Weekly Rents For Apts And Rooms
One building has been paying weekly for apts and rooms, I read somewhere that weekly rents must collect sales tax or is it only if rented for a week? Some long term tenants are presently there. Should the rentals be changed to regular monthly due dates? Property is located in NY and is licensed by the local gov. for the 5 rooms. The balance of building 6 apts also pay by the week.
Anyone have experience with rooms or apts on weekly rents?
I have never heard of a sales tax on rents unless a hotel. In theory you get 2 weeks extra rent/year vs monthly rent. I have never had a weekly renter pay on time every week - you will be a professional rent collector. I try to switch to montly rents to avoid the hassle of keeping track.
So the rental agreemenet can be made renegotiated into a lease and start paying monthly? Then hopefully get the utilities submetered at the same time I hope?
I have some tenants that pay weekly, I do not divide the rent as a portion of the monthly rent, i.e. 4.3 weeks in a month. If a tenant wants to pay weekly he will pay more than the total monthly rent. Tenants get a discount if they pay monthly. I have an office in the neighborhood where they must come to pay the rent. I do not chase after them, I also get a security deposit.
So it is not that unusual to have weekly rent payments on a month to month lease. I just have not had any previous experience with apartments paying weekly rents.