Prepaid rent is what qualifies a resident for the Savings Plan Option. Prepaid Rent is an initial one-time payment that enables the monthly rent to be approximately 39% less than our market rent charge. The Prepaid rent takes the place of the security deposit for those who choose the Prepaid rent option.
This is a big benefit to residents and works very well for seniors. Many have funds at time of retirement or when they sell their home, but are looking for ways to protect their income and reduce their monthly expenses as they age. By charging up front monies The Village is thereby able to keep residents’ monthly rents lower.