Rental Property Investor · KS/MO · Member since 2017 · 34 posts · 14 votes
This may be in an old thread somewhere, but I figured asking directly would be easier than digging.
So I am fairly new to this and currently only have 1 rental house. So I recently had my first tenants break the lease after about 7 months of renting because of job relocation. I kept the deposit since they broke the lease, but would like to get the new renter in either on or shortly after December 1st so that I'm not losing much from vacancy. I had a potential tenant come and look at the house today and am waiting on the application back, but am pretty sure he is the one I will go with as long as the application doesn't have any surprises. He said he isn't planning on moving until about Dec. 9th, but could possibly do sooner.
My question is, would it be fine to go ahead and push to start the lease on the 1st, so I can get a full month's rent for December, or just let him start it on the 9th and lose out on 9 days rent out of the month (which actually comes out to about 190 bucks)?
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
8y
If he's agreeable to starting it on the 1st, obviously that would be better for you and you should do that. But if he's adamant that he can't move in until the 9th and doesn't want to start the lease until then, I'd be fine with that. That's fair. After all, that's less than 3 weeks away. Not too long to wait. Many tenants wouldn't be able to move in for 30 days because they'd need to give their current landlord proper notice. (And that's the kind of tenant you want anyway.)
Investor · McKinney, TX · Member since 2014 · 189 posts · 93 votes
8y
Personally, I'd take the December 9 move-in with a qualified tenant. Pushing for that extra money, especially with Christmas coming up, may end up creating a problem you otherwise may not have. Of course, I say this not knowing your specific market and the likelihood of finding someone else to move in by Dec. 1. We are in the same situation with a property. My advertising (a for rent sign and Zillow ad) has been much lower, ostensibly due to the holiday season not being the best time of year to get a place rented out. "As we speak", I am waiting for word our property manager has collected a deposit. The house in question was rented out within two weeks the last time we put it up for rent and this is the first time we've ever had a house sit empty for an entire month.
Chances of this applicant being able to find another landlord willing to take the risk on renting to him on such short notice is unlikely. Most landlords would assume he is being evicted.
Anyway my point is he is desperate, charge him rent from the 1st.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
8y
If he's agreeable to starting it on the 1st, obviously that would be better for you and you should do that. But if he's adamant that he can't move in until the 9th and doesn't want to start the lease until then, I'd be fine with that. That's fair. After all, that's less than 3 weeks away. Not too long to wait. Many tenants wouldn't be able to move in for 30 days because they'd need to give their current landlord proper notice. (And that's the kind of tenant you want anyway.)
If he's agreeable to starting it on the 1st, obviously that would be better for you and you should do that. But if he's adamant that he can't move in until the 9th and doesn't want to start the lease until then, I'd be fine with that. That's fair. After all, that's less than 3 weeks away. Not too long to wait. Many tenants wouldn't be able to move in for 30 days because they'd need to give their current landlord proper notice. (And that's the kind of tenant you want anyway.)
I'm glad you brought up this angle, Kyle. While there certainly reasons a person may need a place quickly, logic dictates those looking to move in 30 days are more likely to be good prospects. A recent exception I ran into- tenants who have a 3-bedroom apartment, with the apartment allotting for two vehicles. The tenants moved a relative in, adding a third car to the equation. The complex has the right to be strict on this.
Anyway, your point stands and this is an aspect of renting we have become more conscious of recently. Why does the tenant need a place so quickly?
Rental Property Investor · KS/MO · Member since 2017 · 34 posts · 14 votes
8y
It's a little bit of a complicated situation, so I won't go into too much detail. The guy recently went through a divorce and it sounds like he and his wife were in disagreement about their house. So he is actually still living in a house with his ex-wife, not renting, which is why he is moving. Seems like he'd make a good tenant though.
Thanks for the responses. I think I will just bring it up to him about starting the lease on the 1st, and see if he is ok with it. If not, I guess the 9th would be fine also if he turns out to be the best tenant.