August 2015

The advantages of multi bedroom shares are many. Some tenants come all set with three or four roomies to rent their NYC apartment. But what happens when you don’t have a roommate (or roommates) and want to enjoy the economic advantages of an apartment share? How do you find someone to share your New York apartment?

At No Fee Rentals, we see this situation frequently. A roommate moves out of your Chelsea apartment and a bedroom needs to be filled.  Or a young professional is new to New York City and is looking for an East Village two-bedroom apartment to share. Or, you are an NYU student taking a semester abroad and need someone to take your place in your West Village multi bedroom share.

First define the criteria for your roommate

Not only are you looking for someone who is compatible, you’ll want someone who is responsible. So aside from thinking about whether you share the same taste in music or have similar tolerances for dust bunnies, think about whether your roommate will be able to pay the rent. All tenants in an apartment should be listed on the lease. This way you don’t get stuck for the rent if a roommate doesn’t work out (or walks out).  Financial responsibility is the primary reason No Fee Rentals asks for a guarantor for every tenant. We are not just looking out for us, we are looking out for you, too.

READ: The Scoop about Guarantors

Where to Search

• Work your network and social network – Tell everyone you know from work, school, and friendships via email, Facebook, and Twitter about your roommate search. This is not the time to be shy.
• Work your parents’ and siblings’ network – Yeah, yeah, yeah. You want to be independent, but tapping into your family’s network is a really good way to expand the number of people you can reach. You’ll be shocked by how many people have found their New York roommate through a parent’s, brother, or aunt’s Facebook friends.
• Roommate matching services – A lot of our tenants have had very good success with roommatelocator.com. If you’re an NYU student, these services are also recommended: roomzoom.com, rumr.co, spareroom.com, and speedroommating.com.
• Online classifieds like Craigslist – Approach online classified listings, like Craigslist ads, with a dose of trepidation. While sometimes the results and roommate can be terrific, remember free roommate services do not perform background checks, including credit history or criminal behavior. Search “credit history” from your browser. For a more extensive check, including criminal records, go to knowx.co.  And avoid using any roommate matching service that asks you to display your phone number or current address in your profile.

You may not find the love of you life right away in NYC, but making a roommate match…that’s definitely do-able. For more information, go to the Tenants Resources page on the No Fee Rentals website.

Signing a lease on a Manhattan rental apartment requires having a guarantor.

What does that mean to you?

You’re filling out the lease agreement for your new apartment rental and you get to the part about a guarantor. “Hmmm…, “ you say, “Who should be my guarantor and what exactly is my guarantor required to do?” If all goes well, your guarantor won’t have to do a thing. But life happens and sometimes things don’t go exactly as planned, which is why virtually all rental building managers (including No Fee Rentals), greatly prefer to have a guarantor listed on a lease. Whether you are signing a short-term lease for a one bedroom on Waverly Place or a long-term lease on a two-bedroom apartment in Chelsea, a guarantor is a critical piece of your lease.

Who is a guarantor?

A Guarantor is someone who agrees to be equally responsible for all of the terms of your apartment rental lease. The guarantor is asked to step in should you be unable to handle your affairs, fail to pay the rent, or violate the terms of your lease. We request that every applicant have a guarantor, including those applying for short-term rentals.  Occasionally, exceptions are made about having a guarantor, but the bottom line is that an applicant with a guarantor may be given preference over one who does not.

Whom should I select as my guarantor?

Most often a parent acts as guarantor.  Relatives, employers, or associates who have excellent financial statements, excellent credit and agree to pay the rent if you are unable, can also qualify.

Oh, come on… what could happen?

New York is the greatest place to live; we don’t like to think about becoming sick or incapacitated. But should that happen, a guarantor would be called upon to look after your rental apartment, carry out your responsibilities under the lease or wind down your affairs and return the apartment in a legal fashion.

A guarantor also brings key benefits to renters

A guarantor enables people who may be rejected for not having a credit or rental history to rent an apartment. For No Fee Rentals, this gives us more flexibility regarding whom we can rent to – NYU and other college students, first time renters, international renters.  Guarantors are in everybody’s best interests as all renters go through the same application and screening process, and ensures all tenants will have the ability to pay their rent no matter what unforeseen circumstances may occur.

In the end, we all hope we never have to call upon your guarantor and that your time in New York City is filled with fun, culture, adventure, and good fortune.