Your Jetty Rent price is calculated by taking your base rent plus your static charges (trash, pest control, etc.) and then combining them with the highest potential amount of variable costs that could potentially be charged (water, sewer, etc.). What this does is allows us to approve a maximum monthly amount that will cover your charges that don't change, as well as the potential charges that may vary from month to month.
If your total rent comes in lower than the maximum amount that is perfectly fine and you are only ever on the hook for the current month's rent and service fee and can cancel enrollment for future months.
If approved and you decide to enroll, you'll get a loan document showing the full loan amount (example: your maximum monthly rent x 12 months + fees) but don't worry, this just shows the total amount of rent installments you will owe if you use Jetty Rent for your full enrollment period.
You can see the amount you owe for the month by logging in to your account and looking at your activity calendar. Please note that this amount will fluctuate based on your utilities charged with your rent statement. You’ll always know your final amount due by the 1st of the month.
If you have chosen to break your rent up into two payments, you will notice that your first payment will be slightly higher than the second payment. This is due to the fluctuation that occurs with your utilities. See the equation below for the payment breakdown. Whatever is left after your utilities have been posted will be the remaining balance paid in the second payment.
- First Payment
- (Total Rent + Optional Items + Max Utilities + Service Fee) / 2 = 1st payment
- 1st month will also include a one-time $15 origination fee
- Second Payment
- (Total Rent + Optional Items +Actual Utilities + Service Fee) - 1st Payment = 2nd payment