Tenant lease is expires and have pre paid last month rent and security deposit up front. Do you collect the difference at renewal to add up to 1 full month security and 1 full "last month rent or do you let them slide?
Current rent 1000
Current Security 1000
Current Last month rent 1000
*** New rent price 1050
Do you collect the remaining 50 for the security and 50 for last month rent? first month of renewal payment would be 1150 for the first month (or I can give them 30 days to get the remaining 100)? I would strongly like to but wanted to see how others do it.
I keep the deposit the same. I do not call it pre-paid rent. But if your rent increases, that is probably what you should do.
You have to increase the security I would think. If you have a long term tenant security in RI at least can only be one months rent, no way I am going less. On the last month I guess you can go either way.
I always make this decision based on how good of a tenant they have been.
If they have been good tenants, I would not worry about collecting the extra up front split it up lets not make it to hard on them. Now if you know they can then yes. Letting them slide is a no go.
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