Allowing co-signer when renting (lease, insurance, townhouses)

[RJL0012]

I am a landlord in Massachsetts of only 3 townhouses. I am suddenly getting alot of college students who want to rent my property. My policy has always been not to allow co-signers as I want to deal directly with my tenants. Do I have to waive my NO CO-SIGNER policy in this case?

[shiver]

If you're renting to college kids, I would definitely get a co-signer. College students typically have little income and if they fail to pay the rent, you're in a bind. The co-signer is usually Mom or Dad so you may have to deal with an overbearing parent, but at least you have someone to go to if your tenant gives you problems.

[capecodcathy]

Shiver is correct in the case of students. You can't call the parents if Junior is the only signature on the lease, especially if he's over 18. It's added insurance for you.

[KonaKat]

You do not have to waive your policy at all. If the applicants don't meet your criteria, don't rent to them. Our policy is to only allow a co-signor who lives in this state and has a local bank account. To pursue someone in another state for what amounts to a small claims matter is not feasible or efficient. If you feel that you can't get your properties rented out without this concession however, it's up to you to change or waive a policy.