MISSING OUT ON A MONTH OF RENT?!?

Question

Nicole A. · Answer

When I have an applicant unable to move in for more than a week out, I tell them upfront that I will continue to show the property and if another qualified renter is able to move in sooner, it will have to go to them. Otherwise, if the time passes and no one else good applies, they're in! They all have been very understanding of this and some have even moved up their move day to ensure they were the ones to get the unit.

Dustin Lavender · Answer

I always get money in advance in a deal like this and a signed long lease. If you want to rent it to them now, I would require deposit and at least first months rent now so they do not flake on you next month just before moving in.

Vern M. · Answer

I would move someone in ASAP.  Its costing you money just carrying it for that month, thats also lost income that's will affect your year end budget, and you don't know if they'll find a better deal, or lose their deposit in July.

JD Martin · Answer

I will give a well-qualified tenant a maximum of 2 weeks grace, meaning if I have a unit that is ready and available June 1, and someone wants to move in effective July 1, they can either pay a prorated 50% for June or we will move on to other applicants, and if it is still available come July 1 they will be approved. If the unit was ready May 1, and they wanted in July 1, they would have to rent all of June and half of May. This means that the tenant is effectively renting the place for  at least 2 weeks before they need it, and I am dispensing with 2 weeks of potential rent. We use the 2 week period (this doesn't happen often) to address anything that would have been coming up with the unit anyway, and for out-of-town tenants we keep a general eye on the place until the move-in day, but that is the extent of provisions we are willing to make.

If you are in a very sluggish market, sometimes you have to do what you have to do, but in my market there's no good reason to hold a unit open for people for anything more than 2 weeks. Also, we only hold a unit for 48 hours after final approval (preliminary approval, final approval after credit/criminal/eviction checks). Once the applicant has the lease, they have 48 hours to sign and deliver funds, otherwise we continue on to the next applicant. Tenants - a decent number of them - will often use your place as their back-pocket while they continue looking for a better/cheaper/closer/nicer place. Don't fall for it.

Jennifer T. · Answer

Sounds like you already got this covered.  But I would have offered to "split the difference".  With the lease starting in mid-June.  I was in a similar situation with my first set of tenants and that was what we all agreed to do.

Frank Chin · Answer

No, I wouldn't do it.

My answer is "at this point, tenants who want to move in June 1 gets priority. Get back to me the first week of May to see if still available".

If there's good demand for it, no reason to lose a month's rent, especially if you got another 2 months to go.

Ralph Miller · Answer

Thanks everyone!  I turned them down and this week already inquiries have started to pick up!  I'm very confident my place will have new tenants moved in by the end of May!

Deanna McCormick · Answer

IT"S only APRIL 4th,,, and June renter are just starting to look.. I'd keep options open,, you tell them that you won't hold it for anyone till July unless you haven't rented it by May 15th..

Honestly don't be in such a rush,, June is prime move month as so is July so keep your options open and take some more calls.

Thomas S. · Answer

Never choose a tenant that can not rent as soon as the place goes vacant without exhausting all other avenues. Your applicant simply does not qualify due to the fact that they are not prepared to pay rent when the unit is available. They go to the bottom of the list and your search continues. Unless they are willing to step up and pay for the month of June.

You are searching well in advance of when the unit is available making it inconceivable that a landlord would even consider this applicant as qualified.

You are operating a business not a charity and need to always keep that in mind.

MISSING OUT ON A MONTH OF RENT?!?

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