Last Updated on July 18, 2023 By Emma W. Thomas
The duration you can hold an apartment before moving in varies depending on the landlord’s policies and local regulations. Typically, it ranges from a few days to a few weeks. Some landlords may allow a courtesy hold for a short period, usually 24-72 hours, to give you time to submit an application and secure the rental. Others may require a holding deposit, which could reserve the apartment for a few weeks.
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How Long Can You Hold An Apartment Before Moving In?
Navigating the rental market can be a complex process in the context of optimizing the rental period and the moving time. One of the issues faced by potential tenants is determining how long they can hold an apartment before moving in. The response to this question largely depends on a few factors, including the landlord’s policies, regional legislations, and market conditions. Here’s a breakdown of some vital insights:
- Customary Holding Periods
The holding period varies significantly based on the landlord’s policies, market demand, and location. However, it typically ranges from:
– Immediate occupancy to a few days: Most landlords will want to rent out the property as soon as possible to maximize income. They often give a few days for tenants to move in after signing a lease.
– A couple of weeks to a month: If the rental market is not tight and the landlord believes that the renter is a potential long-term tenant, they may be willing to hold the apartments for a longer time.
- Rental Deposits
The rules around holding deposits could also determine how long a tenant can hold an apartment before moving in.
– Holding Deposit: This is a sum of money that prospective tenants give to their landlords or letting agents to hold the apartment while their rental application is being processed. Generally, if the tenant moves in, the holding deposit will go toward the first month’s rent or security deposit.
– Security Deposit: This is typically equivalent to one-month’s rent paid upfront to cover any possible damages to the property. In many regions, a landlord can keep this deposit if a tenant doesn’t move into the apartment.
- Lease Agreements
Lease agreements play a critical role in determining how long an apartment can be held.
– The lease start date is usually the defining factor. Once the lease is signed, the tenant is legally obligated to pay rent from the start date mentioned, regardless of when they physically move into the apartment.
- Current Market Conditions
Market conditions can also influence how long a landlord might be willing to hold an apartment.
- In a tenant’s market, where there is a surplus of available apartments, landlords may be more willing to hold an apartment for a longer period.
- In a landlord’s market, the landlord might not be willing to hold an apartment without collecting rent because they have many prospective tenants interested.
Potential Consequences of Holding an Apartment
Holding an apartment may have potential consequences depending on the specific circumstances and the terms set by the landlord or property management. Here are a few potential consequences to consider:
- Financial Loss: If you back out of the apartment hold after a certain period, you may forfeit any holding deposit or fees paid. This loss can vary depending on the terms agreed upon.
- Missed Opportunities for Other Tenants: Holding an apartment means it is unavailable to other prospective tenants during that time. If you decide not to proceed with the rental, it could result in missed opportunities for other individuals seeking housing.
- Strained Relationship with Landlord: If you hold an apartment and later decide not to move in, it could strain your relationship with the landlord or property management. They may be less willing to work with you in the future or consider your rental applications.
- Limited Availability: Holding an apartment may prevent other potential tenants from securing the unit. This could limit your options if you change your mind and want to explore other housing options.
To avoid potential consequences, it’s crucial to carefully consider your decision before holding an apartment and communicate transparently with the landlord or property management about your intentions and timeframe. Understanding the terms and potential implications can help you make an informed choice.
What Is An Apartment Holding Deposit?
A holding deposit is the amount of money paid by prospective tenants. When people view and agree to your terms and conditions about an apartment, they pay a certain fee. With this money, the landlord reserves the condo for them. It is taken off the market, giving the tenant enough time to carry out any possible checks such as references. They can also go through their apartment rights and credit as they have not signed the agreement.
A holding deposit indicates the tenants’ seriousness in renting the apartment. In most cases, it is non-refundable. When landlords agree to the fee, it is a sign of acceptance to the prospective tenant. When tenants carry out their checks and dislike the property, they can walk away without further agreement and payment. It would be best not to hold an apartment for more than a month without moving in or signing an apartment.
The landlord can take the apartment back to the market when the holding period exceeds one month. Such a situation occurs if you fail to sign a lease agreement. As the tenant, you can sign it, and pay the rental fee as agreed. After the lease agreement, you decide on the moving-in date. Be sure to pay the fees as agreed to avoid contradictions with the landlord.
The Table Below Shows The Average Holding Fees Charges In Different States
|State||Apartment holding fee charges|
Why Do Landlords Ask For Apartments Holding Deposits?
During the holding period, landlords have enough time to check on the tenant’s ability to pay rent. They can go through the presented document, among other essential checks. Before doing so, they let the tenant know about the activity so that it does not appear like stalking. At this point, the landlord can stop the tenant from taking the apartment in case of suspicious information.
The law on holding is different from state to state. For this reason, always go through what your state laws say before getting into one with any landlord. With this, you can determine whether there are limits to the fee and what happens after moving in. For instance, they deduct it from the first month’s rent in some states. In others, they do not refund. On the occasion of a refund, some state laws say that it must be done within seven calendar days of the tenancy.
