Cosign Expands Its Renter Access Platform to Murfreesboro in Response to Soaring Rent Prices

Cosign Moves Into Murfreesboro to Tackle Rising Rental Challenges

Cosign, a third-party guarantor platform tailored to improve renter accessibility while safeguarding property owners, has officially launched in Murfreesboro. This expansion comes as rent prices in the area continue their upward trend, significantly impacting the rental market dynamics.

Rapid Rent Growth and Its Effects

In recent years, Murfreesboro has witnessed an astounding 25-30% increase in rental prices. Consequently, nearly half of the renter households in the area are now classified as cost-burdened, meaning they are spending more than 30% of their income on housing. This inflation in rental prices is not accompanied by a corresponding increase in job or wage growth, leaving many residents struggling to secure housing.

Despite the construction of new apartments that have led to an approximate 8% vacancy rate, many renters still find themselves at a standstill. The primary barrier? They often lack a traditional cosigner—typically a family member—which prevents property managers from approving their applications. This is especially concerning as a functionality of the rental market's approval process is often outdated compared to current financial realities.

Cosign's Solution to the Traditional Problems

The Dutton Luxury Apartments, one of the complexes in Murfreesboro, recently adopted Cosign to bridge this gap in the rental market. The platform acts as a qualified guarantor for renters who are unable to present a traditional cosigner. This approach allows property managers to approve a higher number of applicants while still safeguarding against potential payment risks.

Ricki Wilson, the community manager at The Dutton Luxury Apartments, expressed the necessity for such a solution, stating, "We were seeing more applicants who could afford the rent but didn't have a traditional cosigner, which was stopping deals from moving forward. Using Cosign gave us a way to approve those renters while still protecting the property."

Innovative Underwriting for Modern Renters

Founded by seasoned real estate owners and operators, Cosign employs a data-driven underwriting model that goes beyond merely assessing traditional credit scores. Its innovative method evaluates renter risk more comprehensively, aiding property owners in increasing occupancy rates while providing access to renters who may fall outside conventional qualification standards.

Zach Schofel, the co-founder and CEO of Cosign, commented, "When rents rise 25 or 30 percent in just a few years, the renter profile changes rapidly. Cosign works with thousands of units in the Metropolitan Statistical Area and over 25,000 units throughout the state. We're excited to grow our presence in the area. The response from local managers and residents has been incredibly positive, as Cosign helps adapt to modern challenges by enabling qualified renters to secure housing that would otherwise be denied due to outdated standards."

Looking Ahead

For those interested in exploring Cosign's services or learning more about how they can assist in navigating the increasing complexities of the rental market, additional information can be found at www.rentwithcosign.com. They can also be followed on various social media platforms under the handle @rentwithcosign.

Conclusion

As the real estate landscape continues to evolve, it is platforms like Cosign that are crucial in ensuring that housing remains accessible for everyone, thereby promoting a healthier rental market. With the effective tackling of traditional barriers linked to cosigning, Cosign affirms its role as a game-changer in the industry, working toward a solution that benefits both renters and property owners alike.