The ability to pay digitally is especially important to millennials and Generation Z renters who are accustomed to carrying out transactions online with the touch of a button. 

“It's going to become more and more like table stakes for property owners to provide these easy-to-use solutions to collect rent,” Ferrera says. 

And it’s not just renters who benefit. 

“You make your life a little bit easier, and you serve your renters’ needs by giving them an option to pay in a more streamlined and efficient way.” 

2. Use rent collection to inform business decisions

“Any time that I spend doing rent collection manually is time that I’m not spending finding new leads and growing my portfolio,” Ferrera says. 

As the rental industry grows more complex, emerging innovations can help property owners maximize efficiencies and gain valuable insights to make strategic decisions backed by data. 

To find the best system for your property, Ferrera recommends asking key questions to vet your options. 

• Is the platform designed for the number of units I manage and type of property I own? 
• Is the platform intuitive and easy to use for both me and my renters? 
• Is my data stored safely? 
• What are the subscription costs and are there add-on fees? 
• Beyond rent collection, what other tools or features does the platform offer? 
• Have I ever heard of the company behind the platform? Does it have a good reputation?  
• Does the platform offer customer service? 
• Is the platform compliant with local laws and other legislation that affect my properties?  

3. Payment flexibility attracts and retains renters 

In addition to digital rent payment options, flexible payment policies have become a deciding factor for many renters. Capitalizing on this shift in renters’ priorities can help property owners stand out in a competitive rental marketplace.   

Owners can meet this demand for flexibility by:  

• Adjusting rent due dates to better align with renters’ paydays  
• Using platforms that allow renters to pay via credit card 
• Offering payment plans for security deposits 
• Allowing renters to choose between short- and long-term lease agreements  

“Once a month, renters go through this process of paying rent,” Ferrera says. “So as a property owner, if you offer optionality it shows you are putting your renters as a focus of your business and hopefully making their lives easier — which can help you create a more enjoyable renting experience.” 

With rent payment technology that has adapted to these trends of convenience, efficiency and flexibility, you can save time, improve your relationships with renters and make better decisions for your business.