To qualify for a rent advance, the following conditions must be met:
- You must have a current resident in place and have received your first rental payment. For instance, if your resident moves in on September 22, the first rent payment (less fees) will be initiated on October 5. After this date, you may request a rent advance for November rent through January.
- Your resident must be eligible for Guaranteed Rent. If your resident is not eligible for Guaranteed Rent, you are ineligible for Rent Advances since the rent is no longer formally guaranteed. To check your eligibility, please review your Order Form in your Owner’s Portal.
- Your resident must be up to date on rental payments. If the resident is delinquent or in the process of eviction, you are not eligible for a Rent Advance.
- The rent advance cannot exceed your resident’s current lease end date. For example, if today is August 10 and your resident’s lease ends on October 31, you are only eligible to request a two-month Rent Advance for September and October rent. A three-month advance would not be allowed in this case.
- Your previous rent advance must expire before requesting a new one. For example, if you previously requested a rent advance for August through October, you will need to wait until after the regular rent payments are processed on October 5 before requesting a rent advance for November.