Tip #223: Sign, Cosign
One way to do business with a rental applicant who appears only marginally qualified is to get a little extra insurance — by allowing a lease guarantor or cosigner.
There’s no reason you have to accept an applicant who needs a cosignatory to qualify. However, if you allow that option for one applicant, you have to offer it to all other applicants with similar qualifications.
Otherwise, you may be accused of discrimination.
So decide ahead of your next vacancy whether you’d accept applicants with cosigners, and be sure to apply the rules uniformly.
See last week’s Landlord Quick Tip.
American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.