In a city where the price to rent is known for being high, many renters use guarantors to qualify for their apartments. Renters are usually required to make at least 40 times their monthly rent in income, and if that can’t be done, landlords require a guarantor who makes 80 times the monthly rent to be legally bound to pay.
Brick Underground spoke to Mirador Real Estate’s Daniel Itingen about who renters typically ask to be their guarantors. “Parents are the first people that landlords look for when it comes to guarantors,” Daniel says. “Then it goes down the list to grandparents, uncles, aunts and siblings, etc” To read more about guarantors in New York, read the full article here.