Cosigning with Palm Property Management

Cosigning with Palm Property Management

Looking to cosign a lease for a friend or loved one? We've got all the details to make it simple!

Cosigning Questions

Cosigning is a great way to help someone out, particularly if they are getting started in life, or just getting back on their feet! There are a lot of details and best practices, so review the information below for details on cosigning for an Applicant!

Why do I Need a Cosigner?

The most common reasons we see a cosigner requested include: income less than minimum requirement, credit score, high, past due, charged off or written off balances on credit reports. Our screening company sets the deposit or recommendation based on their assessed risk. We cannot say exactly why this was the case, however we would not have known until your information was screened. We can tell you that our process is comprehensive, and looks at a number of factors to assess your risk as a tenant.

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Experian Credit

When you cosign on a lease, you're making promise to uphold the terms of that legal lease agreement, meaning that you could have to pay the rent if the lessee does not. 


As a cosigner, your credit could be affected whether or not the person you're cosigning with pays their rent, and our Partners at Experian have some insight on the risks of cosigning! Before you agree to the lessee's request, understand the risks and how to mitigate them.

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Frequently Asked Questions

  • Who can be a Cosigner?

    A financial cosigner must be over the age of 21 years old, and is often a relative or current employer. Friends and partner can cosign! Cosigners and Residents should be aware that  cosigning is a mutual agreement, and both parties should be invested in completing all lease requirements to that all parties are protected. 

  • How do I cosign?

    Cosigners apply and are approved just like Residents. To get started, simply select the property that you are applying to cosign for and start the application process! 

  • Do I have to apply to cosign?

    Yes, Cosigners must go through the application process to qualify!

  • Will this affect my credit?

    The credit check that Palm Property Management runs to complete your application is soft, and will not affect your credit score. 


    However,  Palm Property Management does report to credit bureaus monthly. If the person you are cosigning for fails to pay on time, this will be reported to your credit as a late payment. If the person you cosign for pays on time, this can actually positively affect your credit!


    We recommend cosigning for folks you can rely on to pay and to pay on time. 

  • Why do I need to Cosign?

    Based on the information that the applicant submitted, they do not meet the minimum requirements to be considered without a cosigner OR they can be approved with a high deposit payment. 


    The most common reasons we see a cosigner requested include: income less than minimium required for approval, credit score, high, past due, charged off or written off balances on credit reports.


     Our screening company sets the deposit or recommendation based on their assessed risk. We cannot say exactly why this was the case, however we would not have known until your information was screened. We can tell you that our process is comprehensive, and looks at a number of factors to assess all applicants risk as a Resident. 


Have specific questions? Let us know!

Got more questions? We can help!

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