What Is a Guarantor & Do You Need One to Rent an Apartment?

In high-cost rental markets like New York, San Francisco, or Los Angeles, landlords often require extra financial security before approving tenants. Studies suggest that there has been a 50% increase in guarantor demand over the past five years, which is especially true for students, first-time renters, or those without strong credit.

If you’re not sure what a guarantor is or whether you need one, this guide covers everything: what guarantors do, how they compare to co-signers, requirements, risks, and alternatives if you can’t find one.

A Guide to Lease Guarantors

What Is a Guarantor?

A guarantor is someone who signs a lease agreement alongside the tenant, agreeing to take on financial responsibility if the tenant cannot pay rent or fees. Unlike a tenant, they do not live in the apartment.

Common guarantors include:

• Parents or family members
• Close friends
• Professional guarantor companies

Guarantors are most often required in expensive cities where landlords want assurance that rent will be paid on time.

Why Do Landlords Require a Guarantor?

Landlords typically ask for a guarantor if they see financial risk in a tenant’s application. You might need one if:

• You have limited or no credit history
• You recently started a new job
• Your income is below 2.5–3x the monthly rent
• You’re a student or first-time renter
• You’ve had past financial setbacks (evictions or bankruptcy)

In short: a guarantor gives landlords peace of mind that rent will still be covered.

Looking for more? Check out this great breakdown from Maverick Law Firm:

What’s the Difference Between a Lease Guarantor and a Co-Signer?

Landlords sometimes use the terms interchangeably, but there are important differences:

Is It Better to Have a Co-Signer or Guarantor?

Because co-signers are considered additional tenants, they are legally responsible for rent throughout the length of the agreement. A guarantor is only responsible once the tenant has failed to pay rent on time.

Moreover, a co-signer has the same rights to use the property as a tenant. Therefore, which one you choose will depend on your situation, and whether the person signing with you wishes to have the rights (and responsibilities) of a lessee.

Who Can Be a Guarantor and What are the Requirements?

Almost anyone can be a guarantor if they meet financial criteria, but most landlords prefer:

• Someone 21+ years old
• Strong credit (700–750+)
• Income at least 80x monthly rent (e.g., $160,000 annual income for $2,000/month rent)
• U.S. residency (some landlords require same-state residency for enforcement)

What Documents Does a Guarantor Need to Provide?

Most landlords will ask for:

• Social Security number
• Two years of tax returns
• Recent pay stubs
• Bank statements
• Proof of employment

Some landlords also run a credit check directly on the guarantor.

What Are the Risks of Being a Guarantor?

Guarantors take on significant financial responsibility. If the tenant fails to pay, the guarantor may face:

• Credit score damage
• Collection actions
• Wage garnishment or liens against assets

Because of the risk, guarantors should only sign if they fully trust the tenant and can afford to cover the rent.

How Long Does a Guarantor Stay on the Lease?

Typically, a guarantor is bound for the entire lease term, usually 12 months. If the lease renews automatically, the guarantor may remain responsible until a new agreement is signed.

How Do I Find a Guarantor for an Apartment?

Most people ask:

• Parents or family members
• Close, financially stable friends with good credit scores
• Employers (rare, but possible in relocation scenarios)

If personal options don’t work, you can use a professional guarantor company like:

• The Guarantors
• Insurent
• Rhino

These companies usually charge 70–90% of one month’s rent as a fee.

Tips for asking someone to be your guarantor:

• Be transparent about why you need one
• Explain the financial obligation clearly
• Show them your plan to pay rent on time

Sample Guarantor Request Letter

Hi [Name],

I hope you’re doing well. I wanted to reach out because I’m applying for an apartment at [Apartment/Building Name] in [City], and the landlord requires a guarantor. This means they need someone who can sign the lease alongside me and agree to cover the rent only if I cannot.

Here are the key details:

• Rent: $[Amount] per month
• Lease length: [12 months / other]
• What’s required: Proof of income, recent pay stubs, and a credit check

I want to be upfront that this is a serious responsibility, and I would never ask if I didn’t believe I could cover my rent. I have [steady income/savings/plan to budget carefully] in place, and I see this as a safeguard the landlord requires, not something I anticipate you needing to step in for.

If you’re open to discussing this, I’d be happy to walk you through the details, provide all the paperwork, and answer any questions. I completely understand if it isn’t the right fit for you.

Thank you for considering this — your support means a lot to me.

Best, [Your Name]

Pro tip: Be prepared to share your budget and financial plan when you ask someone to be your guarantor. It shows responsibility and makes them more comfortable saying yes.

What are the Alternatives If I Can’t Find a Guarantor?

If you can’t secure a guarantor, you may still have options:

• Offer to pay a larger security deposit (if legal in your state)
• Pay several months’ rent upfront
• Provide proof of savings (6–12 months of rent in the bank)
• Seek out landlords who don’t require guarantors
• Use a guarantor service (fee-based)

Looking to Move Soon?

Guarantors make renting possible for people with limited income or credit, especially in expensive cities. While they can help secure an apartment, they carry financial risks for the person who signs. If you can’t find one, alternatives like guarantor companies or upfront payments may help.

Ready to move to the city of your dreams but need an apartment lease guarantor? Do your legwork early and use Apartment List to find properties accepting guarantors. Then, make sure to build good faith with your friends and family. Try to build a special emergency fund into your budget to cover your rent in a pinch.

FAQs About Guarantors for Renting

What are the pros and cons of having a lease guarantor?

• PRO: easier to approve younger tenants without rental history
• PRO: more security than a security deposit
• PRO: may help prevent evictions
• PRO: get the funds needed for back rent
• CON: does not guarantee a good renter
• CON: payment recovery process can still be challenging
• CON: the landlord may need to take two individuals to court for refusal to pay
• CON: landlords may need to contact two individuals for late payments

What credit score does a guarantor need?

Most landlords expect guarantors to have good to excellent credit, typically 700–750+. Some may accept lower if the guarantor has very high income.

How much is a guarantor fee?

If you need a guarantor and decide to find one through a company, they usually charge a fee of 70–90% of one month’s rent.

Does being a guarantor have an effect on your credit score?

Being a guarantor does not affect your credit score. However, if you fail to cover any missed rental payments, that will have a negative impact on your credit.

Can you be your own guarantor?

In some rare instances, landlords may allow you to be your own guarantor if you put your assets up. Typically, however, if your landlord wants you to get a guarantor, it’ll be a third party.

Does a guarantor sign the lease?

An apartment lease guarantor will sign the lease as a legally binding document. After providing their guarantor information, the landlord will request their signature on the lease agreement.

What if you can’t find a lease guarantor or co-signer?

It's not the end of the world if you can't find a guarantor or co-signer for your lease. There are some companies like willing to act as your lease guarantor or co-signer.

How much income does a guarantor need to qualify?

A common rule is that a guarantor’s annual income must equal 80x the monthly rent. For example, for a $2,000/month apartment, that’s $160,000 per year.

Do landlords check a guarantor’s finances?

Yes. Landlords usually require pay stubs, tax returns, bank statements, and a credit check to verify a guarantor’s ability to pay.

What happens if a guarantor refuses to pay?

If a tenant defaults and the guarantor refuses, landlords can pursue legal action, collections, or wage garnishment against the guarantor.

Can I use a guarantor company instead of a family member?

Yes. Professional guarantor services (e.g., Insurent, The Guarantors) will act as your guarantor for a fee — typically 70–90% of one month’s rent.

Can I rent without a guarantor if I have poor credit?

Yes, but you may need to pay more upfront, provide proof of savings, or look for landlords who don’t require one.