Have you found it difficult trying to qualify for a rental in Manhattan? You’re not alone. According to a recent study by RENTCafe, Manhattan has the 7th highest rental application rejection rate in the U.S., with nearly a quarter of renters being turned away. If you’ve found yourself in this position, or you’re concerned it may happen to you, there’s a solution. Platinum Properties has helped previous clients by connecting them to TheGuarantors, an innovative company that offers insurance to those who don’t meet rental requirements.
Who they are
Launched in 2014, TheGuarantors makes it easy for renters to qualify for a lease by serving as the co-signer. Essentially, you buy insurance from them that guarantees your landlord will get paid even if you stop making payments. Their guarantee is backed by The Hanover Insurance Group, an A-rated insurance company, and is accepted by many landlords in the city, with more being added as the service gains popularity.
TheGuarantors was founded by Julien Bonneville, who told AlleyWatch in an interview, “As a French national, I first moved to New York to attend business school at Columbia. As a student, I struggled to qualify for an apartment and soon learned that many New Yorkers, not just internationals and students, experience similar issues while apartment hunting. I founded TheGuarantors to solve these issues, starting with the lease qualification process.”
Who can benefit
Anyone who gets declined for an apartment that they know they can afford can benefit from the insurance. This includes:
- Students – Without an income, it’s impossible to qualify. Students will need a co-signer on a lease, often a parent. If your parent can’t be a guarantor, TheGuarantors can.
- Recent graduates & employees – If you don’t make 40 times the rent or have a solid credit score, you could be denied. TheGuarantors can be the edge that gets you the apartment.
- Internationals – If you just moved the U.S., you may not yet have a credit score, and it’s hard to rent an apartment without one. TheGuarantors can help you qualify, even if you don’t have one.
- Those that are self-employed – Unpredictable income looks like a risk to landlords. TheGuarantors can use additional criteria such as tax returns and available funds to serve as your co-signer.
- Corporate renters – If a landlord won’t allow your company to co-sign the lease, TheGuarantors can instead.
When Christopher Russo, a firefighter with an excellent salary but spotty credit history, tried to rent his dream Manhattan apartment, he was denied. He was referred to TheGuarantors by the building’s management company, and by using their services was able to secure the lease. “From start to finish, the experience was pleasant and easy,” says Russo. “I can’t think of any negative aspect. It’s impressive that such a young company is able to do customer service as well as they do.”
A unique partnership
Platinum Properties has been successfully helping clients who may otherwise have trouble renting NYC apartments through our unique partnership with TheGuarantors. By working with us, you have access to more options when it comes to getting your rental application accepted.
According to Bob Schmidt, Co-Founder and Managing Director of TheGuarantors, “Platinum Properties has been a successful partner of TheGuarantors for the past year, and the team is always a joy to work with. Not only are the agents and executive staff extremely organized and communicative, it’s clear that they have their clients’ best interest in mind. Using a service like TheGuarantors shows that the team understands the tools available to them to help guide their clients through the tricky real estate process. Platinum Properties also emphasizes training and development of their agents, and we have been thrilled to be involved in that aspect of their business. We look forward to even more productive collaboration in 2018!
Our agents love the process
Many of Platinum Properties’ top agents have worked with TheGuarantors and love how easy the process is. Alex Antigua Caba had this to say about his experience, “TheGuarantors handled the whole transaction, and I was able to track everything through the process. Everything was streamlined and the staff was super responsive and helpful. They even have a Google Chrome Extension that shows which buildings qualify for the service. TheGuarantors are lifesavers!”
How to apply
The process of applying for TheGuarantors Lease Guarantee is extremely easy – and free! Visit their website to complete the five-minute questionnaire and upload your documents. You can be approved in as little as thirty minutes.
If you’re looking for a rental in New York City, please click here to contact Platinum Properties. We can help guide you through the process and are always available to answer your questions.