(New York) — The current New York rental market is at an all time high right now. Rental prices are higher than ever and turnover and vacancies are lower than they’ve been in years. For renters, this means they need to expect to pay more in rent, and they will have fewer rental options to pick from. This can be problematic for any individual living in New York but can provide a particular set of challenges for foreign students living in the city. These students are expected to battle other renters for the limited apartment availabilities, with no income, little money, no credit and parents who live in different countries and who are often seen as unacceptable guarantors.
Foreign students have been facing an uphill battle when it comes to navigating New York’s rental market. However, thanks to a new program, international students living in the city can now easily qualify for and get the apartments they are looking for. The program is called the Insurent Lease Guaranty. This program allows international students to close on an apartment in less than 24 hours. The program will guarantee the lease, allowing the student to get the apartment they want and the landlord to accept the renter without financial risk.
The Insurent Lease Guaranty Program has guaranteed hundreds of foreign student loans in New York in the past year. This program has made the entire process easier for both students and landlords alike. Additionally, condo and coop owners and brokers have benefited from the program, as have relocation specialists who now find it easier to place foreign students in acceptable apartments.
In the past, for many students, getting the apartment they wanted required them to prepay a full year of rent or put down six months rent or more in a security option; two very expensive options that most students could not afford. There were even many buildings that refused this option for students who could afford it.
To qualify, all a foreign student needs is a copy of their passport and visa, a copy of their parent’s passport, and proof of their parents’ annual income in the home country. The parents’ annual income needs to be 50x the monthly rent to qualify. Parents can also have marketable securities in their native country as well, which equal 80x the monthly rent. When students have these qualifications, they will be able to quickly and easily obtain the apartment they are looking for.
While foreign students may have faced some difficulties in finding appropriate housing in the past, this program has given them an equal chance to close on a suitable apartment in the competitive New York rental market.