Rental Quest…But what about my 2 Weeks Rent in Advance???
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THIS is probably the most misunderstood area in the leasing department of Real Estate. As an Agency who provides a Leasing (Rentals/Property Management) service we are frequently asked this question, particularly when a tenant is nearing vacate time.
At the time of signing a lease for a new property a tenant is required to pay 4 weeks rent for the bond plus an additional 2 weeks “rent in advance.”
When the two weeks is up after this time the tenant is then required to pay the next weeks rent, and so on. This usually all goes along perfectly fine until the tenant falls behind in rent or is nearing vacate time. For example they may stop paying the rent two weeks prior to vacate or think it’s ok to not pay for two weeks, stating that they are using up their “2 weeks paid in advance” at the beginning of the tenancy.
In my opinion to stop the confusion the term “2 weeks in advance” should be “rent for the next 2 weeks” thus calling it exactly what it is, due to the tenant upon initially paying this two weeks rent is then not required to pay another rent payment until the two weeks is at conclusion.
Of course it’s always ideal, and can be requested that you are ahead by paying another weekly rent at the end of the first week after you’ve signed the lease.
Hope this helps