No Guarantor? No Problem
Sep 29, 2022 brooklyn,brooklyn events,brooklyn real estate,brooklyn realty,Brooklyn Renters,rental market,renting in brooklyn
Renting in Brooklyn can be a struggle, and it’s even more difficult if you don’t have a co-signer or guarantor. Typically, a landlord wants an in-state guarantor who makes 80x the rent, which might be a steep ask for some. Thankfully, if you don’t have relatives or close friends to help out, there are still ways to get yourself into an apartment or condo that you don’t quite qualify for on your own.
#1: Hire a Third-Party Guarantor
There are plenty of guarantor companies out there today with far more relaxed requirements than private landlords. For a fee of around 65-85% of one month’s rent, they’ll sign on and be responsible for your payments if you don’t make them yourself.
These services are becoming extremely popular, and we know it’s a change that’s here to stay.
#2: Pay a Higher Rent
Bidding wars are common in today’s renting world, and they can really help a landlord trust you if you haven’t established a strong credit score quite yet. The difference may be as little as $100 per month for you, and that’s well worth getting to live in a place you love.
#3: Ensure Your Monthly Payments
You can pay a monthly fee for rent guarantee insurance, which many landlords will accept even if you don’t make 45-50 times the rent amount per year or have a perfect credit score. Landlords can even roll it into your monthly payment and lease.
#4: Consider a Roommate or Co-Living Company
Living with friends can be an incredible adventure, and it’s also much more affordable than renting your own place. Though you could always sublet from someone who wants to move out early if you need some personal space.
A co-living company will have less stringent requirements (and leave you with more financial freedom) by renting you furnished living space with already-established roommates. Be sure the living space is up to fire code and safe (not in a basement or windowless), before you sign on.
#5: Keep Filling Out Applications
Some landlords are more lenient and understanding than others. If you continue to apply to rent places that interest you, there’s a good chance you’ll eventually find someone who trusts you to pay rent each month even if your income and/or credit score aren’t quite up to the requested levels.
It can help to apply during slower markets like wintertime when people aren’t wanting to move, too.
So just because you don’t qualify for your dream apartment, doesn’t mean you should give up. There are plenty of ways to prove to your future landlord that you’re more than worthy of their financial trust.
And if you need any help, get in touch. We have a renter-specific agent who can work with you to find you your new dream apartment.
Ready to buy your own place? Download our free Buying Into Brooklyn Ebook to get a step-by-step guide on the buying process and decide if now is the right time for you.