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Updated about 8 years ago on . Most recent reply

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Susan H.
  • Investor/Landlord
  • NWA, AR
131
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227
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How long will you hold a rental with a deposit/fee paid?

Susan H.
  • Investor/Landlord
  • NWA, AR
Posted

I have a rental advertised as available Feb 1st. I'm getting calls from prospective tenants who say they're looking now for a rental with lease beginning in April or May. While I appreciate their willingness to plan ahead, I wonder how many landlords will hold a property that long.

I'm comfortable with signing a Holding Fee Agreement 30 days ahead of lease start with the fee rolling over to the security deposit at time of lease signing. Anyone here agree to hold a property for a longer period of time? 

And whatever the length of your holding agreement, do you require they complete the application and credit/background check before signing that agreement? Opinions welcome!

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I would not be looking for a tenant available February 1st due to the higher risk associated with why they would need a place on such short notice. My add would be for March 1st and I would screen all applicants for that date. Assuming they pass screening I would sign a lease now for March 1st and take a deposit to hold. I would not hold a unit beyond March 1st.

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