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First payment?

William C

started a topic almost 17 years ago

This is going to sound like a dumb question, but this will be my first rental house. If a tenant is to move in during the middle of the month, when should their first payment be due. And should I prorate the payment from whenever they move in until the end of the month? Thanks for any and all help. Hope it makes sense.

1 Comment

Denise S

said almost 17 years ago

First there is no question that is dumb. You have your choice in how to handle this. Many landlords will pro-rate the rent and have the Lease begin on the 1st of the month. I, however start the Lease when the tenant moves in. It is completely up to you and what makes it easier for you. When I managed many more properties than I do now, I did pro-rate everyone so that all of my Leases and rent due was on the 1st. This made it easier for me at the time as all the due dates were the same.