GRANTS PASS, Ore.— Rentec Direct has published a new white paper with data surrounding the latest trends in online rent payments. The data shows that applications for online rent payment services from landlords and property managers have increased by almost 20% in 2021 compared to pre-pandemic data.
At its peak, this number spiked by as high as 40% in February 2021.
“Varied regulations surrounding the rental housing market have impacted both tenants and landlords in a myriad of ways,” said Nathan Miller, President of Rentec Direct. “Pandemic or not, online rent payments save landlords significant time and money, increase convenience for renters and are proven to prevent late fees. Looking toward 2022, I believe the data shows that the drive toward digital, contactless payments will carry on across the board and we will continue to see increased interest in online rent payment services from landlords and property managers.”
On average, 124 landlords or property managers per month submit applications through the Rentec Direct software platform to turn on online rent payment capabilities for tenants via ACH, credit card or debit card. The number of applications in 2021 is up 16%, following an increase of 8% in 2020. Rentec collected aggregated anonymous rent payment data from clients using its property management software platform. The data represents information from more than 16,000 landlords and property managers and 620,000 rental properties nationwide.
Based on trends in the data and industry knowledge, Miller makes several predictions for rental payment trends in 2022:
The touch-free payment trend will continue for the foreseeable future as COVID-19 continues to impact our lives and new variants continue to emerge.
Landlords and property managers will be searching for ways to reduce costs and automate operations, especially in the face of an increasingly complex regulatory environment.
Demand for online rent payment will continue to rise, from both tenants and landlords, as younger, digital native generations continue to enter the rental market.