should be my guarantor and what exactly is my guarantor required to do?” If all goes well, your guarantor won’t have to do a thing. But life happens and sometimes things don’t go exactly as planned, which is why virtually all rental building managers (including No Fee Rentals), greatly prefer to have a guarantor listed on a lease. Whether you are signing a short-term lease for a one bedroom on Waverly Place or a long-term lease on a two-bedroom apartment in Chelsea, a guarantor is a critical piece of your lease.

Who is a guarantor?

A Guarantor is someone who agrees to be equally responsible for all of the terms of your apartment rental lease. The guarantor is asked to step in should you be unable to handle your affairs, fail to pay the rent, or violate the terms of your lease. We request that every applicant have a guarantor, including those applying for short-term rentals. Occasionally, exceptions are made about having a guarantor, but the bottom line is that an applicant with a guarantor may be given preference over one who does not.

Whom should I select as my guarantor?

Most often a parent acts as guarantor. Relatives, employers, or associates who have excellent financial statements, excellent credit and agree to pay the rent if you are unable, can also qualify.

Oh, come on… what could happen?

New York is the greatest place to live; we don’t like to think about becoming sick or incapacitated. But should that happen, a guarantor would be called upon to look after your rental apartment, carry out your responsibilities under the lease or wind down your affairs and return the apartment in a legal fashion.

A guarantor also brings key benefits to renters

A guarantor enables people who may be rejected for not having a credit or rental history to rent an apartment. For No Fee Rentals, this gives us more flexibility regarding whom we can rent to – NYU and other college students, first time renters, international renters. Guarantors are in everybody’s best interests as all renters go through the same application and screening process, and ensures all tenants will have the ability to pay their rent no matter what unforeseen circumstances may occur.

In the end, we all hope we never have to call upon your guarantor and that your time in New York City is filled with fun, culture, adventure, and good fortune.

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