NYC real estate values continue to climb, and almost 90% of renters are choosing to stay where they are, according to a report from Yahoo Finance. However, they are not limited to one option. Renters may rethink choosing the city or use available tools to stay within their budget and find the right apartment. One solution is to use lease guarantor services, which help renters qualify for NYC apartments and provide protection if they default on their lease. 

The concept has caught on, as a Market Watch article cited a study by Verified Market Research which sees lease guarantor services becoming “not just in notoriously high-rent New York City, but also in other U.S. markets, as well as those across the world.” 

If you are seeking an apartment in NYC but are unable to meet the “40x rent rule” for tenants, here is an updated 2026 list of five of the most notable lease guarantor services you don’t want to overlook, especially if you don’t have a co-signer.

1. Rhino

What It Is: Provides security deposit insurance and renter guarantee and works closely with landlords to align your coverage with their needs and requirements. 

How to Use Rhino: Visit the Rhino website and request a quote. Fill out an online application 

Best Feature: Secures apartments from damage and unpaid rent, giving landlords greater confidence to lease the property to you. 

Pros and Cons

Pros

• Fast processing, allowing renters to move in right away.
• Guaranteed move-in once your application is approved. 
• pay via credit or debit card and often offers personalized pricing based on your situation

Cons

• Monthly and annual fees are non-refundable
• Renters have complained about surprise costs at move‑out (claims paid to landlords, processing fees)
• Fees and pricing aren’t clearly explained upfront

2. Panda Guarantee

What It Is: A rent guarantor insurance and security deposit insurance service designed for renters without a co-signer, as well as those who are struggling to catch up with unpaid rent obligations. 

How to Use Panda Guarantee: Visit PandaGuarantee and complete the fill form. Provide proof of income or proof of enrollment and receive approval within a few hours. Once approved, your landlord will receive a certificate of coverage. The landlord is paid the full term of the lease if you default. 

Best Feature: Offers protection for both tenants and landlords through an A-rated insurance carrier. Provides more affordable premiums compared to bigger and more established brands, as per the Pinpointe Group. 

Pros and Cons

Pros

• Lower fees and faster approval times
• Provides deposit coverage in place of a traditional cash deposit
• Suitable for young professionals, international renters, and college students who have yet to build a solid credit background or have a credit score as low as 225.
• Guarantees peace of mind for landlords through deposit replacement insurance that grants protection from damages and unpaid rent.

Cons

• Coverage limitations apply and may affect the amount you could pay in legal fees and repair costs.
• Newer brand with limited industry exposure and landlord connections
• Limitation of liability clauses and specify dispute procedures that may limit your legal recourse

3. Nomad Lease

What It Is: Primarily a property management platform, it also features a guaranteed rent component that enables landlords to collect unpaid rent owed by tenants.

How to Use Nomad Lease (for Renters): Visit the Nomad Lease website and click on Property Listings. Use the filters and search for a living space that matches your budget and preferences.

Best Feature: Resources to streamline the tenant screening process, handle disputes over missed payments, and maintain cash flow. 

Pros and Cons

Pros

• AI-powered tools for improving rent collection and property maintenance
• A co-signer alternative allows tenants to waive the cash deposit and pay a non-refundable fee instead
• A digital platform that helps tenants and landlords coordinate closely upon moving out.

Cons

• Possible inaccuracies in the tenant screening process
• Issues from past users about poor communication with customer service staff
• Limited property listings for NYC 

4. Obligo 

What It Is: Replaces traditional cash deposits with a cheaper alternative that students and young professionals can afford. 

How to Use Obligo: Visit the Obligo website and navigate to the Renters tab. Click on Pre-Qualify for Obligo Today. Fill out the online form and start using the Obligo pre-qualification tool. You should be able to determine whether the property you’re renting and your financial situation qualify for Obligo’s service.

Best Feature: Optimal convenience; tenants’ coverage can move with them to a new apartment so long as the unit is within the same building.

Pros and Cons

Pros

• Guarantees lower move-in costs as landlords can offer greater flexibility to renters
• Transactions can be done securely through the app
• Gives you the flexibility to repay damages and unpaid rent in interest‑free installments

Cons

• Relies on AI for tenant screening, billing, and underwriting.
• Limited only to select areas
• Credit checks are still required

5. Jetty

What It Is: Provides security deposit insurance and renter guarantee and works closely with landlords to align your coverage with their needs and requirements. 

