State Specific Question About: PENNSYLVANIA (PA)

My leases are signed when I have sufficient money in hand, i.e. first month and security deposit or at least over 50% with the balance due at the lease signing.

All money up front and in full before the key is given.

I never have a lease signed until I am ready to give the key to the tenant and he is free to move in at his convenience.

I often give a free week before the 1st of the month so that is when the lease is signed and the key given. Tenant can move in then or whenever he chooses.

When do you want a contract in place? As quickly as possible after you have identified a qualified candidate.

I started in student rentals. In that market it is normal to sign tenants to leases months before occupancy will occur. The payment schedule matched their income. A small initial deposit at signing followed by another payment after summer jobs had started and the balance in cash at move-in. Then they got the new keys.

I expanded into non-student rentals to have more summer income. Most of my current tenants qualified based on steady employment at a decent paying job. Few of them had thousands of dollars saved, but they did have hundreds saved and a working budget.

My ad this spring for two 2BR apts produced more calls than my voicemail could hold. My approved prospects signed leases the next day for occupancy in one to three weeks. They each paid at least five hundred dollars at the signing. The signed lease took each property off my "available" list and the calls were still coming. Once again the balance was paid in cash before keys were given.