Best rent collection app for landlords

Collecting rent can be a stressful and time-consuming task. Chasing late payments, dealing with bounced checks, and keeping track of different payment methods can be an overwhelming process to face every month. 

A rent collection app can make your rent collection easier. With an app, you can automate payments, send reminders to tenants, and provide secure transaction methods. This saves you time and ensures you receive rent on time without the hassle.

To help you make your choice, we explore the best apps for landlords to collect rent. We’ll cover their features, benefits, and how they can simplify your rent collection. 

How to choose the best app to collect rent

When choosing the best app for rent collection, we look for these key features:

• Ease of use: A user-friendly interface that both landlords and tenants can navigate easily.
• Security: Strong encryption and security measures to protect financial data.
• Multiple payment methods: Support for various payment methods such as bank transfers, credit cards, and eChecks.
• Automated reminders: Ability to send automatic payment reminders to tenants.
• Late fee calculation: Features to automatically calculate and apply late fees.
• Reporting tools: Comprehensive reporting and analytics to track rental income and payment history.
• Customer support: Reliable and responsive customer service to assist with any issues.
• Cost-effectiveness: Reasonable pricing plans or a free version available for landlords with different budgets.

6 best apps for landlords to collect rent

Choosing the best app for collecting rent can be daunting with so many options available. 

Here are our seven top choices to consider.

RentPayment

RentPayment is a comprehensive rent payment solution designed for property managers and landlords. It supports various payment methods, including debit and credit cards, ACH transfers, eCheck, and more. It also has a flexible rent payment feature, allowing tenants to schedule smaller payments throughout the month whilst ensuring you are paid on time. 

This time-saving software offers automated rent reminders, also helping tenants with timely payments. RentPayment provides detailed reporting and analytics, making it easier to track payments and manage your finances. Whether you have one or 750 units, RentPayment will help you manage your properties more efficiently by ensuring timely rent collection and reducing administrative work.

“We have been a satisfied customer of RentPayment since 2011 and appreciate the personal level of customer service we receive from our Account Manager. RentPayment constructively uses our feedback to enhance their product’s quality, which enables us to efficiently serve our residents.”

Blue Ridge Companies

PayYourRent

PayYourRent is designed specifically for rent payments, making it a solid choice for landlords. It offers a variety of payment options, including credit cards and eChecks. This flexibility ensures that tenants can easily pay rent online.

PayYourRent is especially suitable for smaller landlords with as few as one apartment. The app also offers the benefit of reporting rent payments to credit bureaus, which can help tenants build their credit history.  It provides same-day rent processing, helping speed up your rent collection process. 

ClearNow

ClearNow specializes in simplified rent collection, making it particularly suited for smaller landlords. Rent payments are automated, reducing the risk of missed payments and late fees for tenants. The collected rent is then directly deposited into your account, typically within three working days after the debit day.

The app provides income and expense tracking, making it easier to manage rental payments. Tenants can report their rent payments to Experian RentBureau, which can encourage timely payments and benefit their credit history. You can choose when you want your rent to be paid, but these different options come with varying fees that may be potentially costly.

PayPal

PayPal is a well-known payment platform that you can use for rent collection. Tenants can pay rent online using their PayPal balance, bank account, or credit card. Its wide acceptance and ease of use make it a popular choice. 

PayPal also offers reporting tools, allowing you to keep track of your rental income. While it charges a small fee for transactions, its reliability and security make it a worthy option for accepting rent payments. 

Venmo

Venmo is not specifically designed for rent collection, but many landlords and tenants use it for rent payments due to its convenience. It has no monthly fees or required transaction costs, making it an accessible choice for free rent collection. It’s particularly popular among younger renters, making it an ideal choice if your units are filled with a younger demographic.

One standout feature is its ability to split group payments, allowing tenants to easily share rent payments within the app. Venmo offers basic transaction tracking, though it lacks advanced features such as automated reminders and detailed reporting tools. Despite these limitations, it can work for landlords seeking a straightforward and cost-effective solution.

Zelle

Zelle is a quick and easy way to collect rent directly from tenants’ bank accounts. Many banks integrate Zelle into their online banking apps, making it accessible for tenants. Payments are typically instant, ensuring you receive rent on time.

Zelle doesn’t charge transaction fees, ensuring savings for you and your tenants. However, it lacks advanced features like automated reminders or reporting tools. Despite this, its simplicity makes it a solid choice.

Which is the best app for landlords to collect rent?

Choosing the best landlord rent collection app depends on your specific needs and the unique requirements of your rental business. Some apps may fulfill the basic job of collecting rent, but the best app for you will offer additional features that enhance efficiency and convenience. While other apps like PayYourRent and ClearNow offer valuable features, RentPayment’s thorough approach to rent collection and property management makes it a standout choice.

Collect rent with MRI Rent Payment

Streamline your monthly rent collection with MRI RentPayment. Our rent payment software offers robust features, including multiple payment options, flexible rent payments, analytics tools, and marketing tools to help increase adoption. With over 20 years of experience, our dedicated team is ready to support your property’s success. 

Get in touch to discuss how we can tailor a plan to meet your rent collection needs.