How to Minimize the Risk of Renting to a Tenant With Poor Credit

New York City is a magnet for artists, musicians, actors, and writers. It always has been. While many of these members of the so-called creative class may earn a decent income, most work as freelancers, which means their source of income can be precarious. So what do you do when faced with this situation? A potential tenant with a little money in the bank, and a poor credit score - they are surely riskier categories of renters. They seem like good people, but you can't take on any unnecessary risk. Most of you would never accept this tenant without a guarantor...and even then, it's still a little iffy.

Traditionally, landlords have asked a person in a better financial situation to act as guarantor. Typically, this was a family member. However, should financial troubles arise for this person, it could make it impossible for them to live up to the agreement. The guarantee that you’ll collect is far from rock solid.

With the launch of Insurent, the first institutional guarantor of residential leases, this concern is a thing of the past.

By having your tenant purchase the Insurent Lease Guaranty, you are assured that you will always be able to collect your rent.

The @Insurent Lease Guaranty Program is underwritten and issued by Argonaut Insurance Company, an A (Excellent) rated Insurer by A.M. Best with $1 billion of surplus capital.

Think of it as asking your tenant to buy you peace of mind, at no cost to you. We refer to Insurent as the "Institutional Mommy & Daddy" for your tenant. It costs you nothing.

Welcome to LandlordsNY

Get answers when you need them.

This service gives members instant access to LNY in house DHCR, HPD, and Property Management Counselors for immediate help when you need it.

Our concierge service offers unlimited access & guaranteed response time.

Just like a concierge at a hotel who knows how to guide guests and to remove some of the uncertainty of trying something new, our staff counselors goal is to provide information and guidance to landlords and to take much of the uncertainty out of owning and operating a property in New York.

Sign Up