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Updated about 8 years ago,

User Stats

22
Posts
1
Votes
David Cole
  • Arlington, VA
1
Votes |
22
Posts

How to deal with tenant moving in one month

David Cole
  • Arlington, VA
Posted

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!

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