Rent payable is money a tenant owes a landlord at a given time. It is a term used in reference to the tenant, while rent receivable is used in reference to the landlord. Most tenancy agreements usually have specified intervals for payments. If the payment is to be made on the first day of every month for instance, and the tenant pays on time, the rent payable would be zero. If the tenant is late on payment, then the rent payable would be the agreed rent. If the tenant is behind on rent for two months, rent payable would be twice the monthly payment.