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Am I held to a verbal agreement?

I listed an apartment for rent and someone inquired and put a security deposit down to hold it for 30 days. At the time it was listed for a 1 year lease. The 30 days will be expiring in a few days and the prospect will be paying for the balance by the due date but I no longer can rent the apartment for a year, I would like to do a month to month lease instead of a year, can I change anything now? No contracts will be drafted or signed until the full amount is paid so there is no current written agreement.
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Did you run a background check on these people at all it seems like there was just talk at this point, follow procedure collect their info run checks follow up on employers, past landlords. Then when you are ready to sign a contract and hand them key explain that you are looking to just do a month to month lease and that is all you are offering at this time. You are not held to anything especially if you have not handed key and do make sure you do a written contract.
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