College Students with Co-signers

[Daniel Kent]

I have a 3 bedroom property in Philadelphia which I have successfully rented for the past 3 years.  My first group of tenants were 3 grad students who all had co-signers and they were perfect tenants.  My second renter was a young professional who is about to move out.  I am currently showing the property and accepting applications for the next cycle and have found 3 students who love the property.  Two of the roommates and their co-signers have filled out applications and credit/background checks (from the co-signers) and show great credit and backgrounds.  The issue is the third potential roommate has not yet gotten his co-signer to fill out an application and do the proper checks (I have been using Cozy).  When I questioned him, he used the excuse of his parents are divorced and it just takes a little longer for them to agree, which puts up a flag for me.  If he is able to get a co-signer and all checks out ok, can I/should I deny them the rental, even though I have the potential of having 6 parties responsible for the rent (3 tenants with 3 co-signers)?

Thanks in advance for any input/information/advice.  I am new to bigger pockets and love it, it is an amazing resource.

[Luc Boiron]

Different people will take different approaches to this, but if the other tenants and co-signers are responsible for the 3rd tenants share, and they know it, then I would not worry.

It sucks they the 3rd tenant may not be good for the rent, but you do have solid recourse from the other 2 co-signers. If you allow them to move in without the last co-signers moving in, I would write up a short letter to say that they understand that the 3rd person has not had their co-signer sign, and they understand that they are responsible for all default in rent and repairs, not just their child's.

Good luck!