To demonstrate that you can reliably pay your rent, you will usually need to show a combination of good credit and an annual salary of 40 to 45 times the monthly rent. That hurdle can be impossible to clear, given New York City’s notoriously sky-high rents. If that describes your situation, you’ll need to find a co-signer—someone who will be on the lease with you and, therefore, fully liable for any unpaid rent—or a guarantor who agrees to pay the rent if you can’t.

In NYC, co-signers and guarantors are generally required to have a credit score of at least 700 and an annual income of at least 80 times the monthly rent—working out to a minimum of $240,000 for a $3,000 apartment. They must also typically reside in the tri-state area (New York, Connecticut, or New Jersey), making it easier to bring a lawsuit in the event of an issue. Some landlords will only accept guarantors who are NY residents for the same reason. 

[Editor’s note: An earlier version of this article ran in June 2024. It has been updated with new information for June 2025.]

However, many parents, grandparents, or other relatives are unable to meet these steep requirements, whether due to retirement or a lack of a steady income. And while close friends or employers can step in as guarantors, these non-relatives are often reluctant to shoulder the financial liability if you or a roommate defaults.

Another wrinkle: You can no longer pay several months of rent in advance, which was previously helpful for those with shaky credit or lower incomes who had sufficient money in the bank. This option was taken off the table in 2019 with changes to the rent laws aimed at reducing upfront costs. It’s now illegal for a landlord to require prepaid rent and a security deposit greater than one month’s rent.

Don’t despair. Here are six options to explore if you can’t find a personal guarantor or co-signer.

1. Hire a third-party guarantor

If you don’t have a family member or friend who can act as a guarantor or co-signer, you can pay a company to take on that role. Institutional guarantors such as Insurent and TheGuarantors have income requirements that are significantly less strict than landlords’ 40-times rent rule and are accepted by thousands of buildings across the city—a trend that accelerated during the pandemic. The one-time cost for this is generally equal to one month’s rent.

“We’re seeing an increase in third-party guarantors to levels we’ve never seen before,” said Adam Frisch, managing principal at Mantus Real Estate, a brokerage firm. “It’s a change that’s here to stay.”

To find a landlord that accepts such arrangements, you can search for partner buildings on Insurent’s website or  add a Chrome extension via TheGuarantors.

2. Offer to pay a higher rent

Paying a higher rent might be difficult to stomach, but it just might convince a landlord to rent to you despite having no credit history.

It is not unheard of for renters to offer to pay a higher rent to secure an apartment; in fact, bidding wars are happening in the current red-hot rental market.

It’s also possible renters may find that an advertised rent goes up in response to an applicant’s credit score.

Frisch says renters will continue to see more amenability by landlords in the future. “If someone just graduated and doesn’t want to—or can’t—use their parents as guarantors, we will let them take the apartment for an extra $100 in rent,” he said.

3. Opt for a sublet (or become the new roomie)

Living in a place where your name is not on the primary lease has its pros and cons, but one major “pro” is you might not have to go through the income qualification gauntlet. Heads up, however: If you are subletting in a co-op or condo, expect a board interview. 

Many listing sites advertise sublets as well as short-term rentals. Some sites will help you find a roommate arrangement, too. 

Just ensure the building allows subletting, especially if it’s a co-op. You are also encouraged to sign a lease with the primary tenant, even if it’s someone you know and trust. 

4. Go with a co-living company

Co-living companies—including Cohabs and Outpost Club—offer the convenience of a furnished apartment and instant roommates, all for one monthly payment. Many companies vet tenants the same way traditional landlords do, with background checks and credit/income qualifications, only with less stringent financial requirements. Some (such as Roomrs) feature flexible lease terms, which are very much in demand. 

A few caveats to keep in mind: It is illegal to rent a single room in a co-living space—all roommates need to be on a lease for the entire apartment. You’ll also want to do some due diligence on the company to make sure it is legit, and the unit is properly set up for fire safety. What’s more, basement and windowless bedrooms are not legal—or safe.

5. Get insurance that guarantees your rent

An increasing number of buildings are offering rent guarantee insurance that will cover your rent if you lose your job. Landlords often charge a fee for this service and roll it into your monthly rent. In these cases, make sure the amount is spelled out in the lease. 

Be aware that by signing up for rent guarantee insurance, you will lose the ability to withhold rent if a landlord fails to make necessary repairs, which is an important leverage point against a negligent owner.

6. Shop around for the right landlord

Consider renting an apartment in a privately owned brownstone or a smaller building, as these kinds of landlords tend to be more willing to work with your particular set of circumstances—especially if you can move in during the slower winter months (and perhaps offer to take on some maintenance tasks). Being upfront with your broker and landlords about your situation might help you seal the deal.

—Earlier versions of this article contained reporting and writing by Virginia K. Smith and Emily Myers.

Mountain Realty ERA Powered has acquired Miller & Associates Real Estate, an independent brokerage based in Gettysburg, Pennsylvania.

The newly merged firm will operate under the Mountain Realty ERA Powered name, with a combined total of 34 agents across two offices.

