When is my security deposit due? What about my first, last and all the other installment payments?

Posted on November 2, 2015


Lease Installment Payments, a Typical Calendar for an Annual Lease

Your security deposit and the first and last installment are all due before you move in.  The security deposit is due at signing, the last installment on May 15 before you move in, and the first one August 15th the year you move in. This is specified in the lease in the top right corner, big, bold schedule o’ payments.

Installment 1, SecDep, due at lease signing
Installment 2, due based on your lease, but usually Aug 15th (see installment #13 too). – 2 should have been paid
Installment 3, due Sept 15th — 4 total payments should have been paid
Installment 4, due Oct 15th — 5 total payments should have been paid
Installment 5, due Nov 15th — 6 total payments should have been paid
Installment 6, due Dec 15th — 7 total payments should have been paid
Installment 7, due Jan 15th — 8 total payments should have been paid
Installment 8, due Feb 15th — 9 total payments should have been paid
Installment 9, due Mar 15th — 10 total payments should have been paid
Installment 10, due Apr 15th — 11 total payments should have been paid
Installment 11, due May 15th — 12 total payments should have been paid
Installment 12, due June 15th — 13 total payments should have been paid
Installment 13, due May 15 (of the previous year) 

Note: This typically means you have already paid the July installment (the “last” one) for the following year (so if it’s the 2016-2017 period, you would not owe a payment for July 2017).

The secdep, last, and first installments need to be paid by everyone on the lease before anyone can move in. That is the lease account for any and all co- and severally liable groups needs to have a $0 balance before anyone will be allowed to take possession of a place.

What’s an installment? How’s it related to pro-rata rent?