Wonder how the payment schedule is set and when the rent will be sent to you? Use this article to understand all the details!
When do I get paid my rent?
The article was updated on 25. 7. 2024.
Before we dive into the issue of payments, it is important to clarify that Flatio tenants pay for the number of days they actually rent your home, and each payment covers a maximum of 30 days.
We have different conditions for paying and transferring the first rent, while subsequent payments are all treated the same. Let's see how it's set and why!
1. First rent
Due date for the first rental payment
Tenants must send Flatio the first rent within 24 hours after you approve their booking request, as the payment is a part of the lease signing process. In case we don't receive the payment within the 24-hour period, you can either give them more time or cancel the whole booking.
Our system only marks a lease agreement as valid when we receive the money in our collection account. However, some bank transfer payments can take longer than the 24-hour period (up to 2–3 business days). If this happens, we ask the potential tenants to upload proof of the payment in progress so you're informed of the current situation.
Payment transfer to you
Flatio transfers the first payment to you either:
- automatically 3 days after the move-in date stated on the lease agreement, or
- the next business day after receiving the tenant's confirmation of a smooth property handover. This means that if the tenant confirms to Flatio that there were no problems with the handover and the property is as described, we forward the money to your account the next business day after receiving this message.
2. Second and subsequent rents
Due dates
If your tenant has rented your property for 30 days or more, the second rent is due to be paid 20 days after the start date of the lease (which is typically the tenant's move-in date), and any following rent is due 20 days after the previous due date.
This way, the tenant always pays 10 days before the end of the 30-day period that was already covered by their previous payment, providing you with security in case the rent doesn't get paid.
|
Example: Tenant Tom will stay in your property from May 24 to July 31, meaning his booking is 69 days long.
|
Payment schedule
The whole payment schedule is always stated in the lease agreement, and you can also access it from the My Rentals web app:
- Go to the 'Tenants' section.
- Select the tenant whose payment overview you'd like to see.
- In the submenu bar, click the 'Rentals' tab (under the tenant's profile picture and phone number).
You will then see an overview of all past and current payments connected to the lease, including their state and due dates.
Payment transfer to you
Except for the first rental payment (described above), we forward all rent to you on the next business day. Please note that if the money is credited to our collection account on Friday afternoon, the payment will be forwarded to you on Monday.
| IMPORTANT! An exception to the above policy is when the tenant makes a payment online by card in PLN, HUF, or GBP. Although even this type of payment is shown as paid immediately and you and the tenant can see that the rent has been paid, payments in these currencies take longer to credit to our collection account. In these cases, we forward the payment to you after 3 business days. |
