First Rent Payment:
The first month's rent payment is crucial to the Renters Terms acceptance process, which must be completed within 24 hours of the host's acceptance of the booking request. Once the payment is credited, the Renters Terms become valid, and your coliving space is prepaid for one month.
Due Date of the First Rent:
The first month's rent is due within 24 hours of the booking request being accepted, marking the conclusion of the Renters Terms acceptance process.
Second and Subsequent Rents:
For stays longer than 1 month, subsequent rents are due according to the duration of the stay. Coliving.com sends regular reminders about upcoming rent due dates or overdue payments via email notifications to help you manage these payments effectively.
On-Time Payment:
To avoid issues with your accommodation, it is crucial to heed these email notifications and pay your rent on time using the chosen payment method. Failure to pay by the due date could result in the host terminating the Renters Terms with three days' notice.
Rent Due Dates:
- The first rent pre-pays your accommodation for the initial month of your stay.
- Depending on your perspective, the due date for the second month's rent is either 5 days before the end of the prepaid period or 25 days after its beginning.