Landlords have a lot of responsibilities. One of the most important—and time-consuming—tasks is rent collection. Thankfully, many online rent collection tools can make this process more manageable.
In this blog post, we’ll discuss 13 popular online rent collection tools for landlords and compare features. We’ll also offer tips for choosing the right tool.
Key takeaways
- Online rent collection tools allow landlords to collect rent payments, security deposits, and other fees from tenants.
- Payment methods may include card payments, Automated Clearing House (ACH) bank transfers, and in-person payments at cash locations.
- Key benefits may include increased on-time payments, improved cash flow, record creation, and happier tenants.
Make it easy for tenants to pay on time, and automate key tasks like deposits, receipts, and accounting. Stessa online rent collection is a win-win and is free for both landlords and tenants.
Benefits of collecting rent online
You can collect rent in person, by mail, or electronically.
Electronic rent collection is the most efficient and convenient option. These apps allow tenants to pay their rent online.
Online rent collection automatically allows landlords to collect rent on the first of the month, maintain a record in case of a dispute, and stay organized.
Online rent payments are also popular with and convenient for tenants.
Property managers may also find that tenants who pay rent online are more likely to pay on time.
13 popular tools for collecting rent
Here are 13 online rent collection tools for landlords and property managers to consider:
Stessa
Stessa, a Roofstock company, is an excellent rental management tool. Stessa allows landlords to accept rental payments online, track expenses, and generate performance reports. Stessa is intuitive, with a user-friendly interface, even for those who aren’t especially tech-savvy.
Stessa also allows investors who open a Stessa Cash Management deposit account to further streamline property management with online rent collection.
The rent collection tool lets real estate investors automate typically manual parts of rent collection, including depositing checks, charging late fees, and monitoring payments for financial reporting. Stessa imposes no fees for either landlords or tenants to use online rent collection, and it offers strong security measures to protect both parties’ personal and financial information.
Here’s a quick rundown of Stessa’s online rent collection features:
- Deposit type: ACH
- Deposit times: 2 to 5 business days
- Landlord fees: None
- Tenant fees: None
- Autopay: Yes
- Late fees: Yes
- Real-time notifications: Yes
- Automatic accounting: Yes
As an added benefit, Stessa’s Cash Management deposit accounts currently earn 2.00% APY (compared to the national average interest of 0.03% on checking accounts as of July 2022, according to the FDIC). Stessa Cash Management users can earn interest on balances from automated rent collection deposits, CapEx account, and operating account.
Annual Percentage Yield (APY) of 2.00% is effective as of 8/5/2022. No minimum opening deposit or account balance required. Fees could affect earnings on the account. Stessa is a financial technology company, not a bank. Banking services provided by Blue Ridge Bank, N.A., member FDIC. The national rate is the average of rates paid by all insured depository institutions and credit unions for which data is available to the FDIC, with rates weighted by each institution’s share of domestic deposits.
Avail
Avail is a landlord software platform owned by Realtor.com that includes an online rent payment feature. Landlords can schedule rent payments in advance, and the system will send emails each month reminding tenants when the rent is due. In addition to rent, tenants can pay a security deposit and move-in fees online. They also have the option of reporting online rent payments to TransUnion to build their credit scores.
Buildium
Buildium may be a good option for landlords or property managers with larger portfolios due to the minimum pricing plan of $50 per month and setup fees. Landlords can create recurring rent payments and one-time payments, and tenants can pay online using various payment options.
PayYourRent
Online rent payment software from PayYourRent includes free add-ons and tools like resident screening, rental applications, maintenance requests, and announcements. Tenants can quickly and easily pay rent online or via a smartphone app and build credit history with the major credit bureaus. Landlord pricing plans begin at $9.95 per month, plus a small fee for ACH transfers (after the free limit) and bank card transaction fees.
ClearNow
ClearNow is designed for rent payments only. Landlords pay no setup fees, although there are charges based on how often the rent is paid. The company offers tenants the option of reporting on-time rent payments to Experian, which may attract qualified tenants and incentivize on-time payments.
Apartments.com
Apartments.com automates rent collection and tracks rent payments from tenants. Landlords can monitor how much money has been collected from each tenant and other charges, such as security deposits or move-in fees. The system sends email reminders to each tenant before the rent is due, which may reduce late payments and improve cash flow.
eRentPayment
Online rent payments, tenant screening, maintenance requests, and credit reporting are available. Tenants can make one-time and recurring payments. The system can be set up to accept security deposits and utility payments and can be programmed to block partial rent payments.
TenantCloud
In addition to online rent collection, features include tools for listing and marketing vacant rentals, online tenant screening and lease signing, maintenance request submission, and accounting and reporting. Pricing plans range from $0 to $40 per month based on an annual subscription.
TurboTenant
TurboTenant provides property management software with an online rent payment feature specifically for do-it-yourself real estate investors. There are 2 different pricing plans, either $0 per month or $4.92 per month (billed annually at $59). Tenants can pay with a card or transfer rent from their bank accounts for a small transaction fee. Rent payments can be reported to TransUnion to help tenants boost their credit scores.
PayRent
PayRent lets tenants pay their rent online using a card or ACH bank transfer from any bank or credit union in the country. While tenants pay a small fee, the service allows tenants to report rent payments to all 3 credit bureaus at no extra charge. The company offers landlords the option of 3 different service plans, with pricing ranging from $0 to $49 per month.
Rentec Direct
While landlords do not pay a setup fee to use Rentec Direct, they must sign up for a pricing plan that ranges from $35 to $40 per month. In addition to offering an online rent payment feature, the company includes property management features, such as vacant property marketing and tenant screening, in the monthly price. Tenants can opt to create automatic monthly payments debited from their bank accounts or pay online or by phone.
Zillow Rental Manager
This online rent payment app makes it easy to screen tenants online with rent applications, sign lease agreements, and collect rent, utilities, and move-in fees. The rent payment service is free for landlords, while tenants pay a small transaction fee.
RentRedi
RentRedi is an online property management software system that includes an online rent payment app. The company offers 3 pricing plans, ranging from $9 per month (prepaid annually) to $19.95 per month (monthly billing). Automatic rent payments and rent reminders can be programmed, with any processing fees paid by the landlord or tenant. The system can be set up to charge an automatic late fee if a tenant doesn’t pay by the due date.
Final thoughts
Many rent collection apps are available, with unique features and pricing. Analyze features, costs, and reviews before making your decision.
Stessa is a financial technology company, not a bank. Banking services provided by Blue Ridge Bank N.A., Member FDIC.
