We often get the question about why a resident ends up paying a full installment on August 1st when their move in falls in the middle of the month. Although this is very standard in student living, it is a question we will answer in more detail below!
Understanding Total Contract Value and Due Dates ________________________________________
The "total value" for the contract is provided in this table, found on the first page of all Lease Contracts, in the fourth column from the left titled "Total Value". This amount is considered the Total Contract Value agreed to be paid by the resident and Guarantor over the Lease Terms.
💭 Why do I have to pay a full month rent in August if I am Moving In on August 18th?
As is common across nearly all student living communities nationwide, the total contract value is divided into equal installments across the Lease Term. Unlike most student living communities, we do not require students to pay their total contract value a semester in advance.
In an effort to make the financial responsibility easier, we divide the total contract value into 10 or 12 equal installments depending on if you select the Academic or Full lease term.
💭 Aren't I Paying for Days I Don't Live There?
Although we understand why you would see it this way, it is not the case. We understand why it seems this way at first, but even multi-family communities select your move in dates based on a "daily value" that they choose based on their intent to meet a total contract value during the lease term.
In other words, all apartment communities, whether student or multi-family focused, consider the Lease Contract as a "total contract value" and then decide to break that amount down daily, monthly, by semester or annually. You are not paying for unused days in that sense and we have found this to be more beneficial to families so they don't have to pay the last 1-2 months upfront either!