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29+ Sample Rental Receipts
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What Is a Rental Receipt?
A rental receipt is a tool which is used to record or document the rental payments made by a tenant for a specific rental period. It is usually the landlord which provides a rental receipt right after the tenant has given his or her payment. In a usual tenancy transaction, rent receipts are given every month since most renters need to pay their rent on a monthly basis. Having a rent receipt at hand is very important as this can validate and prove that a tenant has already provided his or her payment responsibilities for a given period of time and that the landlord of the property has already collected the money specified in the document.
According to Statista, 43 percent of non-homeowners are renting due to house affordability reasons.
In an article from Pew Research Center, 36.6% of households in the United States are renting their homes.
As per Statista, the monthly median of rent for apartments has increased to 37 percent between 2007 and 2017.
Types of Rental Receipts
Even if the usage of a rental receipt is usually associated with tenancy transactions, the specific document’s utilization is actually not limited to this. There are still a lot of rental transactions where a particular rental receipt can be used. Here are more types of rental receipts which you may need depending on the nature of your business operations and offers:
1. Car Rental Receipt
A car rental receipt is created by car rental service providers and other businesses that has car rental as one of its offers. There are also tour companies and travel agencies that can optimize a car rental receipt as these entities also provide services where tourists can rent a car unit during their vacation in a specific location. Make sure to use a car rental receipt template so you can format your car rental receipt appropriately.
2. Equipment Rental Receipt
An equipment rental receipt is commonly used in the music industry. Music equipment are used not only by recording companies but also by bands, freelance performers, artists, and the like. By having an equipment rental receipt, involved parties can be very particular with regards the documentation of the type of equipment being rented, the price that must be paid for the rental, and the duration in which the equipment rent is considered valid.
3. Commercial Property Rental Receipt
A commercial property rental receipt is given to business owners who are renting a commercial property to serve as a proof that they have already paid their rental for a given month or any period of time specified in the document. Commercial property rental is very popular nowadays as this enables businessmen and other entities to begin their business ventures even without a property or location of their own. Since the rented commercial property provides the location for the business, the owner or landlord of the property should make sure that a commercial property rental receipt is always given on time so to ensure a smooth relationship between the business owner renting a space and your property rental business.
Factors to Look Into When Crafting a Specific Rental Receipt
You have to make sure that you will develop a comprehensive rental receipt with precision. All the elements that can make the specific document detailed and complete should be seen by all involved entities as they look into the final rental receipt. With this, you have to be mindful of all the things that you have to consider so you can come up with an effective and highly-usable output. The factors that are very important to be looked into when crafting a specific rental receipt are as follows:
7 Steps for Making a Complete Rental Receipt
36.6% of U.S. households are actually just renting their home (source: pewresearch). All of these entities must be given a rental receipt so they can keep a record when they have paid their rental obligations. As a property rental business, you have to make sure that you are equipped with all the skills that are necessary for proper rental receipt development, usage, and management. If you have no idea on how to come up with your own rental receipt, do not worry as there is a simple step-by-step procedure that you can follow for this matter. Listed below are seven steps that can enable you to make a complete rental receipt in an efficient manner.
Step 1: Maximize the Usage of a Rental Receipt Template
Make sure to make the most out of a rental receipt template‘s usage. Select the best and the most suitable template that you can utilize so you can have an easier time as you format the layout of your rental receipt. There are different kinds of rental receipt templates that you can modify which is why you have to be very particular and mindful when choosing which rental receipt will work best for the nature of your operations.
Step 2: Present the Business Letterhead of the Property on Top of the Rental Receipt Layout
To make the rental receipt one of the official documents of your business, make sure that you will include your business letterhead in the document’s content specifications. On top of the rental receipt, write the name of your business followed by your contact information and business location. You can also provide your business logo and tagline if you would like to and if the layout of the document permits.
Step 3: Write the Date When the Payment Has Been Made
Do not forget to write the specific date in which the payment for rental has been made by the tenant. It is very important for you to have this information in the rental receipt for purposes of referencing. Provide the day, month, and year of the rental payment so you can have a complete documentation of the actual date of the transaction where the rental receipt has been used.
Step 4: Provide Necessary Information About the Tenant Who Has Made the Rental Payment
Write the name of the tenant in the rental receipt. This can validate who the payment is from. Ensure that you will accurately spell the complete and legal name of the tenant so you can also update your records accordingly. More so, doing this can help the tenant be aware that you are very particular when listing down and managing information related to rental payments.
Step 5: Focus on the Details of the Payment
There should be a segment or an area within the rental receipt which focuses on the payment being made. Write the total amount of the rental payment, what the payment is for, and the manner in which the payment has been made. Specify the amount that you have received, both in words and in figure. After this, describe the property being rented and define the time duration which is covered by the rental payment.
