What's the Real Trouble in Lakeland?
The Lakeland metro area surely ain't short on apartments after a colossal building frenzy. We're talking a solid 40% bump in just the past five years. You'd figure that'd be enough to solve any housing squeeze, right? But here's the kicker: vacancy rates are stuck at 11.8% — way over the national mean of 7.9%. Discounts like two months free rent are on the table, yet plenty of folks who can handle the rent are still getting the boot.
Darn Screening Rules!
Sure, builders got the units up alright, but the gatekeepers at the door are these outdated screening rules. A single pesky credit score stands between promising renters and their new digs. Nurses, grads, those with spotty credit due to life's curveballs, or even new folks without a U.S. credit history — they all end up on the wrong side of the approval line. Simple as that, their money's good, but paper says otherwise.
"I saw residents who could pay being turned away because the system had just one answer: no." — Zach Schofel, Co-founder of Cosign
The Cosign Difference
Enter Cosign, rolling up to change the storyline. They’re a mission-driven crew determined to level the playing field. For those without a family cosigner, Cosign steps in. They evaluate applications with a keen eye instead of just a foolhardy score. They've got their own way of checking who can pay, using dynamic, data-driven approvals.
This team, led by seasoned vets like Zach Schofel who commanded Eastman Residential, saw first-hand how good renters got shut out because of narrow-minded rules. So he and his partners, Jacob Schofel and Phillip Newsom, pooled their talents to cook up something better. And by the looks of it, Cosign is more than a band-aid. It’s a pathway for countless renters, even backing about 800,000 units nationwide.
A Personal Touch
Margie Lopez at Haven at Lake Deer shared a heartwarming moment when a rejected renter found a home thanks to Cosign. That’s the stark reality: big systems miss the human side, but Cosign doesn’t let them fall through the cracks.
Broader Implications and Looking Ahead
What’s brewing down there in Lakeland is more than a local issue; it's a wake-up call for other areas sinking in similar muck. Think of all that unused space due to ironclad profiling. If Cosign’s approach catches on, those towers of empty apartments might become vibrant communities.
Builders did their part in Lakeland, laying down bricks, stone, and glass. Now, it’s time for leasing practices to catch up. Housing access shouldn't feel like crossing a minefield of red tape when the means exist. With changes in the winds, Lakeland could mark the start of a shift. So, keep an eye on how this shakes out. It’s a window into the future of rental approvals not just here, but nationwide. There’s money being left on the table, and that's a shame any skilled investor knows is just poor business.
