When am I paid rent? How much will I receive?

Alcove ensures rent payments for the entire time-frame of each per-bedroom lease

First Payment:

You will receive your first payment on the first day of the first lease. The amount will be the monthly prorated amount for that 1-bedroom. For each subsequent per-bedroom lease (including renewals), the first payment will be made on the first day of the lease and the amount will be the monthly prorated amount for the rest of that month.

Ongoing Payments:

Ongoing rent payments occur on the first of each month  for each per-bedroom lease that is active during the month(ledger updates occur between the 23rd and 27th of the preceding month). You should expect the full amount of each active per-bedroom lease unless the current lease ends in the middle of the month, in which case you will receive a prorated payment for those dates. The next payment for that bedroom will occur on the start of the next per-bedroom lease for that bedroom. In the case of a tenant renewing, the second half of that month's rent will be transferred on the first day of the renewal lease. In the case of a new tenant moving in, the payment will occur on the first day of their new lease.

What about a Tenant Ending their Lease Early? Becoming Delinquent? Being Evicted? Will I still get paid?

Yes. As long as the lease is active Alcove will take on the financial risk and continue to cover rent for that bedroom while we work to find a replacement tenant. Because of this, Alcove will not accept an increase in rent price on a bedroom that is physically vacant, but still is within the active lease timeframe. 

What does the Lease Say?:

Per Bedroom Lease Addendum - Vacancies:

In the event a bedroom is vacant, Alcove reserves the right to fill that vacancy. An incoming tenant must meet Alcove’s standards for community. Landlord has the right to deny the applicant in compliance with applicable federal and state laws, regulation and ethical duties, including but not limited to, those prohibiting discrimination on the basis of race, color, religion, sex, national origin, handicap, familial status, sexual orientation or gender identity. 

Per Bedroom Lease Addendum - Alcove Obligations (C):

Alcove shall take on the following obligations during the occupancy of the property by tenant(s) recommended by Alcove:...

(c.) Solicitation and procurement of replacement tenant(s) in the event tenant(s) vacate the property during the term of this agreement.

How is a Prorated Payment Calculated?:

Rent is marketed, calculated, and paid on a monthly basis. Any prorated amounts will be based on the number of days in the month. This means that for the same monthly rate the per diem amount in February will be slightly higher than the per diem amount in January, as February has three fewer days than January.