weekly, fortnightly or monthly

Is there, or should there be any preference as to when the tenant pays their rent? I would have thought having it tied to a day or two after the tenant's pay date would be the most beneficial for getting the rent on time (especially if they are coached as to how to set up a direct debit).

We have 30 days for our property contract to settle, and after we have a PM help select a tenant we were thinking of self managing. We are planning on renting the 3br house in Hobart for 300 pw. (or 600 per fortnight)(or 1300 per calander month)

I'm planning on keeping a couple of k as a buffer in the transaction account that the mortgage is paid from (and that the rent goes into) so I'm not fussed about trying to tie the tennants payments to the same frequency as the mortgage payments.

Cheers
Simon
 
We self manage and leave it up to the tenants. Some pay weekly, some fortnightly, some monthly.

Doesn't matter to us unless it is late :eek:.
 
We have altered rental payment dates to suit tenants. One was a pensioner who paid her rent fortnightly the same day as the pension went into her account.

As Wylie says, doens't matter so long as they pay.

Find out what the tenant prefers and write it into the lease - so there can be no misunderstandings.
Marg
 
If the tenant has kids etc they may be getting a centrelink payment and may choose to pay some or all rent via centrepay. In this case you pay a fee from centrelink for each payment so it is better to do fornightly or monthly.

Some states, I don't think they allow you to make the tenant pay monthly in advance.
 
Most people are rubbish at saving so I prefer that my tenants pay accordng to their own pay cycles and not have to save up for thir rent.
 
Prefer fortnightly

Make the PM pay you fortnightly ( or twice a month) as well. This will enable you to start to take action if your tenant is in arrears before it's too late. :cool:
 
We prefer rent to be paid quarterly in advance, but will settle for monthly in advance as long as they increase the Bond payable from 6 months up to 12 months worth of rent.

Keeps the tenants well behaved.....and that lowers everyone's stress levels.

Too easy. :)
 
We prefer rent to be paid quarterly in advance, but will settle for monthly in advance as long as they increase the Bond payable from 6 months up to 12 months worth of rent.

Keeps the tenants well behaved.....and that lowers everyone's stress levels.

Too easy. :)

I thought you only handled commercial properties? ;)
 
Whatever

As far as I'm concerned my tenants can pay daily or hourly for all I care. I let them decide what will make it the easiest for them. Most like to marry it up with their pay day wheather that be weekly, monthly or fortnightly.
 
Thanks for the replies. We'll be self managing but using a property manager to advertise and select tenants. I agree that its best to go with the time frame that is most convenient to the tenant.
 
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