Looking for an alternative to TheGuarantors? Here’s what you need to know.
Est. read time: 6 min
If you have been apartment hunting in New York City and your landlord accepts TheGuarantors, but the fee came back higher than you expected, you are not alone. TheGuarantors is a well-known product with broad landlord relationships, but it is not always the best fit for every renter. Pricing can vary significantly based on your risk profile, and some renters find the approval process slower than advertised.
The good news is that there are several legitimate TheGuarantors alternatives worth knowing about before you commit. This guide covers the main options, what each one costs, who each is best for, and a few things the review sites tend to leave out. The alternatives are PandaGuarantee, Insurent and Rhino.
Why Renters Start Looking for Alternatives
TheGuarantors operates on a tiered pricing model. Renters with stronger profiles pay less (sometimes as low as 40% of a month's rent), while those flagged as higher risk can pay 85% or more of a month's rent, sometimes exceeding 100% for longer lease terms. That puts the out-of-pocket cost on a $3,500 Manhattan apartment somewhere between $1,500 and $3,500 or more, paid upfront and non-refundable.
Some renters also find that TheGuarantors is only accepted at certain buildings, meaning you may go through the application process and discover your specific landlord is not a partner. And while the company has a solid reputation overall, applicants sometimes report delays waiting on underwriting.
That context matters when you are comparing alternatives. You are not just shopping on price. You are looking for which company your specific landlord accepts, how fast they move, and what the total out-of-pocket looks like for someone in your situation.
The Main Alternatives to TheGuarantors
PandaGuarantee
PandaGuarantee is the low-cost newer entrant in the NYC market that has been gaining traction, particularly among landlords managing mid-to-large buildings. The product is a Lease Guarantee Bond in partnership with carrier Crum and Foster, which carries an AM Best A+ rating, the highest rating out of all the guarantors in this niche. That financial backing matters if you are a landlord evaluating risk, and increasingly it matters to renters too who want to know their guaranty company is not going to have financial trouble.
Where PandaGuarantee tends to stand out is on the service side. Approvals move quickly, claims are paid out in 3 to 5 business days on average, and the company has a reputation for being genuinely accessible. The CEO is active on Reddit under the handle @Sol_Hando and answers questions directly, which is an unusual level of transparency for a financial services company.
Coverage can include unpaid rent, abandonment, property damage beyond normal wear and tear, and unpaid utilities, though landlords customize which categories apply to their specific bond. If you are renting from a landlord who already accepts PandaGuarantee, it is worth getting a quote to compare against what TheGuarantors came back with.
Insurent
Insurent has been operating in NYC longer than most competitors and is accepted at over 775,000 apartments across more than 8,000 buildings in New York. If your building is Insurent-approved, the process is straightforward: no application fee, initial qualification typically within 30 minutes, and the guaranty letter issued to the landlord within 24 hours.
Fees for U.S. citizens with good credit generally fall between 65% and 85% of one month's rent for a one-year lease. For non-U.S. citizens or renters without a domestic credit history, the fee is closer to 95% to 110% of one month's rent. Like TheGuarantors, you pay this upfront as a one-time non-refundable premium.
The main limitation: Insurent only works with buildings that have pre-enrolled in the program. If your landlord is not already an Insurent partner, this option is off the table.
Rhino
Rhino started as a security deposit replacement product and has expanded into lease guaranty services. It is available nationally, which makes it useful if you are relocating from outside New York. The fee structure is generally on the lower end of the market, though Rhino is typically offered through landlords rather than initiated by renters, similar to how renters insurance gets bundled into a building's onboarding process.
For renters who primarily need to replace a security deposit rather than guarantee their full lease, Rhino is often the most cost-effective option. For a full lease guarantee, it is worth comparing with the other providers on your specific building's accepted list.
How to Choose the Right Alternative
Before spending time on applications, there are two questions worth asking first: Which companies does your specific landlord accept, and what does your applicant profile look like?