The acquisition expands Mountain Realty’s footprint westward, increasing its presence in central Pennsylvania (including Adams, Franklin and York counties) as well as parts of northern Maryland.

Miller & Associates Real Estate was founded in 2006 by Marshall Miller, who will now oversee agent recruitment and regional growth initiatives for Mountain Realty ERA Powered in its expanded western territory.

“After nearly 20 years as a successful independent brokerage, I wanted to be able to offer my agents a steppingstone to even greater success,” Miller said in a statement. “As part of the ERA network, we now have access to cutting-edge tools, streamlined processes, and improved training programs, along with a larger network for collaboration and referrals.”

“Joining forces with Marty and his associates allows us to expand our reach in central Pennsylvania specifically in Adams, Franklin and York counties and into Northern Maryland,” said Nathan Mountain, owner of Mountain Realty ERA Powered.

“We’re excited to be working with like-minded professionals who value a community-focused, collaborative environment where agents feel supported and valued and can provide the highest levels of service to their clients.”

Mountain, a 25-year veteran of the real estate industry, founded the Mountville, Pennsylvania-based firm in 2021. His company serves clients across various price points, with a focus on first-time homebuyers and growing families.

The company plans to use the acquisition as a springboard for continued growth, including team expansion, new office openings and enhanced service offerings.

“This partnership will position the brokerage to attract top talent, broaden our market reach, and leverage advanced tools and resources to provide even greater value to agents and clients alike,” Mountain said.

With access to ERA Real Estate’s national resources — including marketing tools, professional development programs, and a global referral network — the newly combined brokerage aims to increase productivity and streamline operations for affiliated agents.

An amazing treasure trove of antiques valued at approximately $100,000 has been unearthed from beneath a mountain of clutter in a hoarder’s home.

The remarkable find was made during a clearance of a Victorian townhouse in Wolverhampton, about 20km north of Birmingham, revealing a collection that has captivated the imagination of many.

The terraced property, once owned by a retired antiques dealer, according to The Sun, was filled to the brim with items, obscuring the valuable artefacts within.

Dubbed “Aladdin’s Cave” by the team tasked with clearing the house, the hidden gems emerged unexpectedly as the work progressed.

The homeowner, who spent six decades amassing his collection, sought assistance after downsizing to a smaller residence with his elderly wife.

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A treasure trove of antiques was found hidden beneath piles of rubbish in this hoarder’s home. Source: The Sun

Hansons Auctioneers were very impressed with the unexpected finds. Source: The Sun

His home was transformed into a “collector’s paradise,” featuring an impressive array of antiques, including eight grandfather clocks valued at $2,000 each, an 18th-century coffer, and a classic 1956 Morris Minor split screen, estimated to be worth up to $12,000.

Hansons Auctioneers, responsible for the clearance, quickly recognised the man’s discerning eye for quality items.

As they sifted through hundreds of bags and boxes, they uncovered an array of valuable pieces.

Charles Hanson, the owner of Hansons Auctioneers, described the find as “unbelievable,” noting the house was packed with hundreds of items, many of which were of significant value.

Among the treasures was a magnificent 18th-century coffer, potentially worth between $300 and $500, and a Welsh stick chair valued at $1,200 to $1,600.

Hanson remarked on the tendency for collectors to become hoarders over time, a sentiment echoed by many in the antiques community.

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The removal team discovered an original 1956 Morris Minor ‘Split Screen’ hidden in the garage. Source: The Sun

The garage held another surprise: an original 1956 Morris Minor ‘Split Screen,’ valued at $10,000 to $12,000, hailed as a “great classic car discovery.”

The loft space revealed vintage bicycles, while a collection of teddies, some adorned with silver pocket watches, added a whimsical touch to the find.

Among the scores of treasures, a circa 1790 Staffordshire creamware mug, valued at up to $400, was discovered hidden among less valuable pottery.

Hanson reflected on the homeowner’s lifelong passion for antiques, noting that such a fascination often leads to an inability to stop collecting.

The post Hidden treasure: Hoarder’s home yields antiques worth $100,000 appeared first on realestate.com.au.

A rare offering of an entire block of units in Payneham is attracting strong interest from blue-chip investors set to enjoy immediate rental returns of more than $130,000 a year, with further financial gains likely through land banking.

The complex at 1-6/6 John St, which comprises six solid brick units, returns a combined gross income of $2510 a week, or $130,520 a year.

But selling agent Mike Lao, of Edge Realty, said the rents were under current market value, presenting an easy opportunity for higher returns.

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1-6/6 John St, Payneham.

1-6/6 John St, Payneham.

1-6/6 John St, Payneham.

“The rents are varying between $400 and $480 (per unit per week) but the property managers are suggesting market rents are more like $500 (per unit per week),’’ Mr Lao said.

He said one unit, which currently rents for $480 a week, had recently had its kitchen and bathroom updated.

Higher rents could be charged on the remaining units if they were similarly renovated, he said.

