How much do I charge for a deposit to hold?

[Cameron Foster]

Hello All,

I am currently in the process of renting out my unit in Derry, New Hampshire for the first time and noticed in The Book on Managing Rental Properties that it recommends taking a deposit to hold the unit after accepting a new tenant. Because this deposit typically transfers over to the new tenant's security deposit, should I be charging an amount equal to the security deposit or only a fraction of that amount? What is common practice? Thanks!

[Daniel C.]

Hey Cameron

I’m in Derry also. I collect the security deposit in full within 48 hours of offering the property. Then first month when giving keys. I do certified funds for both, then payments online after that. When you say hold the property, hopefully it’s just short term. I wouldn’t hold for more than a week or two if your place is move in ready.