If your income is at least 27.5 times the monthly rent and you have decent U.S. credit, you will likely qualify with most of the providers above, and the fee difference between them may come down to 10 to 20 percentage points. At that level, the deciding factor is often how fast the company can issue the guaranty letter and whether your landlord accepts them.
If you are a non-U.S. citizen, recent graduate, or someone with thin credit, the gap widens more. Insurent and PandaGuarantee both have experience working with these profiles, and it is worth applying to whichever one your building accepts before assuming the price will be prohibitive.
A Quick Cost Comparison
TheGuarantors: 40% to 130% of one month's rent, depending on risk profile. Higher-risk applicants pay significantly more.
Insurent: 65% to 85% for U.S. renters with credit. 95% to 110% for non-U.S. renters or those without domestic credit history.
PandaGuarantee: Also 50% to 100% of a month’s lease, but often cheaper than any other guarantor. Pricing varies by applicant profile. Fast turnaround and direct access to support if you have questions during the process. Get a quick free quote here.
Rhino: Landlord-driven product, typically lower cost for deposit replacement. Full lease guaranty pricing varies.
Leap: Estimated 55% to 90% of one month's rent. Pricing not disclosed until application.
Bottom Line
The best TheGuarantors alternative is PandaGuarantee or Insurent, whichever company your landlord accepts, moves fast, and prices fairly for your specific situation. For most NYC renters, the decision comes down to PandaGuarantee if it’s accepted in your building. Both are financially backed by rated insurers, both have long track records in the NYC market, and both can typically turn around a guaranty letter within 24 hours or less.
If you are comparing quotes, pay attention to the total upfront cost, what the coverage actually includes, and how responsive the company is when you have a question at 9pm the night before you are supposed to sign a lease. That last part tends to matter more than most comparison guides let on.
Summary
TheGuarantors is a widely used lease guaranty service in NYC, but its tiered pricing model means higher-risk renters can pay 85% to 130% of one month's rent, and the service is only accepted at pre-enrolled buildings. The best alternatives are Insurent (accepted at 8,000+ NYC buildings, fees of 65% to 85% for U.S. renters), PandaGuarantee (AM Best A+-backed, fast approvals, strong customer support), Rhino (best for deposit replacement), and Leap (national coverage, no published pricing). Before applying anywhere, confirm which companies your landlord accepts and get multiple quotes if possible. For most NYC renters, the decision comes down to which provider is accepted in their building, how quickly they can issue a guaranty letter, and how the fee lands given the renter's specific credit and income profile.
Frequently Asked Questions
Is TheGuarantors accepted everywhere in NYC?
No. TheGuarantors works through a network of pre-enrolled buildings. If your landlord has not partnered with them, you cannot use the service regardless of whether you qualify. Always confirm acceptance with the building manager before applying.
What credit score do I need to use a lease guaranty service?
Most providers have a minimum FICO score in the 600 range, which is notably lower than the 700 or higher that NYC landlords typically want to see directly from tenants. If your score is below 630, some services will still consider your application on a case-by-case basis, particularly if you have strong liquid assets.
Can non-U.S. citizens use lease guaranty services?
Yes. Most of the major providers accept non-U.S. renters, though fees are generally higher for applicants without a U.S. credit history. Insurent, TheGuarantors, and PandaGuarantee all work with international renters. Some allow a parent or relative abroad to serve as a responsible party if the renter's own income or assets fall short.
How long does approval take?
For most providers, initial qualification takes under an hour once documents are submitted. The formal guaranty letter is typically issued within 24 to 48 hours. PandaGuarantee is known for fast turnaround, which matters when a landlord is holding an apartment and waiting on paperwork.
Is the guaranty fee refundable if I do not end up signing the lease?
Generally, application fees (usually $25 to $100) are non-refundable. The larger guaranty premium is typically only charged once the lease is finalized, so if a deal falls through before signing, you would not owe the full fee. Confirm this policy directly with any provider before you submit an application.