Why You Receive Your Initial Rent Payout
HouseStay does not charge the entire stay cost upfront, as most users on the HouseStay platform are booking for several months at a time. However, we do collect the due booking payment at the time of booking at which point the property is "reserved" for the interested party for the next 24 hours, giving them time to complete their booking process. The due at booking cost includes the 1st month's rent, security deposit, any additional pet or parking fees, one-time cleaning fee, our service fee, and any occupancy taxes required by state & city governments that must be applied based on the length of stay.
1) Initial Payout: The host will be remitted their initial payout 24 hours after the renters have moved into the property. Again, the individual or organization renting the property is required to make this payment before the booking is confirmed, but HouseStay holds these funds in trust until after the renters have taken possession of the unit. The initial payout includes the following;
- 1st month's rent
- One-time cleaning fee
- Any pet or parking fees (if applicable).
2) Recurring Rent Payouts: If a renter's booking is longer than 30 nights, any subsequent rent payouts will be automatically remitted to the host's specified payout method every 30 nights after the renter's move-in date. You will be receiving these monthly payouts directly from HouseStay via the payout method you specified in Stripe Connect Express.
3) Security & Pet Deposits: HouseStay holds all deposits in trust for the entire duration of the booked stay and does not remit any deposits to the host. After the renters have moved out and both parties complete their move-out checklists, HouseStay will remit the deposit back to the renters (minus any damages reported by the host).
4) Example Booking Payout Breakdown and Schedule: A renter books a property with a move-in date of 6/1/21 and a move-out date of 9/17/21 (108 Night Stay). The host will be netting $5,000 per month for each month of the stay, has a security deposit of $2,500, and a one-time cleaning fee of $250. The host’s payout breakdown and schedule would be as follows:
- Host Receives 1st Payout On 6/2/21: $5,250 (1st Months Rent + Cleaning Fee)
- Host Receives 2nd Payout On 7/1/21: $5,000 (Monthly Rent)
- Host Receives 3rd Payout On 7/31/21: $5,000 (Monthly Rent)
- Host Receives 4th Payout On 8/30/21: $3,000 (Prorated Monthly Rent For 18 Nights)