One of the most important parts of any landlord/tenant agreement is how much and when the rent is due. The amount due is generally set by market conditions but can be lower or higher depending on what unique attributes your property has to offer such as a convenient location to transportation and/or amenities.

The time of month the rent is due is another matter altogether. Generally speaking, rent is due on the first of the month but this is not always the case. The due date is an arbitrary number that the landlord/tenant agree upon which is consistent throughout the term of the lease. I have seen some landlords have the rent due on the 25th so that the tenant pays this expense before all their other monthly bills and therefore is less likely to miss a payment. Others choose sometime after the 1st such as the 5th of because their mortgage payments are not due until later in the month and they do not need the funds at that time.

Whatever date you choose, ensure that the payments are current as this is a win/win for everyone involved in the business transaction.