Rent is collected on Alcove on the 15th to help maintain near-traditional market rates for room rentals
On Alcove, rent is always due on the 15th of each month rather than the 1st. We make this payment schedule clear during the application and leasing process - tenants have to agree to it in multiple places before signing a lease (See details: When Is Rent Due on Alcove?)
Why the 15th? We collect rent earlier to ensure landlords can be paid on time by the 1st, accounting for necessary bank processing times. By ensuring landlords receive payments promptly, much like a traditional rental scenario, we’re able minimize model differences and keep rent costs for our roommates low, and as close as possible to family level market rates.
Compared to platforms like Airbnb, which typically charge 2–3x traditional rent, Alcove typically falls closer to 10–25% above a standard lease on a net basis.
Why the difference? Alcove's platform enable homeowners to manage per-room rentals almost as if they were renting to a single family. By mirroring much of the traditional rental process (including rent collection rates), homeowners are more comfortable offering their properties at prices much lower than short-term or per-room rentals - creating better value for our roommate community.
Will This Ever Change?
Perhaps. For now, rent is always due on the 15th. This platform-wide approach helps preserve traditional rental processes for homeowners, making it easier for roommates to rent at competitive rates.
If you have any questions or concerns, please reach out to us at support@alcoverooms.com.