Frequently Asked Questions

Can you rent in NYC if you don’t meet income requirements?

In general, New York City landlords require tenants to make 40 times the rent in annual income or have a guarantor that makes 80 times.  However, if you don’t qualify on either front, don’t worry, there are other options for you to qualify, including:

•  Extra Security: While security deposits usually equal one month’s rent, in certain instances, landlords will accept between 1- 6 months extra security
• Rent up Front: Less common than extra security, some landlords will accept pre-payment of up to one years rent, sometimes in the form of a special bank account, called a letter of credit.
• Guarantor for hire:  There is a new crop of companies, like Insurent and WeCosign, that guaranty an apartment for you in exchange for a one time or annual fee.  While this may be the best option in terms of cash flow, not everyone qualifies and not every landlord accepts them.

The important thing to remember here is that in real estate everything is negotiable.  Speak with the building management or your broker and try to find terms that work out best for both sides.  It might take some back and forth, but if you try to work with the landlord, you should be able to come to an agreement.  If you can’t come to terms, don’t worry too much, landlords have different policies here, so you can always try another one, who might be more amenable to your needs.