New Tenant, July 10 move, 1st month and deposit, Zillow Payment

[Sharon Miller]

Good Morning you all, 

We have a tenant moving in July 10th, and they are getting ready to sign their lease. since we are going to use Zillow online payments  for the first time, I do not think there’s a way to take prorated first month and collect security deposit. Therefor I will ask for Prorated first month payment and the security deposit after lease is signed before they get the keys.  And set up a schedule for the payments starting from the second months till end of Lease with Zillow. Does this sound right? 

These renters are kind of young and new so I feel like I might get some push back when I ask for first month and security deposit before handing out keys.

Thank you for your help

[Greg Scott]

We always require a full month's rent plus deposit up-front.  Residents that cannot come up with that are typically on the edge of defaulting on all their financial obligations.  If you pro-rate up front, residents moving in the last day of the month would hardly be paying anything above the deposit.  

We pro-rate the second month, so if I moved in on the 25th, paying a full months rent, the rent I have to pay on the 1st of the next month is quite small.