Rent Collection

Rent payments received from residents are processed at each property.  The payments are either delivered or mailed to the site management office through a designated drop box. Mailed payments must be received by the due date.

Rent Collection Basics

• Bank Deposits Are A Very High Priority
• Enforce Late Rent Payment policies every time!
• Establish Clear Expectations Regarding Rents
• Deposits Funds The Same Day As Received
• Avoid Accepting Cash

Accepting Payments

Unless there is direct supervisor approval, never accept rent in advance or more than 5 days prior to the due date. Doing so may cause some of the Landlord rights to be waived.

As an example, October’s rent may be accepted on September 25th. Accept only one check for each unit. This includes units with multiple roommates. If they are not able to provide a single check, roommates may provide multiple money orders, cashiers checks or any method that is considered secured funds. To accept, the total of the secured payments must equal the total of the rent. A partial rent payment can’t be accepted.

Payment Types

Acceptable forms of payment are:

• Personal Check payable to the property
• Money Orders payable to the property
• Cash (but only when absolutely unavoidable)

More about checks

• Third party or non-resident checks are not acceptable.
• If not already on the check, add the unit number to the face of the check.
• Immediately stamp an endorsement on the back of each check.
• Except for a partial payment from Housing, accept only one rental check for each unit. This avoids problems if one of the checks comes back NSF.

More about cash

• For security reasons, avoid accepting cash.
• If cash is accepted, a written receipt must be provided. For more information about receipts, see the Receipt Book section

Don’t…

Late Rent Policies