Guarantors, without the panic

Most Brooklyn landlords want to see income of about 40 times the monthly rent. On a $3,200 apartment that's $128,000 a year. If you're short of that, or you're new to the country, new to your job, or a student, you'll be asked for a guarantor. Here's how that works.

Who can be a guarantor

Someone who earns roughly 80 times the monthly rent, has good credit, and usually lives in the tri-state area (some owners will accept out-of-state, ask us). A parent is the classic case, but it can be any adult who's willing to sign. They don't live with you; they promise to pay if you can't.

What they'll be asked for

The same package you provide, from their side: photo ID, two recent pay stubs, two recent bank statements, and last year's W-2 or tax return. Our guarantor application walks them through it. Tell them ahead of time that the statements are required; that's the step that stalls most applications.

If family isn't an option

Institutional guarantors like Insurent and TheGuarantors will co-sign for a fee, typically 65 to 110 percent of one month's rent for the year. It's real money, but it's often the difference between getting the apartment and not. Most of the owners we work with accept them; we'll tell you before you apply.

One thing to know

The guarantor signs the lease too, and they're on it for the full term. If you renew, they'll usually be asked to sign again. Keep them in the loop and there are no surprises.