WHEN RENT IS DUE
Think about the
ramifications of accepting rent based on the tenant’s scheduled receipt
of income rather than your usual rent due date. By accommodating
the tenant, you are tacitly acknowledging that the tenant needs that
payment in order to afford the rent. But one of the most
fundamental issues in the management of rental housing is to avoid
tenants who cannot afford the rent.
Source: Property Management for Dummies
If your tenant needs that income in order to pay your rent that month,
no safety net is in place if the tenant’s check is lost in the mail, or
his car breaks down or he is temporarily laid off from his job.
To avoid surprises and delinquent rent, your do not want your tenants
to have their finances so tight that they need this month’s income to
pay this month’s rent. Your tenant screening process should
provide you with the information so that you can effectively select
tenants with enough financial cushion that they are paying this month’s
rent from cash already on hand as of the first of each month.