We have tenants who like to stay well in front with their rent. They started off the lease by paying three months up front and now pay weekly and are a little more than a month in front. The PM recommended a $10 per week increase when their lease comes up for renewal in May and I was wondering how that will work.
Do they start paying the increased rent now given that they are paying for the week the new rent starts, or do they only pay the increased rent from the actual date effectively getting discounted rent for a month, keeping in mind that they aren’t required to pay a month in advance, only a week.
They are now paid up until one week past the starting date of the new lease but I won’t know until the statement comes in whether or not they have paid the increase. I hasten to add that I don’t care if they haven’t. If they get a discount for a month because they are paying so far in front that seems only fair anyway. Personally I would probably have just stopped paying rent until the rent ledger caught up with me if I was told I had to start paying the increase before the actual date. I am just curious about what the requirements are in this sort of situation if anyone knows.
I could ring the PM and ask her I suppose but she has better things to do than satisfy my idle curiosity so I thought I would ask here instead.
Oh, and I was wondering what you all thought of having tenants who are happy to pay so far in advance even though they're not required to. It's all good, isn't it, or are there pitfalls I'm just not seeing?
Do they start paying the increased rent now given that they are paying for the week the new rent starts, or do they only pay the increased rent from the actual date effectively getting discounted rent for a month, keeping in mind that they aren’t required to pay a month in advance, only a week.
They are now paid up until one week past the starting date of the new lease but I won’t know until the statement comes in whether or not they have paid the increase. I hasten to add that I don’t care if they haven’t. If they get a discount for a month because they are paying so far in front that seems only fair anyway. Personally I would probably have just stopped paying rent until the rent ledger caught up with me if I was told I had to start paying the increase before the actual date. I am just curious about what the requirements are in this sort of situation if anyone knows.
I could ring the PM and ask her I suppose but she has better things to do than satisfy my idle curiosity so I thought I would ask here instead.
Oh, and I was wondering what you all thought of having tenants who are happy to pay so far in advance even though they're not required to. It's all good, isn't it, or are there pitfalls I'm just not seeing?