What does Rent in Advance Mean?
Rent In Advance:
Understanding what rent in advance means can be simplified by thinking of it like paying for a hotel room at the start of your stay, or when you book the room. Another example is like a prepaid phone, you top up your phone and your minutes/data goes down until it is topped up again.
When you move into a property you are typically asked to pay one weeks rent paid in advance. This means your next rent payment is due before the completion of the rental week.
Here is an Example:
If your tenancy begins on 4 September (Wednesday), you would pay one week’s rent in advance before starting the tenancy. The advance payment covers the rent from 4 to 10 September. The next payment, covering the rent from 11 to 17 September, is due by 10 September (Tuesday) at the latest. This means your rent payment will be reciepted into the trust account the morning your rent is due (wednesday) and ensures you stay a week "in advance" at all times.