You can request upfront rent with a booking to separate out the serious applicants and prevent you from wasting your time with someone who is simultaneously looking at many other listings. How much you ask for is up to you, but we suggest at least half of the monthly rent payment. You can edit this from your conversation dashboard.
Upfront rent is always held in escrow by Flip until your lease begins. See this article for details on when you'll get paid.
Mid-month Start Dates
Regardless of which percentage of upfront rent you choose, your renter will only ultimately pay for the dates of your agreement. If they move-in during the month but pay for a full month of rent, we'll apply to overpaid amount to their next rent payment.
Scenario Say you'd like your renter to move in on November 16 and pay $1,000/month until the end of the year. We'll use November as an example since this month has 30 days we can easily split into two 15 day chunks (November 1st - November 15th and November 16th - November 30th)
50% upfront rent If you set the upfront rent percentage to 50%, your renter will need to pay 50% of $1,000 ($500) to move-in. This $500 payment will cover them through exactly the end of November since the cost of staying November 16th - November 30th is also $500.
100% upfront rent If you choose to charge your renter more than 50%, say 100% of your normal rent price, they'll be prompted to pay $1,000 to move-in. We know that November 16th - November 30th only costs $500, so we'll apply the remaining $500 towards rent for the next month.
10% upfront rent If you choose to charge your renter less than 50%, say 10% of your normal rent price, they'll be prompted to pay $100 to move-in. We know that November 16th - November 30th actually costs $500, so after your lease starts, we'll immediately bill your renter for the remainder of November rent ($400).