TheGuarantors helps renters qualify for apartments and protects landlords | 6sqft


For NYC renters who don’t have a parent or well-to-do friend who can guarantor their apartment, getting on a lease can be a challenge. In addition to wanting a credit score of at least 700 and looking at bank statements, landlords usually want to see that a prospective tenant’s annual income is 40 times greater than one month’s rent. If that’s not the case, their guarantor must earn a whopping 80 times the monthly rent. Aware of this hardship in a country where rents have risen 20 percent over the last five years, a new financial startup hopes to help clear these hurdles. As noted by the Wall Street Journal, TheGuarantors sells payment insurance to tenants, which gives landlords a guarantee that they’ll still be paid if the tenant fails to meet rent.
https://www.6sqft.com/new-startup-theguarantors-helps-renters-qualify-for-apartments-and-protects-landlords/?utm_source=6sqft+Daily+List&utm_campaign=1683d0c201-Daily_420&utm_medium=email&utm_term=0_ac79eda340-1683d0c201-246868149

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Written by Larry Rosenberg

Larry Rosenberg has been a real estate professional for over 30 years in NYC. He has rented apartments, sold apartments, and even been involved in converting buildings from rentals to coops and condos. Larry's also been involved in renovating apartment buildings and the apartments within. "RDNY.com is the best idea and innovation in the world of apartment rentals in the last 20 years."

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