What is a guarantor for an apartment? – How to get a guarantor

Renting an apartment often comes with more financial scrutiny than many renters expect – especially in a large city with high housing costs. Even if you can comfortably afford rent, you may still be asked to provide a guarantor as part of the application process.

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What is a guarantor for an apartment?

An apartment guarantor is an entity that agrees to take financial responsibility for your rent if you’re unable to pay. For property owners and managers, a guarantor helps reduce financial risk. For renters, a guarantor can be the difference between being approved for an apartment or having to keep searching.

What does a guarantor do?

A guarantor acts as a financial backup on your lease. If you miss rent payments or break the lease, the guarantor is legally responsible for covering the amount owed, according to the lease terms.

From a renter’s perspective, a guarantor helps reassure the property owner that rent will be paid even if your income, credit history, or employment situation doesn’t meet the property’s standard requirements.

From a property manager’s perspective, it’s a way to approve qualified renters and maintain healthy occupancy rates while still protecting the property’s income. In this way, guarantors are a risk management motion similar to using a resident screening platform and ID verification solution.

Do I need a guarantor to rent?

Not everyone needs a guarantor for renting, but it’s more common than many renters realize. You may be asked to provide one if you:

• Don’t meet the income requirements of the property/community
• Have limited or no credit history
• Are self-employed or have variable income
• Are new to renting in the U.S.
• Are a student or recent graduate

Requirements vary by property and location, so one apartment may require a guarantor while another doesn’t – even in the same city.

Is a guarantor a cosigner?

The terms “guarantor” and “cosigner” are sometimes used interchangeably, but a guarantor and cosigner aren’t always the same.

• A cosigner usually has equal responsibility on the lease from day one.
• A guarantor typically becomes responsible only if the renter fails to meet their obligations.

The exact distinction depends on how the lease is written, so always review the language carefully before signing. Guarantors for apartments should also have a clear understanding of their commitment per the lease.

4 Reasons for needing an apartment guarantor

There’s a common misconception that needing a guarantor means you’re financially irresponsible. However, many renters who are perfectly capable of paying rent could still need one due to apartment guarantor requirements within a lease.

Some common reasons for needing an apartment lease guarantor include:

1. High rent-to-income ratios: In expensive markets, monthly rent can easily exceed standard income thresholds.
2. Limited credit history: First-time renters, international renters, or young professionals may not have enough credit history.
3. Career transitions: Freelancers, contractors, or those starting a new job may not have long-term or consistent income documentation.
4. Competitive rental markets: In high-demand cities, owners may apply stricter screening standards.

A guarantor helps bridge the gap between your real-world ability to pay and a property’s approval criteria.

Who can be a guarantor?

Traditionally, a guarantor is someone you know personally – often a parent, family member, or close relative who has good credit and income, and is willing to take on your financial obligations if needed. Many properties require personal guarantors to:

• Live in the U.S.
• Earn several times the monthly rent
• Have excellent credit

That said, not everyone has someone who meets these criteria or is willing to take on that level of responsibility.

Third-party guarantor services

For renters who don’t have a personal guarantor, rent guarantor companies can be an alternative. These services step in as the guarantor in exchange for a fee, which is typically paid by the renter.

For many renters, this option offers:

• Independence from relying on family or friends
• Faster approvals in competitive markets
• A clear, contractual arrangement

While not every property accepts 3rd-party guarantors, many do (especially in large metropolitan areas). Acceptance and pricing vary, so it’s important to confirm whether a specific property works with lease guarantor companies before applying.

Fees for a third-party guarantor service on a one-year lease could be somewhere between 70% and 110% of the monthly rent. The pricing typically depends on U.S. citizenship status, and U.S. based credit history.

How to get a guarantor for an apartment

If you think you may need a guarantor on a rental agreement, it helps to be proactive.

• Ask early: Before applying, ask the property what their guarantor requirements are and whether third-party guarantors are accepted.
• Explore personal options: If you’re considering asking a family member or friend to be your guarantor, have a conversation about expectations and risks.
• Review third-party guarantor programs: Compare eligibility criteria, fees, and lease coverage so you understand what you’re agreeing to.
• Read the lease carefully: Make sure you understand when the guarantor becomes financially responsible, and for what amounts.
• Keep documentation ready: Whether it’s income verification or identity documents, being prepared can speed up the process.

Guarantor for apartment FAQs