Online Payment Dominates as a Rent Payment Option.

Dated: February 17 2022

Views: 3

Online Payment Dominates as a Rent Payment Option

The rental payment system was undergoing a transformation. From credit cards to payment apps to internet portals, the formerly omnipresent check or money order has been giving way to more secure and fast modes of payment. There were numerous reasons for this, ranging from pure convenience to security to millennials and Gen Z's need for mobile access.

As property managers seek ways to keep their businesses running and their residents happy while maintaining social distance, mobile and electronic payment options are becoming more appealing alternatives to paper checks, money orders, and cash, which require interactions with residents, bankers, and postal workers.

The predilection for online and mobile convenience is widely recognized among millennials, who now make up a major share of the rental market. At the same time, Generation Z is beginning to enter the rental market, having never known a world without the internet. These new populations, along with a desire to stay socially isolated, are driving an increase in the use of payment applications and online portals. You can charge and collect rent money from renters using a variety of payment applications, but you should actually utilize a payments platform linked with your property management system so you don't have to rekey entries and avoid making mistakes.

If you pay rent using an app, specify the app you use, the service charge, and how this impacts the rent in the lease. You may even consider using an online gateway to charge and receive rent. There will continue to be residents who pay their rent in more traditional ways. However, as more young renters enter the market and the present epidemic continues to spur change, online payments may soon supplant checks, cash, and money orders as the primary method of rent payment.

Planning to buy, sell, or invest in any property type in Florida? Here at Tampa Bay Investments, we pride ourselves on giving our customers the best experience and we know how to navigate this challenging market. We also offer property management services and assistance to both buyers and sellers. I'm Anthony Holmes, your local Real Estate Expert, and here for anything you need so let's connect and I look forward to hearing from you.

Latest Blog Posts

Buying Property In A Seller's Market.

Buying Property In A Seller's MarketIt's simply a matter of economics when it comes to a seller's market. Due to a lack of inventory and great demand, some homes are only on the market for a few

Read More

Homebuying Advice for Millennials.

Homebuying Advice for MillennialsThe millennial housing market is being shaped by a new type of buyer that is delaying homeownership and prefers smaller homes than their forefathers,

Read More

Assessed Value Overview

Assessed Value OverviewThe assessed value of a home or other piece of real estate is the financial amount assigned to it for property tax reasons. It considers, among other things, the value of

Read More

Online Payment Dominates as a Rent Payment Option.

Online Payment Dominates as a Rent Payment OptionThe rental payment system was undergoing a transformation. From credit cards to payment apps to internet portals, the formerly omnipresent check or

Read More