Things You Should Know About Rent Payments
Whether you’re new to rent payment or not, there are several things to keep in mind. Especially in today’s digitalization era, lots of new payment apps are emerging in society, this could affect how you pay your rent. Moreover, in order to avoid problems, you also should be aware of the basic issues involved with making your monthly payments. Therefore, we’ve compiled the most common issues that lots of tenants are facing nowadays in rent payment basics to help you.
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What is the rent payment?
The rent payment is usually of an amount fixed by contract, made by a tenant at specified intervals in return for the right to occupy or use the property of another. In other words, it is a monthly or regular fee that you pay to your landlord.
What are the things that are included in my rent payment?
Before you deal with the agreement, be sure to check what facilities or utilities that are already included in your rental fee. It’s essential for you to know this, so you are aware of how much the place’s going to cost you. More importantly, it will be wise of you to find out the utility fee that is not included in the rental fee. Knowing all of the expenses you’re going to pay can prevent you from not being able to pay all of them.
When is the due of my rent?
Commonly, the rental fee is being paid by the residents on a monthly basis which means rent is due on the 1st of every month through the length of the lease. However, ensuring this policy once more toward your landlord is important. There is no guarantee that this policy applies strictly all over the world. Furthermore, you are allowed to pay in advance for any length of time that you wish to do so.
Choosing a rent payment method.
As mentioned above, today’s era offers lots of methods in paying the rent. Traditionally, apartment tenants pay their monthly rent by check. But, more landlords are accepting rent payments by credit card, along with the ability to process transactions online. Before fixing the method of paying the rent, think thoroughly about which method suits you the most. For example, switching from check to credit card payments has its advantages, but sticking to checks might still be best for you. Weigh the pros and cons of credit card rent payments and decide for yourself. If you’re thinking of paying cash, whether you plan to do it every time or just on several occasions, be aware of the possible pitfalls. Hence, you can avoid trouble with your landlord that may put your tenancy at risk.
Is there any additional charge for paying late?
We are aware that sometimes things can’t run as smoothly as it planned to. Either you’re unavailable to pay your rent on time due to financial difficulties or accidentally forget to pay, do ask about any possible charge required. Knowing any consequence that can cause you as a result of late payment can lead you to better prepare later on.
Partial or Delayed Payments.
In some cases, if you are facing a big financial difficulty and unable to pay all of your rent on time, you may be able to negotiate with the landlord to pay part of your rent now and the rest later. You should let the landlord know about the situation in writing as soon as possible and you should explain why it is only temporary. If possible, you should offer to pay some of the rent on time. To a more convincing situation, you should also provide a written agreement stating your promise to pay the remaining rent by a certain date. This will protect you in case the landlord changes their mind or forgets about the agreement and tries to evict you.
Prorating your rent.
If your lease begins in the middle of the month, chances are your landlord will want to prorate the rent for the partial month. Prorate is a method between tenants and landlords to let the tenant pay the rental fee accordingly their time of stay. For instance, if you’re planning on signing a one-year lease to take effect before the first of the month, your lease term would technically last for just over 12 months. You would pay a “prorated rent” for those first days or weeks, and then the full month’s rent would be due on the first of each month. Moreover, keep in mind that not all landlords may agree with this policy. You may discuss this issue first before sign on the lease.
Making rent payments.
It’s normally best to deliver your rent payments in the manner in which your lease or landlord directs. If you’re splitting the rent with roommates and paying by check, one of you can send the full payment each month to the landlord (and get reimbursed by the other roommates). Or, you can send checks from each roommate in one envelope, making sure the sum is equal to the total amount of rent due. In other cases, if you’re subletting your apartment, it’s best to send your monthly rent payments to the tenant (or sub-lessor), rather than to the actual landlord. There are various ways to utilize your apartment and rent payment. Just be sure that whatever path you choose is, it has been approved by your landlord.
Bounces rental fee.
We suggest you to always take a look and check your rental fee before paying it. Doing this may prevent you from a scam or misunderstanding. In some cases, the rent check may bounce. If this happens, the landlord can charge you a fee if you were given notice that the fee would apply. Similar to late fees, the extra charge must be reasonable. Some states allow landlords to charge interest on returned check charges.
It’s important for you to understand the basic knowledge about rent payments. This could help you to understand more about basic apartment terms and policies. In addition, you will not be surprised when discussing rent payments with your agent or landlord. We hope this helps you!
find out more about things to know before moving in to your apartment here