Phoenix – September 21, 2026 -- Cosign, a third-party guarantor platform and cosigner alternative, has launched in the Phoenix-Mesa-Chandler metro area as apartment vacancy in the region holds near a post-Great Recession high of 10.8%, according to CoStar data cited by the company.
Vacancy remains elevated despite pullback from 12.6% peak
Maricopa County and the broader Phoenix-Mesa-Chandler MSA rank among the nation's top 10 highest-vacancy markets, alongside Sun Belt peers Austin, Charlotte and San Antonio. Asking rents in the metro fell 1.2% over the past year, and operators are increasingly turning to concessions, with 10 or more weeks of free rent now common at newly built communities.
Zendoor adopts platform to reduce denials on qualified applicants
Phoenix-based multifamily manager Zendoor has adopted Cosign to approve renters who can afford rent but are screened out by rigid legacy criteria. "Many renters who may not meet traditional screening criteria can still be responsible, qualified residents," said Jessa Mae, resident support team lead at Zendoor. She said the flexible approval path helps property managers reduce unnecessary denials while filling homes faster in the Phoenix market.
Underwriting model weighs payment behavior over credit scores alone
Founded by real estate owners and operators, Cosign evaluates payment behavior and recency rather than relying solely on credit scores, aiming to help owners fill units faster without lowering standards. Zach Schofel, co-founder and CEO of Cosign, said Phoenix owners cannot afford to lose a qualified renter over a technicality when vacancy is this high, adding that properties winning in the current market are those approving renters who can actually pay.
Company already active across 600,000-plus units nationwide
Cosign operates in more than 600,000 units across 3,000-plus communities nationwide, positioning the Phoenix launch within a broader push into markets facing both tight and oversupplied rental conditions.