Topic: What is everyone’s policy in holding a unit for an applicant that’s already been approved?

I think two weeks after previous tenant vacates max is pretty standard

100$ hold fee holds for 30 days, the security deposit holds for 45 from time unit is ready

We also are a newly renovated property and just finally enjoying a high occupancy, have had a waitlist going since beginning g of summer so most people are moving in within 2 weeks, after having been approved earlier, as long there were no major fixes to be done

Two weeks once unit is vacant.

One week from move out or application if already vacant. Holding fees required within 24 hours of approval

So my company does things a little different. We actually don't officially reserve a unit for someone until they're approved and have assigned lease. We found that too many people were applying and either getting denied or canceling so we swap to this method. It has worked out quite well. Overall, we try and keep moving within 2 weeks of the last move out unless it's a renovation. Usually it has to be at least within 7 Days of the Make ready date

How do you prevent more than one applicant (or group of coapplicants) from applying for the same apartment? Or are applicants informed upfront the unit they are applying for may not be available if a pending application on it is approved first?

Multiple people are allowed to apply. First one that signs wins.

We tell them whoever gets the app in first gets first dibs. It’s pretty simple. If the first app is approved we will refund the other’s fees. If not, they get a shot at it. If told upfront I haven’t ever had anyone upset with that.

After the app approval email is sent, they have 48 hours to sign the lease and pay the deposit. If they don’t, it goes to the next in line or back on the market.

Ready unit - 7 days. Non ready unit - up to 14.

10 days max

Shoot for 7-10 days after made ready. Can go up to 14. No commission after 14.

No longer than 14 days but push for within 7 days of Ready.

They would have to put their deposit down and we could only hold it for 2 weeks.

You all holding for two weeks should really look into revenue management program. You are throwing so much money away by not charging them for holding.

I know with yieldstar the rate goes up daily to supplement the income loss. But you have to make sure it’s set to do that. In the end it ends up being a wash and no income is lost even with holding for 14 days.

2 weeks from app date, $500 reservation fee, credited to 1st month

No more 10 days after make ready date, must pay deposit within 24hours. If they have a higher deposit we require $200 to hold and the remainder due by movein.

Holy moly…every answer so far is just wow! They have 60 days from the date they applied to move in here.

I understand what you are saying but sometimes it’s just nice to be a good human being! Most owners have more money than god! My thoughts anyway!

Plus most places here require a written 60 day notice to vacate so they need at least that much time before they are able to move in. Most people can’t afford to pay rent at two places even for a month.

I just can’t understand the math. If you have four vacant every month and they rent at 1k and you hold it for 60 days that’s eight Grand the ownership is losing (potentially) every single month. That’s (if we go off that math) $96k in a year

…we only have 3 units available for rent out of 438 units which are not available until October. I think we are doing something right. A third of our tenants have been here for 15 plus years. Go figure!

We do 30 days from application date, but we are Tax Credit.

I’ll hold for one week with nonrefundable deposit = to their damage deposit.

We're tax credit and require they pay 1/3 of the Sec Dep within 5 days of approval which holds the unit for them for 30 days but is not refundable if they decide to cancel on us.

They have to sign the lease within 48 hours of approval. If they cancel before move in they have to pay reletting fee. If they don’t sign lease unit goes back on market and they lose what they’ve paid

Hi, Sign a lease within 72 hours of approval. Hold up to 2 weeks on stabilized and 30 days on lease up.

We are on a rent revenue management program that gives prospects 35 different rates to choose from depending on the length of the lease and date of move in. If they want a date further out, it can be done, but they will pay a much higher monthly rate.

Only if they pay a security deposit to hold it pending lease signing