How to Use Rhino: Visit the Jetty website and navigate to the Renters tab. Click on Get Jetty Deposit and Get Personalized Quote. Search the property you’re applying for and determine whether it’s within Jetty’s network of qualified properties. 

Best Feature: Secures apartments from damage and unpaid rent, giving landlords greater confidence to lease the property to you. 

Pros and Cons

Pros

• Tenants can bring their coverage with them as they move to a new unit without extra paperwork.
• Approval within hours of submitting your application.
• Moving out is made seamless through the platform.

Cons

• Recurring non-refundable fees will prove more costly than the initial upfront amount
• Functions more as a surety bond instead of an insurance coverage for tenants. 
• Some renters report difficulty disputing charges through Jetty.

Overview of  NYC Lease Guarantor Services

Service	Core Offering	Pricing Model	Best For	Key Feature	Limitations
PandaGuarantee	Lease guarantor (insurance-based)	One-time fee (lower-cost positioning)	NYC renters needing an affordable guarantor	Fast approvals (~24 hours) and lower upfront costs	A newer brand may have limited landlord acceptance
Rhino	Lease guarantor + deposit alternative	Personalized fee (often monthly or flexible)	Renters needing flexible payment options	Acts as guarantor with flexible payment methods	Pricing varies widely; acceptance depends on the landlord
Nomad Lease	Guaranteed rent (landlord-focused)	~4% to 6% monthly fee + onboarding	Landlords, not renters	Pays landlords even if the tenant misses rent	Not a traditional renter-facing guarantor service
Obligo	Security deposit alternative (not full guarantor)	Pay-as-you-go / deposit-free options	Renters wanting low move-in costs	No-deposit or reduced-deposit options via financial checks	Doesn’t fully replace a guarantor requirement
Jetty	Deposit alternative + lease guarantor	One-time or monthly fee	Renters wanting flexibility + coverage options	Combines deposit replacement with guarantor services	Acceptance varies; pricing can be higher for riskier applicants

Endnote

The problem: Qualifying for a comfortable living space in NYC is becoming more distant for younger and inexperienced renters who struggle with their financial situations.

Key takeaways: In this economy, the emergence of lease guarantor services has provided renters with the chance to secure the apartments they like. It’s only a matter of choosing the right one.

Next steps:

1. Consider the list above and compare its benefits and disadvantages.
2. Choose one of many reliable lease guarantor services and security deposit alternatives, one that offers a reasonable cost structure without hidden fees.
3. Pick a service that best fits your lifestyle, spending habits, and financial goals. 

Frequently Asked Questions

1. What is a lease guarantor service?
   A lease guarantor service is a business that co-signs your rental lease even if you fall short of a landlord’s income requirements and you don’t have a personal cosigner. The service guarantees to pay your rent in the event of delays for a flat monthly fee.
2. Why would I need a guarantor service in NYC?
   Tenants need to earn 40x the monthly rent and have strong credit. If you don’t meet these requirements, a lease guarantor service will help you qualify for the living space you want.
3. How much do guarantor services typically cost?
   Some services require 60% to 110% of one month’s rent, with options to pay on an installment basis. The final rate will depend on factors such as your financial status, the building, and the level of risk involved.
4. Do all NYC landlords accept guarantor services?
   Not all landlords accept them. Larger property management companies are more likely to approve established guarantor services, while smaller landlords may prefer personal cosigners.
5. What are the top guarantor services in NYC?
   PandaGuarantee, Insurent, TheGuarantors, Rhino, Jetty, and Leap are among the top guarantor companies in NYC.
6. What documents do I need to apply for?
   You may need to present proof of income (or assets), identification, bank statements, and sometimes employment verification. International applicants may need additional documentation.
7. Can international renters use guarantor services?
   Many guarantor services cater to international renters who lack a credit history or local cosigners.
8. Does using a guarantor service improve my chances of approval?
   Your lease approval will still depend on the landlord’s policy on rent guarantees.
9. Is the guarantor fee refundable?
   Fees are typically non-refundable, even if you move out early or your lease ends without issues.
10. Can I use a guarantor service for any type of rental?
    Most services cover standard residential leases, but also cater to other types of rental units that still vary from one company to another.

Author Bio:

Rey Arguelles is a freelance writer and analyst with over eight years of experience in the commercial and residential real estate markets of the United States and Canada.