Don't meet the income requirements for a Philadelphia apartment? You're not alone. Here's what you need to know about guarantors, co-signers, and alternative ways to secure your apartment.
When You Might Need a Guarantor
Most Philadelphia landlords require income of 2.5-3x the monthly rent. You might need a guarantor if:
- Income is below requirements — Common for recent grads, students
- Self-employed with irregular income — Hard to document
- New job — No pay history yet
- Poor or no credit history — International students, young renters
- Recent bankruptcy or eviction — Red flags for landlords
What Is a Guarantor?
A guarantor (also called a co-signer) is someone who legally agrees to pay your rent if you don't. They're essentially backing you financially.
What Landlords Require From Guarantors
- High income — Usually 80x monthly rent or 4x annual rent
- Good credit score — Typically 700+
- US residency — Some landlords require local guarantor
- Sign the lease — They're legally responsible
Example
For a $1,500/month apartment, a guarantor typically needs:
- Annual income of at least $120,000 (80x rent)
- Good credit score (700+)
- Willingness to be legally responsible for your rent
Who Can Be a Guarantor?
Common guarantors include:
- Parents or family members — Most common
- Close relatives — Aunts, uncles, grandparents
- Employers — Some companies provide guarantees for relocation
- Professional guarantor services — Third-party companies (see below)
Important Conversation to Have
Before asking someone to be your guarantor, make sure they understand they're legally responsible for your rent if you can't pay. This is a big ask—be honest about your financial situation.
Guarantor Services
If you don't have someone who can guarantee your lease, professional services exist:
Professional Guarantor Options
Insurent
Acts as your guarantor for a fee (typically 1 month's rent or ~6% of annual rent)
The Guarantors
Similar service with flexible payment options
Rhino / Jetty
May offer guarantor alternatives through insurance products
Note: Not all Philadelphia landlords accept these services. Ask before applying.
Alternatives to Guarantors
If you can't find a guarantor, try these options:
Alternative Solutions
Some landlords accept extra months upfront instead of guarantor
3-6 months rent paid in advance can offset income concerns
Individual owners may be more flexible than big companies
Combined income may meet requirements
Large savings account can demonstrate financial stability
For new jobs, a signed offer letter with salary helps
The Philadelphia Advantage
Good News
Philadelphia is much more flexible than NYC when it comes to guarantors:
- • Many smaller landlords don't require them
- • Lower rents = lower income requirements
- • Individual owners often accept alternatives
- • Less competitive market = more negotiating power
Tips for Success
- Be upfront — Tell the landlord your situation early
- Have documents ready — Bank statements, offer letters, references
- Offer solutions — Don't just state the problem, propose alternatives
- Highlight positives — Good rental history, stable employment
- Consider roommates — Split the income requirement
- Try smaller landlords — More flexible than management companies