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