The Phoenix rental market remains one of the most challenged in the country, with vacancy levels nearing highs not seen since the Great Recession. Despite a slight improvement from a 12.6% peak, the supply overhang forces operators to rely heavily on concessions, including offers of 10 or more weeks of free rent at new communities. As asking rents decline by 1.2% annually, property owners face increasing pressure to maintain occupancy without compromising financial stability.
Cosign Enters Phoenix Market to Ease Rental Approval Bottlenecks
With vacancy rates in the Phoenix-Mesa-Chandler area hovering at 10.8%, property managers are struggling to fill units as rigid screening criteria turn away otherwise qualified tenants. The guarantor platform Cosign has launched in the Valley to bridge this gap, offering a data-driven alternative to traditional credit-based underwriting.
Zendoor, a local property management firm, is among the first to integrate the platform to modernize its screening process. By evaluating actual payment behavior and recency instead of relying on legacy credit scores, the service allows managers to approve applicants who might otherwise be rejected due to technicalities. Zach Schofel, CEO of Cosign, noted that in a supply-heavy market, the competitive advantage belongs to operators who can accurately identify and retain renters capable of meeting their obligations.
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