What Happens When You Break The Lease Before Moving In?
Some people sign a lease agreement and take time before moving into an apartment. It may be due to limiting factors such as a lack of moving services or remote jobs. Whichever the case, after signing the agreement, the tenant has a binding contract with the landlord. Breaking it could attract legal consequences despite the reasons.
There are a few instances when you are exempted from violating the agreement. Among these occasions is when you are a military officer. They happen to be assigned from time to time, hence the high chances of not abiding by the lease agreement.
Other than such incidences, breaking a lease before moving in into an apartment leaves you with the following responsibilities;
Assigning Your Lease To Another Tenant
An impromptu break of the lease agreement leaves you responsible for assigning the apartment to another person. After assigning the new tenant, you both become responsible for the apartment, and everything stated in the agreement. Some state laws prohibit this option for security purposes. For this reason, you need to talk to the landlord and explain your situation. Only then can they give you the go-ahead of bringing forth an assignee.
Paying Rent Until The Apartment Gets A New Tenant
Provided you already signed the lease agreement, you become responsible for paying the rent until there is a new tenant. Most state laws agree with this due to inconveniences faced by the landlord. It is only fair for you to shoulder some of the associated burdens. It also helps tenants look for another tenant to take over the lease.
Other options which are not commonly considered include offering to pay brokers’ fees to the landlord. They can hire brokers who can find another tenant with that fee. Most people dislike this option as there is no guarantee to find a tenant soon enough. Landlords end up losing more than the one who broke the agreement. Ensure to give proper notice when breaking a lease before moving into an apartment. It shows respect and honesty. Doing so is likely to lessen the consequences.
When Do You Start Paying For The Apartment After The Holding Period?
During the holding period, you do not pay rent. After all, you have not yet signed the lease contract. You are not legally binding to the apartment. The date you sign the lease, that’s the time your rent starts counting. Ensure to list the date on your contract. Do not pay anything before the signing date if you move into the apartment.
For these reasons, landlords ensure that tenants sign a lease contract before moving in. Even when you have a holding fee, most states require you to sign before living in a rental apartment.
What Can I Do While Holding The Apartment Before Moving In?
The apartment holding period is critical. You can investigate the landlord and the building history before moving in. It gives you enough time to decide on whether to move in or not. Most people pay for this holding period to carry out the following;
To Ensure Everything Is Working.
It’s quite a turn-off when you move into an apartment only to find most utilities are malfunctioning. For instance, you see water heaters are not heating. Electricity outlets tend to be dysfunctional at times, only to find out after moving in. For this reason, make good use of the holding period to check out the apartment. Run the water from all faucets to ensure they are okay. Turn on and off the lights, open all doors, and check the microwave and cookers to ensure they work fine.
Most people fear doing this as it seems disrespectful and discourteous. Why pay for a non-functional house when you could have avoided it? It is crucial to do due diligence for your comfort and safety while renting an apartment.
Go through the lease contract.
The holding period gives you more than enough time to go through the lease. It allows you to check every detail, including your tenants’ rights. A lease agreement contains all information on what to expect from your apartment rental experience. Consider counter-checking that all the items provided in the contract match those in the house. It helps you avoid future surprises of incurring costs from things that do not match their description.
During this period, you can negotiate the lease and seek protection where need be. For instance, you can discuss the penalties for breaking the contract before the end of your lease with the landlord. You can also get the answers on who incurs maintenance and repair costs in the apartment. During this period, you get a chance to know whether it is fully furnished or bring your items with you when moving in.
Ensure the apartment is pest-free and clean.
It may seem petty, but checking on the apartment’s cleanliness level is essential. People have different cleanliness levels. The previous tenant might have left the place in a wreck. By checking out the apartment during the holding period, you decide what action to take. For instance, you can choose to clean it before moving in. Alternatively, you can opt out of the deal and not rent it.
It is better to find and deal with a disgusting mess before moving in than to find out later after the lease signing. For this reason, ensure to check on the condition of the walls, bathroom, refrigerator, and kitchen. Some may be easy to clean. As for the permanent messes, you can have the management check and work on them before moving in. Doing so saves you from incurring costs for damages caused by the previous tenants.
The standard holding period for an apartment is a month. It may differ depending on the state laws, which is also the case with the holding fee. A holding deposit is a fee paid to the landlord to keep an apartment out of the market and the tenant can check it to ensure all facilities are working within this period including water and other utility services. This holding period also gives you enough time to go through the lease contract to ensure you understand everything it states before signing.
Emma is a graduate of Domestic Science or Family and Consumer Sciences (Home Economics) from the University of Wisconsin. She has 7 years of experience Working with the strategic section of BestBuy and now writing full-time for Homeeon.
From Managing the Home, Interiors, Cleaning, and Exteriors to Gardening and everything about Making A Home Liveable – is her passion and this Homeeon is the result of this.
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