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Lakeland's Rental Dilemma: A Striking Disparity

Lakeland, Florida, has seen an extraordinary surge in its apartment inventory, expanding by approximately 40% over the last five years. The burgeoning construction boom has resulted in increased vacancy rates, currently hovering around 11.8%. Even with a supply of new homes and enticing offers, such as two months of free rent at many properties, the gap between availability and access has never been more apparent. Surprisingly, renters who can afford to rent these homes are still facing denials.

This paradox raises questions about the screening processes and their impact on eligible candidates. Despite favorable market conditions, many qualified applicants, including hardworking individuals in diverse professional fields, are being turned away simply due to rigid credit score requirements established by property managers.

Cosign, a mission-driven housing access company founded by prominent figures in the real estate industry, aims to address these issues by offering a new approach to rental approvals that can change the lives of many. Founded by three friends—Zach Schofel, Jacob Schofel, and Phillip Newsom—Cosign is leading the charge to transform traditional rental processes that often exclude deserving renters.

As detailed by Margie Lopez, leasing professional at Haven at Lake Deer in Winter Haven, the human factor remains crucial in these situations. She recounted a touching story about a resident who faced denial due to credit issues stemming from a divorce. When that same applicant was approved through Cosign's innovative screening processes, it was a profound moment of triumph. As she expressed her gratitude, the resident’s joy underscored the emotional weight that housing security carries.

Through partnerships with property managers in the region and beyond, Cosign is reshaping how applicants are assessed by employing a data-driven approach that considers various factors beyond a credit score alone. They understand that life can create obstacles for tenants, which doesn’t diminish their ability to pay rent.

Currently collaborating with property managers covering over 800,000 apartment units nationwide, Cosign has been able to help many renters, including nurses, recent graduates, and immigrants who don't qualify under traditional screening methods. CEO Zach Schofel stated, “Everyone talks about building more housing, and Lakeland metro has done so. The apartments are here, and the renters can afford them. What’s missing is a fair way to say yes.”

The growing frustration highlights not only the struggles of individual renters but also the missed opportunities landlords face when excluding applicants who could successfully maintain their payments. As markets evolve, innovative solutions such as those provided by Cosign exemplify the changing landscape of housing accessibility and reflect a burgeoning trend in the rental industry.

Despite the current misalignment in the Lakeland rental market, initiatives like Cosign’s are paving the way for a better, more inclusive approach. As this dynamic continues, it’s clear that ensuring everyone has a chance at a place to call home should be at the forefront of the conversation.

For media inquiries or additional information about their transformative efforts to improve rental access, visit www.rentwithcosign.com.

As the demand for housing continues to grow, the hope remains that a balanced approach can emerge—and that renters who want a home won't be turned away anymore.