Vacant Property - Quality Tenant applied wanting to move in 2 months from now

[Brandon Boogren]

In the beginning of 2024 I bought an investment property. After freshening it up and getting it rent-ready, I was able to list it two weeks ago.

I've had a decent amount of interest, two open house showings with about 6-8 different potential tenants/couples. Only one couple has actually submitted an application.

Although I need to verify some of their application details, it appears like they meet all my requirements. Income greater than 3x rent, 620+ credit score, etc. etc. 

They want to move in August 1st. It is currently June 2nd. The property is sitting vacant. 

So if I accept them it would sit vacant for two months.

What is the next best move here? I'm considering accepting them if they pay something non-refundable upfront to hold the property. I just don't know what that amount should be (1.5x month rent?) or if that's unrealistic. 

If they aren't willing to pay to hold it, I would tell them I am going to continue to show the property until July 20th and if there are no legit applicants they can move in.

Any advice/help would be greatly appreciated! 

[Rick Garrido]

I take the same approach with my rentals. If someone wants to put it on hold then they begin to pay rent as-if they moved in. If they don't want to pay then you keep it listed in case another qualified tenant can move in. 

Good luck!