Your guarantor will need to annually earn between 50 and 75 times the monthly rent to qualify as a guarantor. When you go looking for an apartment, you should know your guarantor's income and the guarantor should know that they will be required to disclose information about their income, employment, assets, etc. It is as if the guarantor were the person applying for the apartment.
You can get a lot of good information about renting with a guarantor and what your options are from RDNY.com's excellent renter's guide. http://www.rent-direct.com/rentingguide/Welcome.html
While you're at it, RDNY.com is also an excellent source of no fee apartment rentals in NY. You should search their listings to see if they have what you're looking for.
Good luck with your search.
Students generally have a guarantor to co-sign their rental leases. I can help you navigate the NYC rental market. Please give me a call to discuss your needs and to learn how to get you qualified.
Manhattan Rental Apartments at Douglas Elliman Real Estate
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My current rental listing: http://www.ivancardona.elliman.com
A lot of young graduates move in with roommates and, to create more space, have temporary "pressurized" walls built that, for example, convert a1 bedroom apartment into a 2 br. apt. (cost can run $1600 - $2100) (they cut the living room in half, creating a bedroom out of part of it) .
Some buildings may no longer allow this, or the type of wall is restricted, but you have to look and ask, as it is still possible.
I was the guarantor for my son when he first graduated college.
Now, he is thankfully on his own, and has been for some while! (yeaaa)!