General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 8 years ago,
How to deal with tenant moving in one month
A rental condo of mine is currently vacant. I have just found a well-qualified tenant. In my market I've found that the holidays (generally late November to the end of January... perhaps longer if winter weather is nasty) are the absolute most challenging time to find tenants. The tenant does not want to move in until February 1- just over a month from now. The likelihood of finding a qualified tenant before February 1 is "very slim" (definitely less than a 50/50 chance). The condo will rent for $1,500/month with a $1,500 security deposit.
If I decide to go with this tenant, what is the best way to procede? Request a nonrefundable $1,500 retainer fee which would convert to the security deposit on February 1st? Have them sign the lease at the time I collect the retainer fee? Then give them the keys when they pay February's rent?
I have not expereinced this situation before so any tips would be much appreciated!