Cosign Expands into Evans, Assisting Renters Amid Rising Apartment Vacancies
In a proactive move to enhance renter access amidst a landscape of rising apartment vacancies, Cosign has launched its services in Evans, Colorado. This third-party guarantor platform is specifically designed to bridge gaps in the rental application process, which often arise from outdated qualification criteria. The platform aims to support renters while simultaneously protecting the interests of property owners, ensuring a smoother approval process in a challenging market.
As the region has witnessed an influx of new apartment constructions, vacancy rates have surged. Despite a leveling off of rents in Evans, many residents still face significant barriers when it comes to housing accessibility. It's estimated that a substantial 35-40% of renters in Evans are classified as cost-burdened, struggling to secure affordable housing options. Particularly, the competition remains fierce for mid-priced and affordable units, leaving many potential renters at a disadvantage when traditional approval processes are in play.
Management at The Grand at Riverside, a prominent property in Evans, has been utilizing Cosign's innovative platform, which has proven to be a game-changer for both them and their applicants. "We had applicants who were financially capable of paying rent, but who faced delays due to the lack of a conventional cosigner, which is often a family member," noted Rebecca Flores, the community manager at The Grand at Riverside. "It was incredibly frustrating because it prevented deserving renters from moving forward. Now, with Cosign, we have the flexibility to approve renters without compromising our standards."
Cosign steps in as a qualified guarantor for renters lacking traditional cosigners, allowing more individuals to be approved while ensuring the property owners remain protected against payment defaults. This assistance is crucial in today’s rent landscape, where timely occupancy is key to the profitability of rental properties. By overcoming challenges linked to outdated qualification standards, Cosign facilitates a much-needed bridge for qualified renters while also optimally utilizing available housing units.
The platform operates using a modern, data-driven underwriting model that evaluates potential renters through a broader lens, taking into account payment behavior beyond mere credit scores. This allows property managers to maintain occupancy without reducing their operational standards or risking payment reliability. Zach Schofel, co-founder and CEO of Cosign, emphasized the importance of adaptation in the changing real estate market: "Evans illustrates the challenges that arise when the market cools yet approval rules do not evolve accordingly. We are thrilled to extend our service in this area and have received generous support from local property managers and renters alike. Cosign aids in advancing qualified applicants without increasing risks to the owners."
By offering an innovative solution to an increasingly prevalent problem in the realm of rental real estate, Cosign, founded by professionals with extensive backgrounds in real estate services, continues its mission to provide access to housing. Their approach not only fosters a more inclusive rental landscape but also aligns with the organization’s goal of utilizing technology to drive improvements in the housing sector.
As Cosign continues to grow its presence, the positive feedback from The Grand at Riverside and other participating properties highlights the critical need for platforms like these. With more than 25,000 units across the state involved in Cosign's services, the company's impact is already being felt. The accessibility of rental housing remains a pressing concern, and Cosign is working diligently to craft pathways that connect property owners with the renters who can sustain them. For additional details and to follow their development, visit www.rentwithcosign.com or connect through social media platforms @rentwithcosign.
As the region has witnessed an influx of new apartment constructions, vacancy rates have surged. Despite a leveling off of rents in Evans, many residents still face significant barriers when it comes to housing accessibility. It's estimated that a substantial 35-40% of renters in Evans are classified as cost-burdened, struggling to secure affordable housing options. Particularly, the competition remains fierce for mid-priced and affordable units, leaving many potential renters at a disadvantage when traditional approval processes are in play.
Management at The Grand at Riverside, a prominent property in Evans, has been utilizing Cosign's innovative platform, which has proven to be a game-changer for both them and their applicants. "We had applicants who were financially capable of paying rent, but who faced delays due to the lack of a conventional cosigner, which is often a family member," noted Rebecca Flores, the community manager at The Grand at Riverside. "It was incredibly frustrating because it prevented deserving renters from moving forward. Now, with Cosign, we have the flexibility to approve renters without compromising our standards."
Cosign steps in as a qualified guarantor for renters lacking traditional cosigners, allowing more individuals to be approved while ensuring the property owners remain protected against payment defaults. This assistance is crucial in today’s rent landscape, where timely occupancy is key to the profitability of rental properties. By overcoming challenges linked to outdated qualification standards, Cosign facilitates a much-needed bridge for qualified renters while also optimally utilizing available housing units.
The platform operates using a modern, data-driven underwriting model that evaluates potential renters through a broader lens, taking into account payment behavior beyond mere credit scores. This allows property managers to maintain occupancy without reducing their operational standards or risking payment reliability. Zach Schofel, co-founder and CEO of Cosign, emphasized the importance of adaptation in the changing real estate market: "Evans illustrates the challenges that arise when the market cools yet approval rules do not evolve accordingly. We are thrilled to extend our service in this area and have received generous support from local property managers and renters alike. Cosign aids in advancing qualified applicants without increasing risks to the owners."
By offering an innovative solution to an increasingly prevalent problem in the realm of rental real estate, Cosign, founded by professionals with extensive backgrounds in real estate services, continues its mission to provide access to housing. Their approach not only fosters a more inclusive rental landscape but also aligns with the organization’s goal of utilizing technology to drive improvements in the housing sector.
As Cosign continues to grow its presence, the positive feedback from The Grand at Riverside and other participating properties highlights the critical need for platforms like these. With more than 25,000 units across the state involved in Cosign's services, the company's impact is already being felt. The accessibility of rental housing remains a pressing concern, and Cosign is working diligently to craft pathways that connect property owners with the renters who can sustain them. For additional details and to follow their development, visit www.rentwithcosign.com or connect through social media platforms @rentwithcosign.
Topics Consumer Products & Retail）
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