New landlord here and was receiving applications through Zillow. My property is available to move immediately. There is someone who is very interested with good rental history and income ratio but they plan to move on April 20. How does that work? Shall I ask them to pay something to reserve or lose 50 days of rent on it. If I have to sign something to reserve it. What if in April, they say they don’t need it anymore. Anyone faced similar situation before?

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At least charge 50% (or whatever you think is appropriate) non-refundable for the time till Apr 20. Otherwise ask this renter to come back and check on Apr 1, if your rental is still open.

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Do not hold your rental for them, 50 days is a long time. Someone else will come along.

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Is this the only qualified applicant?

In general, I like my leases to start on the 1st of the month. If they want to start a lease on March 1st, then I’d sign that today. I require a 25% down non refundable earnest money deposit to draw up any paperwork. First month and deposit must be paid in full for the lease to be considered valid. Sometimes I might stretch the deposit across the first 2 months because I know it can be a lot to come up with all at once.

If that person doesn’t want to start their lease until April 1st, I would consider it with an earnest money deposit, but would explain that if someone comes along who is equally qualified and wants to start their lease on March 1st (or even March 15th), I would take that candidate first.

I’m definitely not holding the property for 2 months empty. I’d be willing to offer a discount on the first month (March) to get them locked in. But not going to go 2 months with $0 rent

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Even if you took a 10% discount on the monthly rent, you’d come out ahead on a year long lease compared to having it sit for an entire month empty.

If you want to take this renter, I would have them sign a lease and take a 1.5x rent deposit and first month rent now. If they back out, keep the money.

That’s your decision on whether to take the bird in hand or hope for another renter to show up with an earlier move in. My suggestion is just to prevent the worst case of the renter committing and then changing their mind and not moving in. I was suggesting that you start charting rent April 20 when they move in but take a deposit and first months rent now. If they cancel, I would not refund those.

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