Tenant Wants To Cancel Lease Before Moving In

[Mitchell Lash]

So, I have a lease that is supposed to start on June 1st, 2021. The tenant who has already signed and paid her security deposit just contacted me and told me that she will no longer be moving in. I am wondering if I can legally keep the security deposit that she has already paid me.

Thanks.

[Terrell Garren]

To avoid confusion, my rental agreement states that the deposit is a nonrefundable holding fee until the date the resident takes possession.  At that point, it becomes the security deposit. I make it a point of explaining them that I will be declining other applicants and will not refund the holding fee.