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Ever get a rent receipt and wonder, “How did they calculate this?” Well, it’s easy to figure out. You can use these printable templates to save time and money by printing your own receipts.
The rent receipt template is a free printable document that can be used as a receipt for rent payments. It includes the date, tenant name, and address, and amount of rent paid.
A rent receipt is a physical or electronic document that proves a renter has paid rent. It usually includes the date of the transaction, the rental term, the names of the landlord and tenant, the amount of rent paid, and other information. Landlords and property managers use the rent receipt to keep track of who has paid rent.
These free rent receipt templates may help you keep better track of your renters’ payments and provide them peace of mind. Select the rent receipt that is most appropriate for your property.
The Importance of Rent Receipts
In many jurisdictions, if no other record of the rent payment is given — for example, if the renter writes a check and has a record from his or her bank – a free rent receipt is needed. A rent receipt is a signed formal document of a rent payment received by the landlord or property management. A rent receipt may be the sole documentation a renter has if they pay their rent in cash. For landlords, the rent receipt may assist them to keep track of which tenants have been paying on time, who owes late penalties, and how to keep their rent roll orderly.
For disputes, evictions, tax reasons, or simple record keeping, rent receipts may be used as legal evidence that rent was paid. Tenants should retain copies of their rent receipts to demonstrate to a new landlord that they have been paying their rent on time for a long period. A landlord, on the other hand, may retain copies of rent receipts in order to determine whether or not to renew the lease if the tenant’s payments were often late.
Rent receipts are often short and basic, with just a few key components. A copy for the landlord and one for the tenant should always be included on a rent receipt. Some states that need rent receipts may stipulate that they include details such as the rent amount, the rental term, and the property address. They should, however, contain a few essential information such as the tenant’s name, the landlord’s name and signature, the amount owing, and the payment method. The components of a rent receipt are described in more detail below.
Remember that a rent receipt is an evidence that the renter has paid the rent. The rent receipt, on the other hand, will not show that the method of payment was incorrect if it was subsequently rejected due to inadequate money. A renter may, for example, write a check that bounces. The rent receipt cannot be used by the tenant to claim that the payment was correctly completed. As a result, don’t be concerned about producing rent receipts for payments made by check or credit card.
“It is critical to utilize a receipt since the tenant will have a record of meeting the requirements of the contract/lease agreement, and the landlord will be unable to take punitive action for nonpayment of rent if the tenant fulfilled their obligations.”
— Nancy Wallace-Laabs, KBN Homes, LLC Real Estate Broker
When Should You Use a Rental Receipt?
Landlords and property managers are usually advised to utilize a rent receipt for all transactions. If the renter sends a check, however, the check stub and bank statement may be used as rent receipts. Many states require landlords to give rent receipts to their renters, while others do not.
In New York, for example, landlords are only required to give a rent receipt if the renter pays using a method other than a personal check or if the tenant specifically asks one. A landlord, on the other hand, may err on the side of caution and issue a rent receipt, ensuring that there is no subsequent confusion about whether or not rent was paid.
A rent receipt is required in the following situations:
- A landlord taking money from a renter.
- A property manager takes money from a renter.
- A rent receipt is requested by the renter.
- All rent payments are made via the internet.
- Having a room in your house rented out
- Getting your holiday rental home rented out
- A turnkey rental property’s property manager
- Rent collection in a duplex, triplex, or quadruplex
- Landlords and commercial property managers
- Leases available on a monthly and annual basis.
“A landlord or property management should give a rent receipt to renters to assist them in keeping track of payments as well as to assist the tenant in making timely payments. The renter may present the ledger as evidence of timely payment when applying for another flat or qualifying for a mortgage later.”
— Bruce Ailion, RE/MAX Town and Country Real Estate Agent and Attorney
Aside from any possible legal obligations, you should provide a rent receipt to your renters for their own piece of mind. Remember that one of your responsibilities as a landlord is to make your renters feel safe and comfortable in their homes. Giving them a professional-looking rent receipt shows them that you respect their tenancy and take it seriously.
As a result, they’ll be more inclined to respect you as a landlord, maintain your property with care, and pay rent on time, among other things. It’s also less likely that you’ll have to pursue an eviction, which can be expensive and time-consuming if the landlord-tenant relationship is good.
What Should a Rent Receipt Contain?
Rent receipts may differ significantly based on how the rent was paid, the kind of property leased, and the rental agreement you have with your renter. Parts of your rent receipt, such as the kind of payment allowed, will be influenced by your lease. All rent receipts should contain a few basic details, such as the amount paid and the date it was received.
