I am about to rent out my first property and need some help in how to handle the application and lease process with multiple tenants and cosigners. I have a couple and 2 students(total of 4 that all know each other) that are interested in my property. I plan on running background/credit checks and require that they have 3x rent as their monthly income. The couple says that on their own they should be very close to atleast the 3x rent. The other 2 students dont have any income, but have parents that are willing to be cosigners. How should I handle who cosigns the lease? If the couple qualifies for the entire house, can they "cosign" for the 2 students or does it need to be someone else? If the couple doesn't quite have 3x the monthly rent should I require them to have a cosigner as well? Help is much appreciated. I'm in Atlanta, Ga fyi
There is no reason for the couple to co-sign. you either decide that having the four responsible is good enough, or you have all four responsible plus the two willing co-signers that are independent from the applicants who will already be responsible.
If the students may not stay as long as the couple you may consider having the couple as the tenants and the students as authorized occupants. This is less hassle to deal with two tenants rather than four, but you do lose the ability to chase the students for amounts owing.
If the couple is close, you may also consider no co-signers but a higher deposit to offset the additional risk. You get to decide, assuming there are not similar competing applicants for this vacancy, in which case you need to ensure you treat them similarly.
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