Landlord frequently asked questions
Everything you need to know about how SteadyRent protects your rental income, answered.
Product
What is SteadyRent?
SteadyRent is a facility that provides rental income certainty for landlords. It ensures your rent is paid to you on time, every time, regardless of whether your tenant pays. If a tenant is late or does not pay, SteadyRent makes the rent payment to your property manager’s trust account and your property manager then continues to manage the recovery of any outstanding tenant rent directly.
Who provides SteadyRent?
SteadyRent is a product of Real Flow who is an organisation that provides loans and related services to approved customers. Our loans may be regulated by the Credit Contracts and Consumer Finance Act 2003 (NZ) or may be unregulated. SteadyRent is a funding service. It is not a loan and it is not an insurance product.
How much does it cost?
SteadyRent is priced at % of your weekly rent plus GST. Speak to your property manager for a quote.
How it works
How long can SteadyRent advance rent for?
The maximum advance period is 120 days. This is sufficient to cover the full timeline of most arrears situations, including the eviction process where necessary.
What properties are covered?
SteadyRent covers residential rental properties in New Zealand capital cities and regional urban centres with a population above 100,000.
Does my tenant know I am enrolled in SteadyRent?
No. This arrangement is made between you and your property management agency acting on your behalf. The tenant is not notified, and there are no changes to how your property manager interacts with the tenant.
Does SteadyRent change my rights as a landlord?
No. You retain all your rights under NZ residential tenancy legislation. SteadyRent does not in any way impact your legal relationship with the tenant.
What if the tenant is currently in arrears?
A tenancy where the tenant is currently in arrears cannot be enrolled until the account is brought up to date. Once arrears are cleared, enrolment can proceed.
What about new tenancies?
Cover for a new tenancy starts once bond has been paid and the first rent payment has cleared.
What if SteadyRent pays but the tenant later repays the arrears? Do I get paid twice?
No. When the tenant repays arrears, those funds are received by SteadyRent, not paid to you again. You received one payment for that rent period. The advance payment goes to you, and the recovery goes to SteadyRent.
Can I cancel SteadyRent?
Yes. You can cancel at any time with 30 days written notice. There is no exit fee or penalty.
Do I need to cooperate with the eviction process for SteadyRent to pay?
Yes. A condition of the service is that you cooperate with reasonable steps your property manager takes to recover rent or end the tenancy where necessary.
How will SteadyRent payments appear on my rent statement?
Your statement will show “SteadyRent payment received or payment to owner” so you can clearly identify when a payment has been made.
Can I tell when SteadyRent has paid versus when the tenant paid?
Yes. You will see both recorded on the statement separately. The tenants rent will show as rent receipted as normal and SteadyRent will show as “SteadyRent payment received”
Will my annual income statement be affected?
Your annual statement reflects what was paid to you whether that came from the tenant or from SteadyRent.
Is the SteadyRent advance treated as rental income for tax purposes?
Yes. A SteadyRent payment is treated as rental income in the period you receive it. However, when SteadyRent receives the outstanding amount from the tenant, that recovery is offset against your rental income, so the net tax position is neutral.
Can I claim the SteadyRent fee as a tax deduction?
The fee is incorporated within your overall property management fee structure and is treated the same way as management fees and other agency charges. As with all property management costs, confirm deductibility with your accountant in the context of your specific situation and structure.
Will I receive documentation from SteadyRent for tax purposes?
Your primary documentation comes through your agency statements, which record all amounts received and fees charged.
Does SteadyRent affect my depreciation claims?
No. SteadyRent has no bearing on your depreciation schedule or capital works deductions. Those are based on the property and its assets, not on how rent is managed.
Common questions
I already have landlord insurance. Why would I need SteadyRent?
SteadyRent and your landlord insurance work hand in hand to provide comprehensive protection for your rental income. SteadyRent provides rental income certainty from day one, this means you are not left out of pocket while the arrears process is being managed. Where a tenancy progresses to eviction and/or a tribunal order is awarded, your property manager can then lodge a claim under your landlord insurance policy for any eligible loss of rent. SteadyRent bridges the gap during this process, providing cover for up to 120 days while the insurance claim is being assessed and finalised.
What if SteadyRent cannot recover the money from the tenant? Do I have any liability?
No. If SteadyRent cannot recover the advanced funds from the tenant, the loss net of any recovery from a bond or landlord insurance etc resides with SteadyRent, not with you. You keep the advance. The only condition is that you cooperate with reasonable recovery steps during the process.
Is this going to complicate things with my property manager?
No. Your relationship with your property manager does not change. SteadyRent operates behind the scenes. Your manager handles the arrears process the same way they always would. You are simply insulated from the financial impact during that process.
What happens to SteadyRent if I change property managers?
SteadyRent is attached to the property management agreement with your current agency. If you move to a different agency, the enrolment does not transfer automatically. Whether SteadyRent is available through another agency depends on whether that agency participates. Ask your property manager for guidance.
Is my data secure?
SteadyRent operates under New Zealand privacy law. The data shared between your agency and SteadyRent is limited to property and payment information, consistent with what is standard in a rental management context. When you opt in to SteadyRent, you have the extended protection of the SteadyRent privacy policy.
Still have questions?
Our team is happy to walk you through how SteadyRent protects your rental income.