Anybody tried rent due on the 5th in order to avoid late payment?
There is always a group of tenants who pay rent late often or even most of the time. I understand that life from paycheck to paycheck is hard to manage financially. I was wondering, why not have rent due when the paycheck has cleared, which can be the 3rd or 4th of the month. Instead of keeping part of the paycheck until the end of the month in order to pay rent, pay a day later. That should get the landlord ahead of the cable and utilities bills. I am curious if landlords have experimented with this approach.
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Andreas W. - If the person hasn't saved enough rent from the 16th-31st paychecks, then they're not planning ahead for the bill on the first. No need to reward that activity.
If I changed it to the fifth, they'd pay by the tenth.
My rental's mortgage is due on the fifth. I could without interest penalties push the auto payment to the 14th-15th according to my mortgage contract. But I don't want to.
You'll see plenty of smaller landlords who adjust in some way or another to accommodate when their tenants get paid.