Renter called to cancel contract

[Sayoni Banerjee]

Brand new townhome, she came to see the property - paid the deposit in cash and signed the contract. Deposit outlined as being non-refundable. She just called (1.5 weeks later) to see if she can get the deposit back because she saw a home in the same area with the same rent but it is a single family home. I did tell her the deposit is non-refundable so if she decides to walk she will lose it. She said she will not break it ( is scheduled to move in early Jan)

As a new landlord, does this happen often? I feel like we are getting off on a wrong footing and worried she might not take are of the unit. Please tell me my fears are unfounded.

[Larry Alexander]

You should let her out of the contract and keep the deposit. The deposit is there to protect both of you. You just got behind in your monthly income and will have to spend time finding a tenant. You need to be compensated for the lost time as well as the money and effort in re-advertising the property;- going through the process all over again. Your tenant can then determine what is best for her. She can avoid the loss of deposit and get a better place, or be happy to save that money and take your place. When she decides to stay with you, remind here that your a waaaay better landlord than that other guy. Maybe buy her a new snow shovel?

Note: This happened to my wife and I as tenants when we were re-locating to Fort Collins. The first landlord we put down a deposit with simply told us he was an awesome landlord and that we'd be crazy to go with the guy who owned the other house. We went with the awesome landlord and yes, he really was awesome!