Tips for Selecting a Rent Due Date (or Two)

Most tenants pay rent on the first of the month. Others pay on the 15th or the last day of the month. Some tenants have an arrangement where they pay whenever they get paid, which can be weekly or any other schedule that works for them and their landlord. If you’re a landlord, it’s important to determine a rent due date that works best for you, your tenants, and your business.

Why You Should Have a Clear Rent Due Date

When you’re renting out a property, it’s important to have a clear rent due date. This date should be clearly stated in the lease agreement and adhered to by both parties. A rent due date is basically the day each month that the tenant is required to pay their rent. 

As a landlord, it’s also important for you to know when your tenants will be paying the rent. This knowledge can help with budgeting and making sure that money is coming in on time each month. 

You won’t have to worry about chasing down individual tenants or wondering when they might pay their rent. If a payment is late, all you have to do is refer back to your lease agreement and let them know what the consequences are for being late on the rent.

Tips for Selecting a Rent Due Date

Most landlords choose the first of the month as their rent due date because that makes it easy for them to keep track of when rent is past due. However, there are some very good reasons why you should consider choosing another time of the month. With this in mind, here are some tips for selecting a rent due date:

Staggering Due Dates for Multiple Properties

If you own multiple properties, then it can be difficult to collect rent payments from all of them at the same time. When you have several tenants who pay their rent on the first day of each month, it can be frustrating trying to collect all those payments in such a short amount of time. 

Instead, consider staggering your rental payment dates. This approach will help you spread out your workload and make the process much easier for you. 

You could set up one set of rental units so that all of the tenants pay on the first of every month, another set on the tenth, and yet another set on the twentieth. This way, you won’t have to rush around trying to get all those payments in at once.

Rent Due Dates for Section 8 Housing

If you accept Section 8, then keep in mind that these rent subsidies are typically paid between the 2nd and 4th of each month (delays can occur). Therefore, we suggest that you have your tenants pay their portion of the rent by the 5th or 6th of each month at the latest.

Consider Your Payment Cycle

Do you want one of the best tips for selecting a rent due date? If you pay monthly bills on the 15th, you might want to set your rent due date on the 1st. If your payments are made semi-monthly, and you get paid on the 1st and 15th, the middle of the month might be a better choice for you.

Be Flexible (Within Reason)

It’s always a good idea to be flexible when renting your home, but you also want to make sure you’re being paid on time and in full. 

If you can’t manage the requested rent due date, be upfront with the prospective tenants before they sign the lease. Let them know that you are flexible (if you are), but try to offer a few suggested dates that will be acceptable to you. 

Consider allowing your residents to pay their rent in half-portions before it is due. For example, your residents may pay half of their rent on April 15th when they receive one of their bi-monthly checks, and then pay the remaining balance when they are paid again on May 1st. 

Also consider allowing a grace period of one to four days past the due date before charging late fees or penalties, and make these periods known in each tenant’s lease agreement.

Be Flexible and Be Clear When Selecting Rent Due Dates

If you’re a landlord, you may have some flexibility in determining when rent is due. Dealing with this flexibility upfront can be important because it’s very difficult to change the rent due date once your tenant becomes used to paying on a certain date. 

Take advantage of our tips for selecting a rent due date. Be clear in your lease agreement about when rent is due, and discuss your flexibility allowance on due dates to help tenants make their payments on time.

SIGN-UP FOR PAYRENT

Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
>

Leave a Comment

PayRent is on a mission to build a rent collection app that fosters a positive and productive relationship between renters and landlords. We focus less on transactions and more on the people behind them.

Do You Find This Information Useful?

Sign-up for our newsletter and get great content like this delivered to your email.
Subscribe
SUBSCRIBE NOW
close-link

Subscribe to Our
Email Newsletter

Receive timely and relevant articles directly to your email inbox.
SUBSCRIBE
You can unsubscribe anytime.
We respect your privacy
close-link
FREE TEMPLATE DOWNLOAD

Create a Custom 
Rent Collection Policy in Minutes

Get instant access and generate your iron-clad rent collection policy.
DOWNLOAD
close-link

SIGN-UP FOR PAYRENT

Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
>
close-link

Discover the Truth About UFOs

Top secret documents reveal ET encounters the government has been hiding
freshmarketer CTA
SUBMIT
close-link

Donate Today

To the Center for Kids Who Can't Read Good
LEARN MORE
close-link

Protect Yourself From Robots

Smart seniors get their robot insurance from Old Glory Insurance
freshsales CTA
SUBMIT
close-link

Interested in PayRent?

Get a custom price quote when you schedule a demo.
*We won't share your information outside of our company
REQUEST A DEMO
close-link

Protect Your Evictions

PayRent gives landlords the control to block
all or partial payments from their renters.
LEARN MORE
close-link

Protect Your Privacy

PayRent allows landlords to accept payments without
ever sharing their personal information with tenants.
LEARN MORE
close-link

Automatic Rent Reporting

PayRent reports rent payments to
all 3 credit bureaus at no extra cost.
SIGN-UP FOR FREE
close-link

Track Renter’s Insurance

Require Insurance and Track Documents with PayRent
LEARN MORE
close-link

Accept Credit Cards

PayRent makes it easy for Landlords to accept
Bank Transfers and Credit Cards.
SIGN-UP FOR FREE
close-link

Save Time With PayRent

Automate invoices, payments, receipts, late charges
and credit reporting with PayRent
LEARN MORE
close-link