Cosign Launches in Phoenix to Address High Vacancy Rates and Outdated Approval Standards
Cosign, a third-party guarantor platform designed to help property owners approve qualified renters without compromising standards, has launched in the Phoenix-Mesa-Chandler MSA. The region is experiencing one of the highest apartment vacancy rates since the Great Recession at 10.8%, with rents declining and concessions increasing as operators struggle to fill units. Cosign uses a data-driven underwriting model that evaluates payment behavior rather than relying solely on credit scores, aiming to expand renter access while protecting property owners' interests. Zendoor, a Phoenix-based multifamily management company, has adopted the platform to streamline approvals for renters who can afford housing but are denied due to rigid legacy criteria. Cosign's founders argue that in markets like Phoenix—where vacancy is high and supply exceeds demand—the ability to approve qualified applicants without unnecessary denials will be key to success. The service aims to reduce vacancies by providing an alternative path to approval for responsible renters, helping property managers boost occupancy while maintaining financial integrity.
Topics: multifamily housing Phoenix MSA real estate rental market