Potential tennant wants me to hold the property for them

[Jennifer H.]

Hi I closed on a house in mid December and was trying to rent the place out by Jan. 1st. It's 12/27 and all the work needed is done and it's move in ready. I have had multiple showings but have found no suitable tenants except one guy who said he would rent it if I let him start the lease on Feb. 10th instead.

He seems qualified, wife is studying to be a doctor.

What would you guys do? I don't have any other applicants interested right now so I was considering it. :/ But the downside is i would lose a month and 10 days of rent. But i could lose even more if I say no and he doesn't want it and I don't 'find someone else....

[Patrick L.]

Originally posted by @Alex Anderson:

I would recommend that he put down a deposit to reserve the space and have them sign a document that indicates the deposit is non-refundable unless you choose to not rent to them.

example: on my properties i'll make potential tenants who want to hold the place put down $200 (rent is $1200) that will go towards their security deposit. If I find something in their background, i will return the money to them and move on.

if they call me up and say they've found a new place 2 weeks later, they forfeit the $200.00 and it's mine to use to re-advertise the space ect.

I would NEVER take a property off the market for 2 weeks for $200. In your example you've just lost $400 rather than gained $200. You gave up 2 weeks of potential rent for a meager $200 and you're back to marketing the property again. You've wasted your time and lost $600 in potential rent for a $200 fee. I always collect the full security deposit (one month's rent) prior to taking a property off the market.