No Credit or Bad Credit? Here’s How You Can Still Rent an Apartment in NYC
Not having a US credit history can pose a big problem with landlords in New York City, a place notorious for its stringent rental requirements.
But if you find yourself in this situation, don’t despair! There ARE ways that you can deal with it!
Get a Personal Guarantor
Getting someone to act as your personal guarantor is the easiest way to overcome either bad credit or non-existent credit.
Basically, a guarantor is someone who’s willing to step forward and vouch that they’ll cover your rent in the event that you’re unable to pay. To qualify to be a guarantor, a person usually needs to make at least 80 times the monthly rent, and they need to have a solid credit history of their own.
But note – in some cases, landlords will only accept a guarantor who is either New York state based, within the tri-state area (i.e. New York, New Jersey or Connecticut) or based within the United States. So if you’re an international renter with limited contacts in the US, this option can be a bit tricky.
Use a Corporate Guarantor
Can’t find someone who’s willing to act as your personal guarantor? A corporate guarantor can step in and do the trick!
Corporate guarantors (like Insurent and the Guarantors) will act as your guarantor for a set fee – anywhere from the equivalent 1 month to 1.5 months’ worth of rent (or more) depending on your situation. While some landlords won’t accept a corporate guarantor, many larger and mid-sized landlords are more than happy to work with them.
Try a Sublet
Is the corporate guarantor not in the financial cards for you? Then you’ve still got one more option – subletting.
Subletting is when you rent an apartment from someone who has a rental but isn’t presently living in it. Or sometimes it’s a person who has an extra room available, such as in a 2 or 3 bedroom apartment.
You won’t officially be on the lease which presents its own set of risks. But landlords are sometimes more lenient with their requirements because of this, so it’s worth looking into if you’re unable to secure a lease on your own.
What About Pre-paying the Rent or Offering A Bigger Security Deposit?
In the past, foreign renters and renters with poor or no credit could offer to pay the rent upfront or offer additional months of security. But due to the passage of the new rent law in 2019, neither of these can be done. So your best bet is to try one of the options mentioned earlier.
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