CO-SIGNER PERFORMANCE GUARANTEE FEE

[Brittany Regts]

My husband and I will be renting to two college kids who, do to their age, do not have a credit background and (since they have retail college jobs) make $50 less than 3x the rent (net income). The mother who attended the viewing is going to co-sign for them. It was recommended to me that I collect a refundable performance guarantee fee from co-signer so she has some skin in the game. What is typical for this fee? I was thinking half of one months rent-- does that sound reasonable? I will also be collecting one months rent for security deposit from tenants.

Thanks in advance for your reply.

-Brittany