Prorate Rent or Find A New Renter

[Christina Didion]

My husband and I recently purchased our first investment property. We have very interested renters, at least 10 families showed up the first day and all were willing to move in by July 1st.

We decided to go with a young couple, well qualified and sweet people. Only issue is after the application and background checks were clear, they asked if they could move in later in July since their current lease is not up until early August. 

What would you do? 

[Matthew Olszak]

@Christina Didion I never collect less than full 1 month's rent + move-in fee (or security deposit for you non-chicagoans). If they want to move in early, they should pay that time PLUS the first month's rent PLUS whatever else you charge upon move-in. OR, you can run the lease from their move-in date to their move-in date + 364 days.

EDIT: I think I may have misread your post. If they are going for move-in AFTER you want the lease to start, I've done that before for EXTREMELY qualified applicants, like someone with multiple family members signing as guarantors to the lease. That trade-off to me was well worth the 3 weeks lost rent.

Either way, get the cash in hand prior to your signature on the lease.