Page:
1

Topic: Apartment Hold Time

Topic Author

CJ Wessel

Karma: 1
Posts: 1

Hi - what are your company policies on hold time on a vacant unit till resident moves in? Typically we hold a unit 14 days till a resident moves in in a tight market, sometimes 21 days.

Posted 5 years 2 months ago

Quick Reply Reply Quote

Colin Ferguson

IF, we have a waitlist, and IF the unit is ready, our goal was 7-14 days. The key is working the waitlist the second the notice comes in. I have seen properties where a sense of urgency was missing when that notice came in, and that usually slowed the process down.

Posted 5 years 2 months ago

Quick Reply Reply Quote

Leah Love

We will only hold an apartment for 2 weeks. I think that is industry standard.

Posted 5 years 2 months ago

Quick Reply Reply Quote

Vicki Sharp

Karma: 1
Posts: 13

GREAT question! I think it would depend on your availability/popularity in each floor plan. If it is an apartment home that is very popular and easy to lease, I would limit the hold time without payment to 7 days. Otherwise, I think 14 days is fine. Wouldn't go over that.

Posted 5 years 2 months ago

Quick Reply Reply Quote

Teresa Swift

No more than 2 weeks with a holding fee

Posted 5 years 2 months ago

Quick Reply Reply Quote

Jennifer Rysdam

I will hold for 2 weeks with a non-refundable retainer that is equal to half of the rent. That way if they back out they've paid for the 2 weeks of rent. When they move in it goes towards their deposit.

Posted 5 years 2 months ago

Quick Reply Reply Quote

Lissa Ellegood

Our is 14 days if it is ready if it is not 21

Posted 5 years 2 months ago

Quick Reply Reply Quote

Reply Topic

Page:
1

Discuss!

Multifamily Insiders Discussions

The Front Lines

Apartment Leasing

Apartment Hold Time