Transcript for: ‘Renting Facts – Busting Industry Myths
“Hi, I’m Heather from Beyond Property Management and I’m going to do some industry myth-busting today on a common question we get asked by tenants at the end of the lease and that is ‘What happened to my first two weeks rent’.
So, the answer to this question usually, is that ‘you used it in your first two weeks’. So, when you apply for a property you pay your bond; Your bond is lodged with the RTA and that is held separately to your tenancy ledger which is your rental payments.
Your first two weeks rent, is used and applied to the first two weeks of your tenancy. So, unless you actually paid rent again on the day that you move into your property; Which is what we encourage our tenants to do. Then actually you are starting to use up that two weeks of rent.
So, you need to think of it more as not your ‘two weeks rent in advance’, it’s your first two weeks rent.
So, hopefully that resolves some queries that tenants will have around how that payment gets applied to your lease and how that payment gets applied to your tenancy ledger and used.
Essentially, exactly the same as every other rental payment you make, and it will be on your ledger.