How is Rent credited each month?

King & Queen Apts

Rent is credited to the longest outstanding balance first.

For instance, if you have an outstanding balance of $150 on the last day of the month and you pay your normal rent for the following month the next day, your payment will be credited toward the $150 delinquency first before being credited toward the following month’s rent.  If you do not ‘catch up’ on this outstanding balance, your account will be subject to Late Fees each month.

According to Virginia law, “Rent” means all money, other than a security deposit, owed or paid to the landlord under the rental agreement, including prepaid rent paid more than one month in advance of the rent due date. This includes all unpaid utility charges and any other unpaid fees.

Category: Landlord/Tenant