Step 6: Add Notes and Reminders, If Necessary
Especially during late or partial rental payments, it is very important for you to add notes and reminders in the rental receipt. This can help you to know that you have already added the specific cost necessary to be included for late payments or to track the amount that you still need to get from a tenant who has only provided partial payment. There are still other brief information that you can write in the rental receipt depending on the circumstance where you and the tenant will be involved in during payment transactions.
Step 7: Ensure That the Landlord Will Sign the Document After Refining All of the Document’s Details
Review all the information listed in the rental receipt and make sure that all of these are accurate and well-presented. After this, write the name of the landlord of the property. If the landlord is not available, any authorized person who have filled the rental receipt must write his or her name in the document followed by his or her signature to provide acknowledgement of payment receipt.
Advantages of Developing a Detailed Rental Receipt
Just because you are used to getting a rental receipt every time you pay your rent does not mean that you should just undervalue its availability. There are different reasons why a rental receipt is given to you and these can actually benefit you a lot. You have to be reminded of these advantages so you can also become more serious when it comes to keeping the rental receipts that you have received from your landlord. The advantages of developing a detailed rental receipt include the following:
Do’s and Don’ts for Creating the Best Rental Receipt
If you want to create a rental receipt right now, you have to be aware of several guidelines that can help you come up with an amazing output. Review a number of tips about rental receipt development so you can become more guided as you try to craft the document on your own. Are you now ready to begin the creation of a rental receipt document? Here are a few of the things that you must and must not do so to create the best rental receipt which your business and tenants can both benefit from:
1. Do Ensure That Both the Tenant and the Landlord Will Have Copies of the Rental Receipt
Both the tenant and the landlord must have a copy of the rental receipt. The original document should be handed to the tenant and a copy should be saved at the landlord’s disposal. Doing this can help both parties access the specific document anytime they need it. More so, this can assure the tenant and the landlord that falsification of document can be minimized or eliminated since they have copies of the rental receipts used and given within the entire rental period.
2. Do Know How to Format the Rental Receipt Accordingly
Your rental receipt should be formatted accordingly for it not to be confusing or misleading. When making a rental receipt, focus on how you will put all the elements of the document together. Think of strategies on how you can make the most out of the layout that you need to work on. By looking into these matters, you can create a well-formatted rental receipt which can specifically provide the information about the rental payment which you would like your tenants to know.
3. Do Assure the Tenant That All the Items Listed in the Rental Receipt Are Accurate
You should not falsify any information written in the rental receipt. From the date of the rental receipt’s writing up to the amount handed by the tenant, all of the items within the rental receipt should be accurate, specific, and concise. Any modifications made for personal intentions can lead to the tenant’s decision to file for legal actions which can potentially ruin the brand, image, and reputation of your property rental business. With this, you always have to make sure that all of the details in the rental receipt are fact-based, reliable, and credible.
1. Don’t Overlook Your Rental Agreement When Developing a Rental Receipt
You should always make sure that your rental agreement will not be overlook with the content of your rental receipt. Ensure that the amount that you have requested for the tenant to pay for specific rental periods, as stated on the rental agreement, is what is also written in the rental receipt unless rental increase letters are handed within the duration of the rental period. Always consider reviewing your rental agreement so that you can look into the legalities of your rental receipt development.
2. Don’t Use a Generic and Substandard Rental Receipt
It is necessary for your rental receipt to be identifiable as your business’ own and official document. Hence, avoid using generic templates when developing the specific document. Modify the templates that you will use as much as possible so you can have a unique-looking rental receipt. More so, never use a substandard rental receipt especially those that are incomplete, misleading, and poorly-developed.
3. Don’t Wait for a Couple of Days After the Payment Before You Give a Rental Receipt
The rental receipt should be given right away to the tenant after you have received his or her rental payment. Do not wait for a longer period of time before you hand the rental receipt as this can result to impressions that you are doing something illegal or that you are not recording your payment transactions accordingly.
What should a rent receipt include?
There are different types of rent receipts with different uses. However, rent receipts usually have similar elements. Rent receipts include the date and time of payment, tenant’s name, property owner’s name who received the payment, property unit, rent payment amount, payment method, and the rental payment period. If applicable, include the payment balance and late fees.
How do you send out rent receipts?
Sending rent receipts comes in three ways—print and personally hand the rent receipt to the tenant, print and mail it, or email a digital copy of the rent payment receipt to the tenant.
Why is the rent receipt necessary?
Rent receipts are one of the essential forms that you should have if you have a property that is up for rent. The reasons why it is necessary is that the rent receipt shows proof of payment, simplifies the record tracking, helps minimize disputes, and rent receipts may be required in the city or state that you are in.
What are the common uses of a rent receipt?
A rent receipt is a document that records payment between a property owner and a tenant. Rent receipts are commonly used for cash payments, check payments, and money orders.
Making a rental receipt on your own can be easier if you have document development guides at hand. With this, we highly recommend you to look into the references which we have prepared alongside the available discussion above. Make sure to look for suitable samples and templates which can enable you to create your property rental business’ own rental receipt document easily and effectively.