Popular Rent Collection Apps Used by Landlords

A recent survey shows that 76% of renters, representing diverse regions and demographics, prefer online rent payments—a 26% increase since 2021. However, the 2023 Property Management Industry Report reveals that only 55% of tenants currently have digital payment options.

Landlords and property managers who bridge this gap stand to benefit in several ways: they can attract more tenants, reduce late payments, save significant administrative time, and even open up new revenue streams.

This guide will cover the essential features of online rent payment systems and review top apps, helping you choose the best one for your needs.

Why Online Rent Collection is Crucial

Today, online rent payments are widely accepted by both renters and landlords. In fact, 95% of rental owners surveyed in 2023 reported comfort with online transactions—a figure expected to grow.

Let's explore why property managers and landlords are embracing rent payment apps.

Online Payments Match Renters' Preferences

Renters value the convenience of mobile apps and online portals that allow for automatic payments. Yet, convenience is just one of many features they now expect.

Top rent payment apps include payment reminders—before, on, and after the due date—helping both parties stay aligned. Tenants also have access to a payment history, which can improve transparency and help build credit. Some apps even offer rent-reporting tools, which enable tenants to report their payment history to credit bureaus, helping to boost their credit scores.

Certain platforms, like Gravy, incentivize on-time payments with perks like 5% cashback on monthly rent.

Online payment systems also give tenants more flexible options, such as alternate payment schedules or the option to split payments over the month, reducing the likelihood of missed payments.

Time Savings for Property Managers

Digital rent collection software removes the hassle of checks, bank trips, and other manual processes. Managers simply set up an online system, and tenants can make secure payments via credit card, debit card, or bank account.

Rent payment apps often integrate with accounting tools, simplifying financial tracking and record-keeping. This is beneficial for tax prep, lease renewals, and other administrative tasks. Plus, real-time financial data keeps both managers and owners informed, and helps spot issues early.

Some apps also enable additional revenue streams. For instance, landlords can add a small fee for credit card payments (where allowed) and offer new services like alternative security deposits.

The Best Online Rent Payment Systems of 2024

Now that you know the benefits of online rent collection, here’s a look at the top systems available:

1. Apartments.com

   Formerly known as Cozy, Apartments.com enables automated rent collection with a clear view of rent, deposits, and fees. It sends payment reminders to tenants via email.

   Payment options: Debit, credit, or prepaid cards (2.75% fee), or free with a checking account.

   Processing time: 3–5 days for checking accounts, 2–3 days for card payments.

   Note: Apartments.com no longer reports rent payments to credit bureaus.

2. Zillow Rental Manager

   Zillow’s platform allows landlords to view payment status in real-time.

   Payment options: Credit card (2.95% fee), debit card ($9.95 fee), or free with a checking account.

   Processing time: Typically 3–5 business days.

   Limitation: Roommates cannot split rent payments within the platform.

3. Rentec Direct

   Tenants can use checking accounts for free or pay via credit/debit card (2.95% fee).

   Automatic payments and one-time options are available, along with the choice to cover fees.

   Cost: Rentec Pro at $35/month, Rentec PM at $40/month. Additional cash payment setup costs $200.

   Processing time: Typically next-day for credit card payments, but bank delays may occur.

4. Buildium

   Designed for landlords with larger portfolios, Buildium costs $50–$460 monthly depending on the plan.

   Payment options: Credit card (2.95% fee) or electronic funds transfer ($1 fee).

   Setup fee: $99 per bank account.

   Processing time: Same-day transfer with ePay, but varies by bank.

5. TurboTenant

   TurboTenant offers tracking, automated reminders, and receipts.

   Payment options: Checking account (free) or credit/debit card (3.49% fee).

   Rent Reporting feature allows tenants to report payments to TransUnion for free, and roommates can split payments.