People who decide to rent a room, apartment, or even a home must know the days when they have to pay their rent. It’s also very important for the landlord to keep track of the number of people that need to pay rent and the days when they are expected to pay.
Rent Schedule Template
This is why it’s very important that a landlord should be able to come up with a rent schedule. With a rent schedule, both the landlord and the tenants will be able to see when payments are due, as well as other important pieces of information. This article is going to teach you how to make an effective rent schedule sample.
Sample Rent Schedule
Single Family Comparable Rent Schedule
Schedule of Rent Payments
The importance of having a rent schedule
Considering the fact that a rent schedule is something that every landlord is supposed to create, it’s best that you know the main reasons why they have to be made. So, here is a list of the top reasons why a rent schedule is very important:
1. It helps landlords keep track of all payments made by the tenants
As soon as one person and a landlord have settled terms of the rental agreement and the applicant approves and accepts everything on it, then he or she has already become a tenant. And once that person becomes a tenant, then he or she would be required to pay rent. If there are multiple people that need to pay rent at the end of every month, then the landlord is going to have a hard time keeping up with all of them.
That would be the case if the landlord did not prepare a rent schedule well ahead of time. With the help of a rent schedule, the landlord will be able to see the names of every single tenant in his or her building as well as determine those who have paid and those who have yet to hand over a single cent. It’s really handy when the landlord needs to point out who hasn’t been making payments and who has always been paying right on time. You may also see rental inventory templates.
2. Reminds tenants of their upcoming payments
As soon as a person has signed a rental application, then he or she should know when he or she will be required to pay rent to the landlord. However, there are still some tenants who either forget or choose not to pay their landlord.
So, with the help of a rent schedule, it will act as a clear reminder that these tenants have an upcoming payment to make. Because if they decide not to make these payment schedules, then the landlord will have every right to kick them out of the establishment as well as take away their security deposits as equal compensation.
If you’re a tenant and you see that you have an upcoming payment, then be sure that you have all of the money on hand by the time that the date arrives. On that note, the rent schedule also helps these tenants prepare whatever amount they need well ahead of time as it will clearly point out their names and the date that they have to pay. You may also see depreciation schedule templates.
3. Keep track of delinquent payments
In a perfect world, tenants would always pay their rent on time and the landlord would never have a problem when it comes to how they’re going to pay their rent. Unfortunately, the reality is much harsher than it should be. If you’re a landlord, then you might come across those tenants who may be unwilling to pay you the rent that you’re owed or who just haven’t been making payments simply because they have forgotten. You may also see loan payment schedule templates.
This is something that you cannot allow as you have already made an agreement with the tenant that you would provide him or her with shelter in exchange for monetary compensation. So, with the help of the rent schedule, you’ll be able to see all of the names of the people who have yet to pay you the rent and you’ll also be able to see how much of it they still owe you.
This is very useful for when you have to send them an eviction notice if they end up continuing to fail in making their payments. Just make sure that you accurately place the dates when they failed to pay and the amount that they owe you as you don’t want to make any mistakes when creating this document.
4. Helps tenants and the landlord when there are errors
Let’s say that a tenant sees in the rent schedule that he or she still has a balance of over $300 even though he or she has already paid for it during the previous week. That same tenant would then go straight to the landlord where he/she will provide the rent receipt showing that he/she has already paid the $300 balance.
It’s situations like these where rent schedules can come in very handy. If a tenant is able to check the rent schedule, then he/she can see just how much is left in the balance and complain to the landlord in the event that there are any errors spotted in terms of rental payment.
It’s also really important that the landlord checks on the payment schedule, as well as he or she, might not know that the total amount of rent payment and balance may be inaccurate. So, the landlord has totally everything to see how much is actually left on a tenant’s balance (assuming the tenant is making weekly payments instead of monthly), and make the necessary corrections to the rent schedule in the event that there are any errors seen.
Information that should be on the rent schedule
Now that you’ve learned just how important a rent schedule can be, the next step that you’re going to take is to actually make one (assuming that you’re the landlord). You can’t make a rent schedule if you don’t even know what should be in there.
So, here is a list of things that your rent schedule should definitely contain:
1. The addresses of the tenants
You won’t be able to send these people a notice to pay their rent if you don’t even have their property addresses listed down. Make sure that you’re able to list down all of the addresses of every single tenant who is occupying a room in your establishment. You may also like contract payment schedules.
Remember that when you’re listing down the property addresses of these tenants, be sure that there are no errors. Everything from the room number to the street that the establishment is positioned in must be 100% accurate; otherwise, the tenant can use this as an excuse to not pay rent if there are any errors spotted. You may also see sample contract payment schedules.
2. The names of the tenants
Even if you want to make sure that you have a list of all the people that need to pay you for allowing them to live in your establishment. While you’re creating your rent schedule, make sure that you list down all of the names of the tenants who are occupying space within your building or whatever establishment that you have up for rent. Just like with the addresses, you have to make sure that there are no errors whatsoever. You may also see mortgage payment schedules.
3. The dates of the rent payment
This is the information that will tell you when the tenant is supposed to pay his or her rent. You might have a system wherein all tenants will have a consistent period when all of them will have to pay rent at the same time, in which case this wouldn’t be much of a problem. However, if your tenants have different periods in which they all will pay rent, then you’re going to have to list their dates separately. Make sure that you keep track of the pay dates of each tenant and place them all on the rent schedule when you’re done. You may also see sample weekly schedules.
4. The amount due and amount paid
This is where a tenant will see just how much he or she is going to have to pay for that specific period and the amount that he or she has already paid (assuming that the tenant has made earlier payments). You may also like personal schedule templates.
This is important for both the landlord and the tenant as the amount due will tell both that the tenant has to pay a specific amount for that month and it might include unpaid rent from the previous month. The amount paid will tell both tenant and landlord the specific amount the tenant has paid if ever he/she has decided to make advance payments to lessen the amount due on the actual day of rent payment. You may also see weekly schedule templates.
5. The balance
This is the part of the rent schedule wherein the tenant understands just how much he or she has to pay after subtracting the amount of rent due from the amount that he or she has already paid in advance. This is really useful for the tenant as it will let them know just how much left he or she has to pay in order to secure the rent payment for that particular period, allowing the tenant to prepare for the next sample payment schedule.