Getting an Apartment without Meeting the Requirements

Most landlords require an applicant to make 45 times their rent but one company is helping those who make less secure housing in the big apple.

By James R. Lindamood

To rent an apartment in New York City most landlords require that the applicant make an income of at least 45 times the amount of their rent. For some people this isn’t a problem but for those who have just moved to the city or who have just finished college it’s a huge shock. While some new residents ask mom and dad for help others are seeking the services of a new kind of co-signer, a company known as Insurent.

Insurent is a New York based business that is backed by the CastlePoint Insurance Company. The company works with people who have less than the desired credit score and make less than the required income landlords. Don’t be fooled though, Insurent won’t sign for just anyone. In order to be considered as an Insurent client the applicant must have a credit score of over 650 and make 27 times the monthly rent.

Insurent works by guaranteeing the property owner that the applicant will pay their rent on time and in full each month. It’s a risky gamble for Insurent because if the tenant can’t pay on time and in full they are on the line for the monthly payments. Even with the fees assessed by Insurent many new New Yorkers are seeing this as their only option for obtaining respectable housing.

Since Insurent is a relatively new company they don’t have a lot of clients who will accept their approved tenants. Landlords are skeptical about accepting these clients because they don’t meet the same requirements as past applicants, but since they won’t be out any money if the tenant is evicted more are deciding to give Insurent a try. There are currently 300 properties in the city that work with Insurent.