I have $100,000 in the bank but no income. Can I still rent an apartment in NYC?

Many New Yorkers would envy this situation when it comes to rental conundrums. Having six figures in your bank account certainly puts you in a pretty solid position. That said, most landlords want to see that you earn an annual salary of 40 times the monthly rent, so your rental application won't be a typical one. 

As such, landlords will likely approach your situation in various ways. Some will consider your overall financial situation and approve you as is. Others will reject you out of hand. 

Without a salary, your best bet is to find a guarantor, usually a parent or another relative residing in the tri-state area. 

"Every landlord is different," said Daniel Kandinov, an agent at Corcoran who helps smaller landlords and individual owners screen rental applicants. "Some might be fine with the numbers, but others want a guarantor no matter what."

Just know that not all buildings accept guarantors. And because of changes to the rent laws, landlords can no longer take more than one month's rent as a security deposit on a rental, which used to be a common workaround instead of a paycheck. 

[Editor's note: Realty Bites tackles your NYC rental questions. Have a query for our experts? Drop us an email. An earlier version of this post was published in April 2024 and has been updated with new information for April 2025.]

How does a guarantor work?

According to Kandinov, in the current market, landlords are asking renters to find a guarantor who makes 80 times the monthly rent annually to cover your rent and their own expenses should you run into financial trouble. That can be a tough hurdle to clear. 

On the bright side, if you don't have anyone who can act as a guarantor or meet that threshold, more landlords are accepting institutional guarantors. 

Some institutional guarantors will qualify renters whose annual income is as low as 27.5 times the monthly rent or have cash assets or marketable securities that are 45 to 50 times the monthly rent. 

If you still can't pass either of these tests, you may be able to qualify if your parents or another personal guarantor can show a minimum of 50 times the monthly rent in annual income or 80 times the monthly rent in liquid assets. 

You'll have to pay a fee for this service, so budget about 65 to 85 percent of one month's rent. The cost is closer to an entire month's rent if you are an international student or a non-U.S. employed renter without U.S. credit history.

Another option to consider is finding an apartment in a building run by a mom-and-pop landlord instead of a large management company. Small landlords are sometimes willing to work with a unique situation like yours. 

The ultimate takeaway

You may have to shop around a bit more than usual and be strategic in getting your application in tip-top shape. 

The general advice for apartment hunters is to work with an agent who is tapped into the market and can jump on the best option as soon as it comes up. And because the inventory is still pretty low, you'll want to be the first in line if you are looking for a landlord that accepts personal or third-party guarantors.

Kandinov recommended lining up a guarantor just in case—and before you even begin searching—so you don't lose that dream apartment because of your lack of income.

"The rental market is competitive, so even if you might not need a guarantor, you want to come out with a rock-solid application and put yourself in the best possible position," he said.

—Earlier versions of this article contained reporting and writing by Virginia K. Smith, Nikki Mascali, and Emily Myers.

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