Keep in mind that a rent receipt should be brief and to the point, with just the most essential information provided. Things like the number of tenants, the number of months left on the lease, and so on aren’t necessary. With a paper rent receipt, you may avoid misunderstanding by going for the “less is more” approach.
One copy should be kept for your records and one should be given to the renter. You may either create several copies of each rent receipt template or purchase a rent receipt book from an office supply shop that includes rent receipt carbon copies that you can tear out. You may still use our free rent receipt template to ensure that your rent receipt book has all of the necessary information.
The following items should be included in a rent receipt template:
- Date of rental payment receipt: This is the day on which you receive the rental payment, not the date on which the rent is due.
- Tenant’s name: Include the tenant’s complete name, as well as the name of anybody who paid their rent.
- Property address: Include the whole address, particularly the unit or apartment number, so you can simply keep track of which unit was paid.
- The precise amount paid by the renter should be documented; this is the main purpose for making a rent receipt.
- If you don’t fill this part out, the tenant may claim they thought the payment covered a longer time period because they thought the payment covered a month or two if it’s a partial payment; if you don’t fill this part out, the tenant may claim they thought the payment covered a longer time period because the payment covered a month or two if it’s a partial payment; if you don’t fill this part out, the tenant may claim they thought the payment covered a longer time
- Payment options: For a paper receipt, this is typically cash, money order, or check; for a digital receipt, this is usually a credit card, bank account, or PayPal; your lease should indicate which payment methods you allow.
- The balance due is the amount owed by the renter; in most cases, this only pertains to partial payments or if a late charge is owed.
- The identity of the person who received the tenant’s rent payment should be included here; it’s usually the landlord or property manager, and he or she should provide his or her name, phone number, and business name.
- Under their written name, the landlord or property manager should also sign the rent receipt.
- Notes: This part may be used for any notes that don’t belong in another section, such as a note from the renter stating that they will pay the amount due; it can also be left blank if nothing applies.
Your free rent receipt download serves as a guide for what you offer renters when they pay their rent. It saves you time from having to create your own template or searching for one that is appropriate for your home. Our rent receipt templates teach you how to fill in the blanks, including the amount of rent, the date, and your signature. Select the most appropriate rent receipt for your property.
Alternatives to Rent Receipts on Paper
When a landlord or property management picks up a tenant’s rent in person, or if the renter drops off cash, a check, or money order to the office, paper rent receipts are often utilized. Today, however, renters are increasingly opting to pay their rent online instead of receiving printed rent invoices. When a renter pays their rent online, they will get a digital rent receipt.
The greatest alternative to a paper rent receipt is an automated digital rent receipt. It’s simple to transmit since it’s done automatically as soon as the rent is received. This means you won’t have to meet them face to face. You also won’t have to worry about losing track of receipts since they’ll be stored digitally. Because there is already a digital file, a digital rent receipt saves time when utilizing real estate accounting software.
Other options for rent receipts than paper include:
- Automated digital rent receipt: Usually sent to the renter via property management software like Avail that takes rent payments.
- Receipt from PayPal or a money transfer app: These applications usually provide a receipt to the user through email.
- If the renter deposits the money at a branch or online, the bank will provide them a receipt that shows the last four digits of the account the rent was placed in, as well as a copy of the check if the tenant requests one.
- Credit card statement: Depending on the tenant’s credit card, each transaction may be sent to them; alternatively, they may keep track of their rent receipt by checking their credit card statement; this option is reserved for renters.
The payment amount, the date the payment was made, who made the payment, and who the money was paid to will all be included on the aforementioned rent receipts. However, since the person who received the money will not sign the document, it is critical for a renter to ensure that the rent is deposited into the proper account. If a disagreement arises over rent payment, a court may be called upon to determine whether the payment is legitimate.
Rent Receipts without Paper
You may not have the means or know-how to offer renters a paperless rent receipt if you’re a small landlord with 20 or fewer units. For paperless rent receipts, Avail is usually your best option. They allow you to check prospective renters’ rental history for missing payments, take online payments and email receipts, and offer you free state-specific and attorney-prepared lease forms. Most importantly, they are one of the most cost-effective choices available, with your first rental being free.
Paperless Rent Receipts
If you manage or own more than ten units, you should consider upgrading to a more sophisticated property management software like Buildium. You conduct tenant screenings, collect online rent payments and receipts, schedule and record walkthroughs, and more.
Final Thoughts
Landlords and property managers may use a rent receipt to keep track of incoming rent payments and monitor late payments. It also provides renters with paperwork demonstrating on-time rent payments. A rent receipt may be digital or printed, and it often includes information such as the landlord’s and tenant’s names, property address, rental term, and payment amount.
