I've been accepting new teni at all times of the month. There were years when people would arrive on the first, however in the recent past I'm finding that teni show up at all times of the month.

For years I've been prorating the rent for the month. Today that stopped.

If you arrive on the 21st....your rent will be paid on the 21st of each month. In this way I get the full month of rent and not some pennies to move you in.

I believe I need people to have first month and security to complete the screening process.

I've made this change because I contemplate waves of bad teni looking for accommodations in the months to come.

.....Any other tips come to mind? I think I need to rethink this whole business and learn everything all over again.

Thanks,

I accept tenants any day of the month. They need to pay a complete 1 months rent (30-31) day plus a full security deposit equal or more that 1 months rent.

Then when the 1st month (30 day period) is over and rent is due for the second month, the tenant pays a pro-rated amount to bring them to the end of that month. Then the 1st of the next month the new rent due date is on the first and this date modification is written into the original lease.

Most of the time this isn't a problem. So if the rent is $1,000 a month and the tenancy starts on the 14th of the month. The tenant pays from the 14th of this month through the 14th on next month. Then on the 15th, they pay half a months rent to adjust the date to the 1st of next month.

Fantastic idea. It offers the teni their wish but on my schedule.

If tenants move in a different day than the first, I require a full months rent and full security deposit and then on the same date of the next month, rent would be prorated on a per day rate (rent divided by number of days left in the month) to determine the partial payment of rent they would need to do to bring it back to the first.

I do what Robert does...charge full month at signing, then 2nd month is pro-rated...but I don't see any issue with the way you're doing it. Just be clear about what you expect on the back end...our lease clearly states we won't prorate the final month's rent.

Jerry,

No, the 31st.

Smok,

Your approach is common and do-able.

Me? In MY local economy? Few if any people have complete move in funds. People just don't have cash anymore.

I make it easy to move in and get the place filled. Works for us. I can hold out or I can work with legit, qualified applicants. No difference between these folks and folks who do have full move in funds.

My stats over many years and many homes show the amount they pay up front does not affect the normal payments coming in nor the length of their stay. I have people who pay $5000 Non-Refundable RTO fee up front but will skip in the night.

The rent starts the day we take it off the market by signing a lease and accepting at least a partial deposit.

We will give keys if the entire deposit is paid and a signed written plan to pay the prorated rent within 30 days. Usually it's for the next Friday payday.

We prorate the month to the day they sign.

70% of new leases are on PayDayPlan rent so we only need 1 or 2 weeks of rent to match up with the lease payment schedule.

PayDayPlan gives me 13 months of rent income over each 12 months AND helps them move into MY house while other LLs wait.

BRAD

I do something similar as RobertJ only I don't have them pay in the middle of the month. they have two options:

First (in full), Security on whatever day they move in/sign the lease, etc. then on the 1st of the following month they would pay the pro-rated amount and going forward, rent is ALWAYS due on the 1st. In NYS we cannot have them leave/ evict until the end of the month (unless a judge states that) so why even bother?

First (in full), pro-rated and Security due on the day they move in/sign lease. then, the next payment isn't due until the third month (ex if they move in 17th, they pay January, Feb and sd. Next payment due 3/1).

I don't prorate. They move in on the 1st - rent due the 1st. Move in the 10th - rent due the 10th. 13th - 13th.

The few times folks have asked me to move it to the first, they never agree to pay the proration so it stays on the original date.