OpenRent Community

How Long does Rent/Deposit Take to Process

The Referencing has been completed, deposit taken and contract signed. However the tenant is now saying they don’t want to pay the deposit/first months rent until the day they move in because that is the day they get their monthly pay. Obviously I will not hand over the keys until this is paid.

My question is. How fast does openrent process the deposit/rent once it is paid via the open rent web page. Is it basically instant, a few hours or days? I am trying to work out if he pays me in the morning then can he move in in the afternoon.

Thanks

Martin Openrent take the rent from the tenant as soon as possible after I tell them I want that tenant and then they pay me the first rental money a week after the move in. I asked the same questions when I was using it last first time .

Hi Martin,

Regardless of whether we receive the move-in money from the tenant a month before or a day before the tenancy starts, we’ll pass on the first month’s rent to you 7-14 days after the move-in date specified on the contract.

Why do we wait 7-14 days? More info here: https://help.openrent.co.uk/hc/en-gb/articles/115001553012-In-Rent-Now-why-do-you-hold-the-rent-for-7-14-days-before-releasing-it-to-the-landlord-

If you’d like more support, our team will be happy to assist at info@openrent.co.uk

Sam

Hi Sam,

Just out of curiosity, from the tenant paying the move-in money, to clearing in OpenRent’s account - hence allowing the Landlord to hand-over the keys to the tenant. How long does this take?

And as a landlord, will I receive a message from OpenRent that the money has now cleared and it is ok to progress with Check-in?

I understand it will take the 7-14 days for OpenRent to then transfer the first month rent to my account.

Thank you Nathan

Hi Nathan,

We’ll let you know via email as soon as we receive a payment (or partial payments) towards the final balance (deposit + rent in advance). This email will also confirm that you can hand over the keys and that the tenant is ready to move in.

As for payment times, it can take up to three working days for a payment to reach us from a UK bank account and up to five working days for an international payment. In any case, we’ll confirm as soon as the funds hit our account.

Thanks, Usmaan

Hi Usmaan,

Thank you for the quick reply.

So if I am clear, the tenant sends the money to OpenRent from a UK bank account. From this point, it takes 3 days to for the funds to clear into OpenRent’s accounts.

Once the funds are clear in OpenRent’s account, as a landlord, I will receive an email to confirm that it is OK to move the tenant in?

I would like to be 100% clear on this as I have to arrange an inventory clerk as the tenant would like to move in asap.

Thank you Nathan