Applications

6 of the Best Rent Payment App Platforms for Landlords

By TenantCloud Team November 11, 2024

If you’ve been a landlord for any length of time, you probably already know that rent collection doesn’t always go as smoothly as you’d like. If you happen to be managing multiple properties simultaneously, delays in the process can cause you unnecessary headaches.

There are currently around 11 million landlords in America enjoying regular rental income and success rests upon being able to accurately track payments, send reminders, and ensure timely deposits. The good news is that there is help available and it’s accessible from the palm of your hand.

You see, there are numerous rent payment apps available that are designed to make things easier for both landlords (and tenants) when rent becomes due. In this article, we look at six of the best rent app options that can make the whole process less stressful.

Rent Payment App #1 - TenantCloud

The first rent payment platform we look at is our very own TenantCloud app that’s available for both Android and iOS phones. Also giving users access to a wide range of essential property management tools, from tenant screening to listing management, this is a rent app that simplifies the rent collection process for landlords and offers debit and credit card options.

Other useful features include:

Roommates: This allows landlords to screen, approve, and set up individual leases for each roommate, with the ability to collect split payments from each.
Rentability Report: Provides insights into local rent trends to help set competitive rates.
Rent Reporting: Tenants can have their rent payments reported to credit bureaus for $6.95 per lease monthly, potentially benefiting their credit.

Pros: Comprehensive, affordable, customizable.

Cons: Full functionality requires monthly payment

Best for: Cost-conscious landlords wanting scalable, all-in-one features.

#2 - Innago

Next up we have the free property management platform Innago. This one offers core tools that landlords require without any hidden fees, making it especially attractive for small to mid-sized property managers. Key features include online rent payments with automated billing and late fee options, digital lease signing, and a maintenance ticketing system that allows tenants to submit and track requests easily.

Other capabilities include:

Tenant Screening: Instant reports for background and credit checks, making applicant processing straightforward.
Expense Tracking and Reporting: Built-in tools for tracking profits and expenses, providing insights into property performance.
Mobile App Access: Both landlords and tenants can manage tasks on the go, making it convenient for tenant communication and rent collection.

Pros: Free, easy to use.

Cons: Limited accounting features.

Best for: Small landlords seeking essential tools.

#3 - Rentdrop

Rentdrop is an online rent collection that offers core functionality centering on efficient payment management. It provides tools that allow landlords to send automated reminders, block partial payments, and set up late fees as needed. Tenants, on the other hand, can make payments via debit or credit cards, ACH bank transfers, or even split rent payments among roommates, making it a versatile choice for varied living situations.

Other notable features include:

Flexible Payment Methods: Tenants can select their preferred payment method, offering convenience and flexibility.
Tenant Credit Reporting: Tenants can choose to report on-time rent payments to credit bureaus, which can aid in building their credit over time.

While Rentdrop focuses primarily on rent collection and payment management, it may lack additional property management functions found in more comprehensive apps.

Pros: Simple, free collection features.

Cons: Limited to rent payments.

Best for: Landlords needing only basic rent management.

#4 - PayRent

PayRent is a payment app that focuses on providing secure, flexible, and efficient payment processing for landlords and tenants. It’s designed for straightforward rent management and it allows landlords to automate rent reminders, enforce payment controls, and track payment history from a central dashboard.

Some additional capabilities include:

Flexible Payment Options: Tenants can pay via ACH bank transfers, credit cards, or debit cards.
Credit Reporting: Tenants have the option to report rent payments to all three major credit bureaus, which can benefit their credit scores.
Security: Transactions are SSL-encrypted, ensuring that sensitive data remains protected.

PayRent offers a free Pay-As-You-Go plan with transaction fees or a more comprehensive $49/month plan that includes free ACH payments and faster funding.

Pros: Secure payment processing; same-day deposits.

Cons: Few property management features.

Best for: Landlords wanting quick, fuss-free payments.

#5 - Rentec Direct

Rentec Direct offers tools for rent collection, as well as communication with tenants, accounting and maintenance management. The platform also allows for easy tenant screening, background checks, and income verification and allows payments to be made via ACH, credit cards and even cash.

Key features include:

Automated reminders to address and reduce late payments.
Tenant/Owner Portal for paying rent, submitting maintenance requests, and signing leases online.
Mobile Accessibility: The app also allows landlords to manage maintenance requests, communicate with tenants, and view account details from anywhere.
Free ACH transfers, customizable reports, and QuickBooks integration.

While it lacks some features like property message boards, its strong customer support (including live chat and phone assistance) has made it popular with property managers.

Pros: Robust accounting, tenant portals.

Cons: Limited tenant messaging.

Best for: Managers needing detailed financial tracking.

#6 - Buildium

Lastly, we have Buildium, which is a platform that allows managers to manage rent collection, maintenance, tenant communications, and even take care of complex accounting tasks from a centralized dashboard. Buildium claims to simplify payment processes, automate rent reminders, and offer credit card, ACH, and even EFT payment options to tenants.

Other features include:

Tenant Screening & Leasing: Buildium integrates with TransUnion to offer tenant screening services, covering credit, eviction, and criminal history checks.
Accounting & Financial Management to include financial tracking, automated 1099 filing, and detailed financial reporting at both property and company levels.
Maintenance Management: Buildium’s app allows tenants to submit maintenance requests and managers to assign work orders to vendors, improving response time and task tracking for repairs and maintenance.

Pros: Feature-rich.

Cons: Higher cost. Can be overly complex for new users.

Best for: Property managers with larger portfolios.

Finding the Right Payment App to Suit Your Needs

As we’ve seen here, there are some pretty impressive apps available that make the online rent payment process easier for everyone involved. However, the right choice for you will depend on what type of real estate business you’re running. The reason why so many choose the TenantCloud payment app is due to the fact it offers a comprehensive solution for all your landlord needs, but naturally, the decision is yours to make.

At TenantCloud we’re committed to making life easier for landlords and property managers through our platform’s array of features and articles like this one. If you’d like to read more helpful content like this, be sure to check out our blog section today.