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?

[Josh Stack]

@Wade Penner

Hey Wade,

First thing you should probably check with a legal expert for what's allowed in your state.  Secondly, its probably wise to get a co-signer for each applicant.  

Whatever you decide to do, you may want to have a documented business process for accepting, reviewing and approving applications then issuing leases that you follow so that you provide the same treatment to all - Then of course you have to stick to this process.  That way, if you are ever questioned about how you do what you do you can refer to this 'internal process' as your way of doing business.