Of you large park operators, do you do this? It seems common from what I’ve been seeing where landlords want tenant lease anniversary dates to fall on the 1rst of each month on month-to-month. Other operators make that date the date of the contract signing or move-in. Can you give some recommended best practices?
If someone moves-in on, say, the 15th of the month, we make them pay a full month’s rent. We’ve gotten in trouble with tenants that pressured us to only pay 1/2 the rent. Then, inevitably, on the 1st of the month 2 weeks later, they could only come up with 1/2 the rent. We want to test our prospective residents to make sure they can come up with a full month’s rent in one place at one time. So in the middle of the second month, they’ll then owe 1/2 month’s rent, and then beginning the 1st of the next month they owe the full rent.We do sign the leases on the 15th of the month, or whatever date they move in, but the leases run MTM, so the anniversary date is not really relevant. The key thing is to not be taken in by a resident that can’t come up with a full month’s rent (and security deposit) upon move-in.Good luck,-jl-
Thanks Jefferson. That was very helpful and exactly what I needed.