Cosign Launches Across Upstate South Carolina as Qualified Renters Keep Getting Turned Away

Cosign, a third-party guarantor platform, has launched its services across Upstate South Carolina, aiming to assist qualified renters in gaining property approval while offering protection to property owners. The platform addresses the gap between renter demand and outdated qualification standards that can hinder access to housing.

The rental market in Greenville, a major hub in Upstate South Carolina, has seen significant growth in recent years. Data from CoStar reveals that the region's apartment inventory has expanded by nearly two-thirds since 2010. Currently, the vacancy rate is at 11.3%, with asking rents down 0.4% year over year after a period of rapid multifamily development. Despite this, Greenville continues to experience population growth and economic expansion, sustaining high rental demand driven by new arrivals and young professionals.

NOAH Property Management, which oversees 28 communities, has adopted Cosign to tackle the challenge of applicant qualification. When potential renters do not meet traditional standards and lack a cosigner, Cosign acts as a qualified third-party guarantor, enabling properties to approve more applicants while maintaining financial safeguards.

According to Matt Foster, co-founder of NOAH Property Management, the challenge lies not in sourcing applicants but in finding those who meet the qualification criteria. He noted that since implementing Cosign, they have increased occupancy rates while allowing the leasing team to concentrate on service rather than dealing with stringent screening barriers.

Cosign utilizes a proprietary risk model that focuses on payment behavior instead of solely depending on credit scores. This approach benefits various renters in South Carolina, including gig workers and newcomers who are still building their credit history. The platform operates in over 3,000 communities nationwide, covering more than 400,000 units, with South Carolina identified as a growing market.

Zach Schofel, co-founder and CEO of Cosign, stated that South Carolina represents a market where the platform can have an immediate impact, as rising rents and changing renter profiles require updated qualification processes. He emphasized that Cosign enables property managers like NOAH to approve more qualified renters without lowering standards or increasing risk.