Signing a lease today and and not moving for 30 days...questions.

[David Vitarelli]

Hello BP community. I have have a quick query. I have a rental property in Philadelphia that I have found a tenant for but this tenant cannot move until August 15th....and today is July 11th. I wanted to know what the correct process is to move forward with this prospective tenant. I want to sign the lease and take the sec dep. first and last months rent....but I am not sure if that is customary to do given the gap in time before the tenant takes possession of the property. With all other tenants I have, the exchange of sec dep. first and last happens at lease signing then possession is taken immediately or the next day. Your feedback is appreciated and valued. Thanks! 

[Jon Holdman]

When I sign the lease, the tenant hands me the deposit and rent (in cash or equivalent) and I hand them the keys.

I might hold a place for a week or so.  If so, we sign a "hold agreement" that has a non refundable deposit that will become the deposit if they sign the lease. It says "non refundable" in big letters, multiple times.

I would not hold a place for a month.  Perhaps your market is really slow.  But I'm confident I would get a tenant that would move in by the first of August, probably sooner.  Why would I give up two weeks or a month of rent?  I would offer this tenant the right of first refusal.  If I find someone else who will move in sooner, I'd offer this tenant the option of moving in sooner (and paying rent).  If not, the second person gets it. 

You know your market.  If you're convinced this is your best option, do the hold agreement instead of a lease.