By: Next Apartment
Rent, Current tenants, Tips

Paying Rent: What You Need to Know

Each month you pay rent, but are you paying your rent safely?

Did you know that getting a receipt for your rent paid each month is necessary for tax purposes? It helps you prove payment if there is ever a question or conflict. Did you also know using cash is the most dangerous way to pay rent? Cash is not traceable, it cannot be tracked, and it can easily be lost or miscounted.

Here at Next Apartment, we want all our tenants to feel secure in paying their rent, so we offer the following safe payment methods:

Paying rent by cheque is a great practice that also provides a record of payment. You can pay your rent ahead of time with a post-dated cheque, which is handy when you are out of town. However, when you write post-dated cheques, you need to make sure the funds are always in your bank account. If a cheque bounces, your landlord can charge you an NSF fee. At Next Apartment, you can pay your rent on or before the 1st at the rental office.

Interac debit is quickly becoming the most popular forms of payment. This secure process is convenient and can be done during office hours. You can pay via Interac at the office, however an increase to your daily spending limit will most likely be needed and you must pay on or before the 1st of the month.

Electronic Funds Transfer (EFT)
This is one of the quickest and safest ways to pay your rent. After filling out a release form with a void cheque at the rental office, you can safely have your rent deducted directly from your account on the same day, each month. Your banking details will be encrypted and protected, keeping your information secure.

Here are a few tips to keep in mind when paying your rent:

  • Prioritize rent over non-utility expenses.
  • Always get a receipt for rent paid, and keep your receipts in a safe place.
  • If you are going to be out of town on the 1st, make sure to pay your rent before you leave.
  • It is illegal to withhold rent due to waiting for repairs to be done.

At Next Apartment we want all our residents to feel secure when paying rent. Feel free to contact us anytime to discuss your rent payment options.