Renting out to tenant with guarantor

[Lyle Cooper]

I am renting a high end apartment in NYC. The prospective tenant is a college age student who does not have a job. She is pursuing an art fellowship. Her father is acting as guarantor for her. He lives in California. He had 900K in income in 2017 and 650K in income in 2016. The rule of thumb is a guarantor needs to show 80x the monthly rent. In 2017 he made 92x the rent. In 2016 he only made 67x the rent. The tenant is showing $250K in cash. The father is listing $1.1MM in Cash. $3MM in real estate. $1.5MM in business value. He has $1MM in mortgages. His net worth is $4.5MM. I’ve only see the statements for the cash amounts. Should I be concerned?

[JD Martin]

I've never heard of that metric but I don't rent any high-end RE in NYC, either. We do guarantors all the time so long as they meet the minimum requirements and have a reasonable relationship to the renter (parent, for example, for students). You might be better served posting this on the specific NY forum because you're going to need some specific advice here.