We hope this letter finds you well and you’re all enjoying this early spring weather! Over the past week we have received many inquiries regarding the May rent charge and we’d like to clarify why it is not prorated, given the lease end date of 5/24/21.
Our lease agreements offer two payment options; one lump sum or twelve equal installments. Most residents choose to make equal monthly payments. We do not collect any up-front rent at lease signing and security deposits cannot be applied to rent payments.
“The Lease Term begins on the Starting Date and terminates on the Ending Date. This is not a one-year lease and installments will not be prorated based on the Starting and Ending Dates. The rent payment option of equal monthly installments is offered for your convenience only, and does not explicitly relate to the Lease Term.”
Residents who choose to make equal monthly payments will pay the final installment by May 1st, unless an alternative agreement is in place. Remaining security deposits will be returned within thirty days of the lease expiration.
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Madbury Properties Staff
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