When a prospective tenant pays a holding deposit, promises you he'll move in within a fortnight but fails to should you wait for him a little longer or rent the apartment to a tenant who is willing to move in immediately? Or since the holding deposit = one month's rent, would it better to wait till the end of the month before renting out the apartment?
If there is no physical contract, then you could potentially rent it out to another. The verbal agreement was 14 days, and he hasn't moved in yet, so even in a legally binding verbal agreement, it's now a breach of contract. That said, are you actively losing another potential tenant or did you have to turn anyone else down for this person? If not, then I might give him until the end of the month. If you did turn someone else down based on this verbal agreement, then I would consider contacting the other potentials and seeing if they still need the apartment.
I agree with Troponin. If until the end of the month and the tenant still didn't show up, considering that you both don't have any written agreement then you could contact other potential tenants who are willing to move in immediately. After all, you're running a business and you would be on the losing end if you turn down other interested tenants because you have been waiting longer than agreed upon. You may both discuss about a full or partial refund if he/she shows up days after the promised date of occupancy and there's already someone renting the place.
Well... what you do in this day and age is call them and ask them what's up. If he doesn't pick up after a couple of tries and doesn't call you back soon then sure, rent it out to someone else. That is in the case where the verbal agreement was 14 days, there is no written agreement and you don't manage to contact him. In any case, if he is interested in staying there he will answer the phone when his landlord calls... if not then is this really the type of person you want living there anyway?
It's up to the person when they want to move in, but as they have paid a months deposit, you can't rent it out to someone else without refunding the difference. You could give them notice, as you need rent in arrears, and if there is no response, give a weeks notice and if they don't respond, refund the difference and rent it out, unless you have a written contract otherwise.
Personally I'd wait until the month he paid for is over and then feel free to rent it to someone else. Before all that could happen, though, I'd have a written agreement that he would have signed saying that if he's not moved in before the two weeks agreed upon, the rest of the security deposit will be forfeited and it will be rented to someone else with no refund due. In your case without the signed agreement, I'd wait for the month to be up. Otherwise you'd have to refund the rest of his deposit and it's not worth the hassle.
You should definitely check your local laws regarding this situation. It can vary widely depending on where you live. Even if the law is on your side, I'd make several efforts to get in contact before renting if you've received a deposit already, but if you can't make contact, do whatever the law says you can. This can vary state-to-state and city to city so it's important to check it out.
Over here, the deposit starts being consumed as the agreed date occur. Like if the agreement is that the tenant will move in on the 1st of the month, even if he moves on the 20th the deposit will expire at the end of the month. However, there are landlords who are considerate enough to allow late moving for a valid reason. But generally speaking, the deposit is like an earnest money for something you intend to buy that when you don't consummate the deal on time then the earnest money if forfeited in favor of the seller.
