A lease guarantee from TheGuarantors typically costs a one-time premium of roughly 70% to 110% of one month’s rent for a standard twelve-month lease. On a $3,000-per-month apartment, that works out to somewhere between $2,100 and $3,300. So the real answer to how much does TheGuarantors cost is: it depends on your credit, your income, and what coverage your landlord requires, and the company only tells you the number after you complete a free online application.1TheGuarantors. FAQ for Renters
Put differently, that band works out to roughly 5.8% to 9.2% of your total annual rent. At $2,500 a month, or $30,000 a year, a low-end quote around 70% of one month’s rent runs about $1,750. A high-end quote at 110% runs about $2,750. Applicants with solid U.S. credit and stable employment tend to land toward the bottom of the range. International renters and anyone without a domestic credit file should expect quotes near the ceiling, sometimes above it.
What Pushes Your Quote Up or Down
Your credit report does the most work. Underwriters look at payment history, outstanding debt, and your debt-to-income ratio. A clean file with on-time payments and low balances signals low risk and produces a lower premium. Collections, recent late payments, or a thin credit file push the price up because the guarantor is absorbing more default risk.
Employment stability is next. Salaried workers with steady paychecks are simpler to underwrite than freelancers or self-employed applicants with irregular income. If you’re self-employed, plan on providing at least two years of tax returns. Irregular income doesn’t disqualify you, but it can nudge your quote higher.
The landlord’s coverage requirements finish the equation. Some buildings only need rent default protection. Others require a broader policy covering physical damage to the unit, legal costs for eviction proceedings, and lease-break scenarios. Broader coverage means a higher premium. Large institutional management companies tend to demand more coverage than private landlords, so the same applicant can get a different quote depending on the building.
Payment Methods and the Card Surcharge
TheGuarantors requires full payment of the premium before issuing coverage, and coverage must be in place before you sign the lease. The company accepts debit cards, credit cards, and wire transfers. There is a 3% surcharge on all credit and debit card transactions, which is a real line item on your total cost.1TheGuarantors. FAQ for Renters On a $2,500 premium, that surcharge adds $75. A wire transfer avoids the surcharge, assuming your bank doesn’t charge its own fee.
Refunds and Cancellations
The refund rules run in tiers. Cancel your application before signing the lease and finalizing the policy, and you get a full refund of any funds already delivered. Cancel after signing and paying but before moving in, and you receive a refund minus a $100 cancellation fee. Once you have moved in or taken possession of the apartment, the premium is fully non-refundable, and the same applies after a lease break or early termination.2TheGuarantors. Canceling a Policy and Refunds
The practical version: nail down every detail of your lease terms before you pick up the keys. After move-in, that premium is gone regardless of what happens next.
What Renewal Will Cost
If your lease renews and your landlord still requires a guarantee, you have to purchase a new policy for the renewal term. This is not automatic, and it comes with a new premium payment. When you budget for a multi-year stay, plan on paying the full premium again each year that a guarantee is required.
Deposit Coverage Is Priced Separately
TheGuarantors also sells a deposit coverage product that some landlords accept in place of a traditional security deposit. You pay a premium, and the landlord gets coverage up to the deposit amount without holding cash.3TheGuarantors. Deposit Coverage If your building requires both a lease guarantee and a deposit, your invoice from TheGuarantors may bundle both premiums together, so read the breakdown carefully.
The tradeoff is straightforward. Instead of tying up one or two months’ rent in a refundable deposit, you pay a smaller nonrefundable premium and keep more cash on hand. If you would have gotten your full deposit back at move-out, you’ve spent money you didn’t need to spend.
What the Fee Actually Buys
The premium is not a deposit, does not count toward rent, and does not come back to you at move-out. It buys an insurance policy where your landlord is the beneficiary.1TheGuarantors. FAQ for Renters If you stop paying rent or break your lease, the policy reimburses the landlord for covered losses.
One point worth being clear on: the fee does not shield you from the consequences of defaulting. If TheGuarantors pays your landlord because you missed rent or broke your lease, you owe TheGuarantors that money, and the company will pursue you for reimbursement of every dollar it paid out.1TheGuarantors. FAQ for Renters The policy gets you into the apartment. It does not absorb the fall if things go wrong.
Cheaper Paths Worth Checking First
Before paying for a commercial guarantee, see whether a less expensive option exists. A personal guarantor costs nothing. Many landlords accept a family member or friend who meets income and credit thresholds, often earning 80 times the monthly rent with strong credit. The hard part is finding someone willing to take on that liability, and the person usually needs to be based in the same country or state depending on the landlord’s rules.
Some landlords let you prepay several months of rent or put down a larger security deposit instead of using a guarantor. That ties up more cash at move-in, but you get most or all of it back eventually, unlike the guarantor premium, which is a sunk cost. A few buildings waive the guarantor requirement entirely for applicants who can show substantial liquid assets, even if their income doesn’t hit the 40-times-rent threshold.
These alternatives aren’t always on the table. Large management companies in competitive markets tend to have rigid policies that funnel applicants toward an approved guarantor service. If your landlord is an individual or a smaller operation, ask before you pay for coverage you may not need. And confirm which guarantor providers your building actually recognizes before you apply, since paying for a policy from a company your landlord doesn’t work with means starting the process over with someone else.