The property, set on an expansive 1271sqm allotment just six kilometres from the CBD and boasting a 24m frontage, also had strong potential for redevelopment, Mr Lao said.

“If this were (developed as) townhouses, you would get a massive return on investment because by building up you could squeeze a lot more onto it,’’ he said.

Mr Lao described the listing as a “once-in-a-lifetime’’ opportunity, which was attracting keen interest from those looking to purchase through self-managed super funds and land bankers.

“There’s been interest from some builders – not so much buying it to knock it down but just to acquire it and land bank it because (Payneham) is a tightly held area,’’ Mr Lao said.

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1-6/6 John St, Payneham.

1-6/6 John St, Payneham.

1-6/6 John St, Payneham.

“This is a blue-chip investment opportunity. Even if you don’t do anything (renovate the units) you can still increase the rent.

“Opportunities (to buy) something like this are very rare, it’s once in a generation.

“So, when they come up you grab them because they won’t come up again for another 30 years.’’

Lease agreements for each of the two-bedroom units end between September this year and June 2026.

Each unit comes with two bedrooms, a spacious open-plan living, meals and kitchen area, bathroom and separate laundry.

There is also one off-street, designated undercover carpark per unit.

Offers for the property close on Tuesday, July 1, unless sold prior.

No price guide has been released but Mr Lao expected it would sell for more than $2.2m.

– by Lauren Ahwan

The post Payneham unit block offering rare investment opportunity appeared first on realestate.com.au.

This rear-lot Highett townhouse sold for $1.185m at a competitive auction, with buyers captivated by its warmth, light and designer flair.

A first-time auction bidder has snapped up a stunning Highett townhouse for $1.185m in a competitive winter auction that saw four parties vie for the keys and left the vendor reflecting on four years of heartfelt memories.

The rear-lot residence at 3/5 Noyes St sold under the hammer through Ray White The Bayside Group, with six registered bidders and 80 spectators attending what became an unexpectedly intimate indoor auction due to Melbourne’s signature winter chill.

Buyer Rachel Ryan, who had been searching for the right home for three months, said the warm, light-filled interiors won her over instantly.

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“I am so excited, we’re just having some champagne to celebrate,” Ms Ryan said.

“This was the first time I’ve ever bid at an auction and it was fun!

“I’ll be moving in with my 22-year-old daughter and we just knew this was the one.”

Bathed in natural light, the open-plan living zone features soaring ceilings, a modern staircase and a seamless connection to the home’s outdoor entertaining area.

The revamped courtyard includes bamboo-lined fencing, a built-in barbecue and space for firepit seating — perfect for relaxed entertaining year-round.

Ray White Bayside director and auctioneer Kevin Chokshi said bidding opened in the high $900,000s and quickly escalated, with the home hitting reserve at $1.1m before landing at $1.185m.

“The vibe was great, we had young couples, downsizers and upsizers all in the mix,” Mr Chokshi said.

“Being tucked away at the rear of the block gave it real privacy, and the finishes, the terrazzo, the pink powder room, the outdoor flow, they all helped it shine.”

Buyer Rachel Ryan (centre), who won the auction on her very first bid, celebrates with her father John and Sam.

The sleek kitchen includes terrazzo stone finishes, Miele and Electrolux appliances, and a five-burner cooktop, a standout space for home chefs.

Seller Ryan Lyons, who purchased the home with his partner Jessie Ferguson four years ago, said they almost missed out, having dismissed the property online before visiting in person.

“When we walked through it, we felt the warmth, the light, it just clicked. The layout had a really beautiful energy,” Mr Lyons said.

Since moving in, the couple renovated the upstairs bathroom, transformed the outdoor entertaining area, and added the now-iconic pink powder room.

Soft textures, ambient light and a crisp palette give the main living space a calming, coastal feel just minutes from the bay.

“We’ve had birthdays out there, barbecues, casual dinners with friends, it’s been a really special space for us,” he said.

Mr Lyons said the home held particular significance as the place where their daughter took her first steps and made her earliest memories.

“It’s the first place our daughter ever lived. Watching her grow up here, playing in the courtyard, having friends over, those are the moments that stay with you,” he said.

Though they’re upsizing to accommodate a growing family, the seller said leaving the neighbourhood was the hardest part.

Recently renovated, the upstairs bathroom features a freestanding tub, rainfall shower and skylight, bringing spa-style luxury to everyday living.

All three bedrooms offer built-in storage, privacy and versatility, ideal for families, professionals or downsizers seeking low-maintenance living.

“We absolutely love the area. We even tried to buy again on the same street, but there was nothing for sale,” Mr Lyons said.

Mr Chokshi said the strong result highlights surging demand for turnkey, low-maintenance homes in bayside pockets like Highett.

“Buyers don’t want a project, they want lifestyle,” he said.

“There’s way more energy in the market than usual for June. Some agents are off on holidays, and they’re missing out.

“I’ve listed three new properties this week alone. Sellers are feeling confident, and buyers are ready to strike.”

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david.bonaddio@news.com.au

The post Highett Townhouse sells $85k above reserve appeared first on realestate.com.au.