Does a security deposit alone hold a rental?

Question

I have a room for rent and a prospective tenant who currently lives out of state. I also have three others interested in the room. The person whose out of state will be here at the end of the month. In order to legally hold the room, does he have to give only a security deposit or sign the lease and begin the rental?

Answer 1

If he has given you a security deposit you are obligated to hold the room until he gets there.

Answer 2

He has to sign the lease to begin the rental.

Since he was the first to pay you money, I call him and let him know that you need him to sign the lease.

If he is truly going to lease, he will have no problem signing.

If he is shaky, then return the deposit, and go on to your next most qualified tenant.

Answer 3

Yes - a deposit to hold is good enough.

Answer 4

If you put down the security deposit at a apartment complex they will hold the unit for you.