College Students- Should each tenant have their own co-signer?

[Wade Penner]

I recently started managing a 3 BR unit on a college campus.  I've talked with a couple of local property managers, and there seem to be differing opinions on whether or not I should proceed with one cosigner, or three cosigners (one per applicant). 

My fear is that not all college kids' parents are going to make 3X the monthly rent of a 3 BR unit, and therefore it may be difficult to find three qualified cosigners.  Additionally, I'm not even sure how I'd tackle that legally if I did try to recoup any unpaid rent from three different cosigners. 

How do you recommend I proceed (assuming none of the applicants qualify alone), with one cosigner for the unit or one cosigner per applicant?