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NoFeeRentalByOwner.com Apartments For Rent Tips:  
Guarantors

With the high price of apartments for rent in New York, it is
extremely common for a renter to have a guarantor.  This
party will literally "guarantee" the lease.  While the renter will
occupy the apartment, the guarantor will share
responsibility.  Guarantors are used in the following
situations:

• students
  
• self employed individuals
  
• bad credit or short credit history
  
• you do not make enough money on your own
  
• recently hired at your job
  

A landlord will generally require a guarantor to make 80
times the monthly rent in an annual income (ie if the
monthly rent is $1500 the guarantor will have to make
$120,000 annually and be able to show proof of that)

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