Tenant paid lease in full and property management is keeping it

[Al Fenkner]

I have a renter who paid $17000 to my property manager to cover their remaining lease, but the property manager is holding the money rather than sending it to me.  I understand that they will need to retain their monthly fees and have money for minor repairs throughout the lease, but is it normal for them to hold onto it all and pay me rent in monthly installments?  Who gets to keep the interest on all of this money as it sits in the property manager's account?

[Scott M.]

@Al Fenkner I know you may not like this answer but in this instance your property manager knows what they are doing, something to be grateful for. However, the reasoning you listed is wrong.

Fact is, it isn't your money until it is due.  The manager has a fiduciary reasonability to hold onto those funds until after the rent is due.  It needs to go into an escrow account and only after the rent is due on the 1st of each month should those funds be sent out. Its called prepaid rent.  Prepaid rent isn't paid before it is due, doesn't matter if it is 100 towards next moths rent or 17K for 12 months rent.  

This is 100% correct by the manager.