Getting approval for the specific unit you want isn't just about finding a guarantor service. It's about understanding how landlords evaluate these arrangements and knowing how to make the ask land.
Do Most Landlords Accept Guarantors?
Most do — but "most" is doing a lot of work in that sentence. In New York City, it's common practice for landlords to allow a guarantor when a renter doesn't meet income requirements on their own. NYC's tenant protections don't require landlords to accept a specific type of guarantor, though, which means the decision often comes down to building policy, management company preference, and how the guaranty is structured.
Larger institutional landlords — the kind managing hundreds of units across multiple buildings — are more likely to have a formal policy on institutional guaranty bonds. Some actively prefer them over personal co-signers because they don't require a human guarantor to sign a lease or carry personal liability. Others haven't updated their application process in a decade and default to "we only take co-signers who earn 80 times the rent." That's a real number you'll encounter.
Smaller landlords, the ones renting out a brownstone apartment or a two-family house, often have more flexibility — and more anxiety. They're not working from a policy manual. They're making a judgment call about a stranger, which means a clear explanation of how a guaranty bond works can go a long way. A two minute application through PandaGuarantee will get you a pre-approval letter you can forward to your landlord explaining guarantee services and the protection they provide.
The short version: most landlords will consider a guarantor arrangement, and showing that you’ve already been approved for guarantee can go a long way in swaying them.
What Is the 30% Rule for Renting?
The 30% rule is the old guideline that says you shouldn't spend more than 30% of your gross income on rent. It comes from decades-old federal housing guidelines and has become a rough benchmark that renters use to gauge affordability.
Landlords in NYC use a different version of it: they typically want to see that your annual income is at least 40 times the monthly rent. On a $3,000/month apartment, that means $120,000 gross income per year. For a $4,500/month unit, you're looking at $180,000. According to the U.S. Census Bureau, median household income in the U.S. is well below that threshold — which is exactly why so many renters in expensive cities need a guarantor in the first place.
The 30% rule and the 40x rule aren't the same calculation, but they're measuring the same anxiety on the landlord's side: will this person be able to pay every month? A guaranty bond answers that question directly. It tells the landlord that if rent goes unpaid, there's a financial backstop. Coverage can include unpaid rent, and depending on the bond terms, could also include damages, utilities, or costs related to abandonment of the unit.
Why Some Buildings Push Back — and What to Do About It
Rejection isn't always personal. Sometimes it's procedural. A building's management software might not have a field for "institutional guaranty bond." The leasing agent might not know what to do with your letter. The property manager might be waiting for legal to sign off on something they've never processed before.
Here's what actually moves the needle:
- Come in with documentation, not just a name. A pre-approval letter that explains exactly what the bond covers, what the claim process looks like, and what documentation the landlord would need to file is far more convincing than "I'm working with a guarantor service."
- Frame it as risk reduction, not as a workaround. You're not asking for an exception. You're offering the landlord a financially backed guarantee — arguably more reliable than a co-signer who lives in another state and whose own finances can change.
- Address the 40x gap directly. If your income is $85,000 and the apartment requires $120,000, say so upfront and explain that the guaranty bond covers the difference in protection the landlord would otherwise be looking for.
- Ask who needs to approve it. In larger buildings, the leasing agent doesn't make this call. Find out if it's the property manager, the building owner, or a legal or compliance team — and make sure your letter reaches the right person.
Here is a plain-language breakdown you can forward directly if a landlord asks for more detail.
The Specific Building You Want Is Worth the Extra Step
It's easy to default to apartments where the process is frictionless. But the apartment you actually want — the one with the right commute, the right layout, the right block — is worth a few extra conversations.
Institutional guaranty bonds have become more widely accepted in NYC over the past several years, particularly as more renters arrive without traditional U.S. credit histories, including international arrivals and recent graduates. Landlords who've processed one bond tend to be comfortable with the next. The bigger hurdle is often the first time.
This landlord FAQs page is worth bookmarking if you anticipate questions from your building's management team — it's written specifically for that conversation.
Get Pre-Approved Before You Apply
The strongest move you can make is showing up to a landlord conversation with a pre-approval letter already in hand. It signals that you've done the work, that the process is real, and that they're not being asked to take a flier on an unfamiliar product.
A PandaGuarantee pre-approval letter gives your landlord a concrete, reviewable document — one that explains what they're getting, what happens if rent isn't paid, and what their next steps would be if they need to make a claim. You're not asking them to trust you on faith. You're handing them a safety net and letting them decide whether to catch it.
Get your PandaGuarantee pre-approval letter here.
The apartment you want is probably worth one more follow-up email. Start with the letter.