What is the average time a tenant takes to move-in.

Question

I have a tenant wanting to move-in, but wants to give a 30-day notice to his current LL. While I realize this is a good thing, the property is vacant and this candidate is borderline (though is the best so far), as it's a lower end neighborhood. He said he could put down his deposit to "hold" the place, but I'm wondering if I should decline him and try to find someone else, since it would be vacant for the next month waiting on him anyway, or if a 30-day wait period is average for tenants. Like if I found someone else in 2 weeks, I'd then have to wait another 30 days for the next couple to move in.

The other rental I have is in a college town, so the move-in times are pretty predictable throughout the year and I normally have a tenant well in advance of the other one leaving.

Amie D. · Answer

Misread it... end of February. That's better, but my leasing agent just replied and said it might have to do with his name not being on the lease. Still, I think if they were good tenants they would just re-draw the lease and add his name (?)

I don't mean to be so skeptical but, when renters tell me things... I just am.

Amie D. · Answer

Ok this is what my leasing agent said about the showings of the interested parties who viewed last night (he didn't show the house himself, other agents did):

The first agent said her people have not been offered a chance to renew their lease due to the number of people staying in the apartment. Was a woman who had the lease, got married and had a baby. The current landlord served them notice to vacate by end of February. Credit is around 650s or so per the agent.

Other agent, said the potential tenant has the application in hand but she has not received it back from them. I will get some questions answered about their background ASAP so we can make a decision with the current applicants.

So, this is still ongoing... I will post an update.

The first group sounds like there might be something weird going on. "Number of people staying in the apartment" because a woman got married and had a baby, and all of a sudden they have to vacate by the end of Friday? The LL just suddenly noticed that someone got married and had a baby, and who kicks someone out due to that anyway? Sounds weird to me, but maybe there's a better explanation... the 30 day's waiting time for the applicant I already have is not that great, but on the other hand, as I've said before, from my experience the people that want to move in NOW tend to have something weird going on.

Tiger M. · Answer

Sounds like your agent is doing his job. Trust the guy with boots on the ground.

Amie D. · Answer

John Mireles, "bird in the hand" is exactly what I've been thinking of too, but at the same time I thought, "no guts no glory." LOL.

Amie D. · Answer

Ok, I spoke with my leasing agent and he said he doesn't really do that because it kind of puts the renters in between a rock and a hard place because they've given their current LL  a 30 day's notice, and put down their deposit on my place, and then we come back to them and say we found another renter so you have to move now. He said it can start things off on the wrong foot as well.

He also said that 9 times out of 10 people want to move in toward the end of the month or the 1st of the month, since that's when their current leases end. Since we're already in that window, we may end up waiting until March 1st for another renter to move in as it stands.

These tenants don't appear to be bad tenants, they are married, have good credit history (everything in green, what???), good credit scores for this market (635/665), good rental references, no evictions, and earn 3x the rent. However, they are highly leveraged with a low amount of liquid funds, which is the main thing that brings them down to borderline.

He is following up with the other agents who showed the place last night to see if their people they claimed were interested want to put in an app, as we need to give an answer to another party. So, we'll see what happens. If there isn't other interest, I'll go with the younger couple.

John Mireles · Answer

Good tenants are hard to find. If I have a qualified tenant who needs to a few weeks, I'll have them sign the lease and pay first month plus security deposit up front. Yes, I may lose some rent but the alternative is that I'm faced with the prospect doing more marketing and more showings plus waiting another week - and then having a tenant who needs a week or so to move in. So really I haven't lost that much by going with the tenant who needs to wait.

I"ll take a bird in the hand any day...

Amie D. · Answer

Jon Holdman, in this scenario - first right of refusal - do you have them put the security deposit down to hold the house and have them sign the lease, or just do the security deposit until the time comes that they may move in?

Amie D. · Answer

I'm going to call my listing agent about the first right of refusal. Three different couples viewed the house last night, and from the automated follow up survey, two said they were interested. So, maybe something will pan out. But if not, this plan sounds reasonable to me.

Jon K. · Answer

If you hold it for them, you will have had an empty house for 6, nearly 7 weeks, with no rent for a "borderline" candidate. Not a good candidate, but borderline?

People move. People know they have to give 30 days notice. Let the tenants deal with it. They should've given notice earlier. Most people decide to move, give notice, then immediately start looking for another apartment.

I like the idea of giving them a free week of rent and having them move in sooner and start paying.

Or, do what Jon H. said and do right of first refusal and see who else comes along before this person wants to move in.

It is slow season, but 7 weeks of lost rent for a single family home seems like a lot. Maybe it's not. But, all that for a borderline candidate? Surely a at least "decent" candidate will come along. 2.5 weeks listed doesn't seem like all that long to me. I listed my rooms for rent longer than that this time. Someone came along at the last minute.

James H. · Answer

Give them first right of refusal and only accept a refundable deposit? Collect first and last month's rent prior to giving keys?

I don't know. It seems like when a low end tenant makes your head hurt, they are not worth the trouble. I can see how one might get in the situation to make this request and it not be a bad thing, though.