What is the Alcove platform fee?
The Alcove platform fee is a small rent-based fee applied to each monthly transaction conducted through our platform. It is charged to the tenants and helps to sustain and improve the quality of our services.
The platform fee supports Alcove's operational costs, including but not limited to:
- First line of defence Tenant support
- Landlord screening and verification (see more on our protection program here)
- Monthly electronic payment processing via Stripe
- Roommate mediation process
- Room switch and relocation support
- Electronic lease signing
How is the platform fee calculated?
The exact amount of the platform fee varies based on lease length, home type, as well as the contract between the owner and Alcove, but it is always disclosed on the listing page and the My Application pages on your portal, so you know what to expect.
When is the platform fee applied?
The platform fee is automatically subtracted from the total rent transaction amount during the payment process.