Your renter just told you that they’re not going to be able to make this month’s rent, but they’re offering to make a partial payment. Is it ever okay to accept a partial rent payment? Your tenant may come to you and request to make a partial rent payment because they can’t afford the full amount. If your tenant has been consistent with payment in the past, and/or you’re sympathetic to the circumstance then you might consider it.
Consider the following whenever you’re thinking about accepting a late rent payment.
1. Know your local laws regarding partial payments and how they affect the eviction process.
2. Be very careful about taking partial payments. If the situation escalates and you decide to start the process for an eviction, any partial payments that you accepted could seriously impact your case.
3. Accept partial payments before the due date to avoid the complications described above.
4. Document the agreement between you and the tenant and get the tenant’s signature.
As we’ve mentioned before, it’s good to be very clear about your expectations when it comes to the tenant’s rent payments. Always treat your rental property as a business and be careful about any monetary transactions between you and your tenant.
And don’t forget, you can always streamline the rent payment process with online rent payments!