I just read an article from a NY real estate website that can easily be applied to Beacon Hill condo renters.
The article was about how landlords aren’t crazy about having a co-signer on your lease who lives out of state, so if you need a guarantor in order to qualify to rent an apartment.
“New York landlords don’t like out of state co-signers for legal reasons,” explains Jeffrey Geller, vice chairman and chief operating officer of Insurent (a Brick sponsor). “It is more difficult to serve out of state co-signers, and they also need to hire new attorneys in other states.”
From my experience, like NYC, Beacon Hill condo landlords who will only accept co-signers within the area. This can pose a significant challenge to Beacon Hill condo renters who need a guarantor to qualify for a rental and whose family lives elsewhere.
If you don’t meet the income qualifications to rent (usually 40 times the monthly rent) and don’t have any family or friends living in-state who could serve as a guarantor, you have a few other options.
“The most common reason landlords require a guarantor is because of insufficient income,” says Dennis Hughes, a broker with Corcoran. “If this is the case, prospective tenants should, if possible, offer additional security, or offer prepaid rent of several months or more—even up to a year.”
For Beacon Hill condo renters who don’t have that amount of cash handy, they or their would-be co-signers can opt to use a service like Insurent, which will act as their guarantor for a fee calculated as a percentage of a month’s rent.
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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
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