My prospective tenants will have paid their last month’s rent to their current landlord for April, plus the deposit via Rent Now for my property. They have asked if they could hold off paying the first month’s rent until 25th April which is when they move in, to help them manage their finances. I am fine with this, provided the rent is paid before I hand over the keys, but I was wondering if Rent Now will allow this or does the deposit and first month’s rent have to be paid together, and well before the tenancy starts?
They can make any number of payments to make up the total due of the security deposit & first months rent, and RentNow is happy as long as they pay before move in. That said, they will keep getting reminders to pay, so you need to warn them of this.
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Thanks for your helpful reply Karl, much appreciated.
@Susanna3 remember openrent won’t pass on 1st months rent till up to 10 days after move in.
There could be a small delay between the tenants paying OR and OR telling you they have paid so if they do it on 25 April you need evidence from them they have paid eg a Screenshot of the payment made to the OR Bank account, before handing over keys. Payment can take 24h with bank transfers
25th is a weekend so payment might not happen into OR account till 27th
Personally I’d ask them to pay on 22nd or maybe 23rd latest so you can be confident it will have been paid before move in/key handover and OR will have emailed you to confirm. You are letting them pay as late as possible whilst still being sure they have done before key handover
Good luck
Thank you David, that’s a great help and makes a lot of sense.