For my rooming house, I mandate weekly payment and provide no other options. For my rentals, I 'm thinking of simply mandating pay day plans without giving a choice for monthly rent payments.

Thoughts?

Do you not allow monthly for those whose income comes monthly? Do all of your tenants have weekly income? I think it's a great idea to be first in line when a tenant gets paid.

I have set up my rooming house to be weekly, but some have asked to do it monthly since they get monthly checks. I am calculating how I might do that while keeping move-in costs down- since I do like the idea of getting rent first, as soon as they get paid, before it is spent on anything else.

G,

We advertise the PayDayPlan prices and people COME TO US because we offer it.

70% of new lease start with it. A few more call back in the next few months and roll over to it.

It separates us from the competition.

People don’t have money. Deep and first month is almost impossible. We can sign with just the deposit and one week of rent. Boom! Rented!

BRAD

Oops, back to your question.

We don’t make it mandatory because the other 30% don’t want it.

All rent levels take the program so never assume or prejudge the high renters.

We DO put folks on it if they say they will late with the rent. “Can you work with me?” Yes you are now on weekly rent at the prices listed on their lease for the next x months. Cheaper than late fees.

Brad or others, how do you deal with people who are paid 24 vs. 26 times a year?

How much do you add per payment vs. monthly payment? Just curious what others are doing?

The only people I am aware of that are paid 24 times a year are military. For them I would just divide the rent and charge 550 / payday. (Because I'm a veteran & like renting to military)

W,

$1,000 /2 + $50 = $550

$600 /2 + $30 = $330

Very very few on this.

I just dividing rent by 2 and telling this will be every other week payment.