10 Best Rent Payment Platforms 2024

Choosing the right rent payment platform for your portfolio is essential if you want to avoid late rent payment and improve rent payment convenience for you and your tenants.

Managing rental payments can be one of the biggest challenges for landlords and property managers. While tools like Excel spreadsheets or accounting software such as QuickBooks are useful, they often fall short when it comes to the specific needs of collecting rent and tracking payments efficiently. This is where online rent payment platforms come into play.

With a reliable online system, you can automate payments, track income, and eliminate the stress of manual processing. Not only do they offer convenience for landlords, but they also provide tenants with a seamless way to make payments—often leading to fewer missed due dates and less time spent chasing late rent. 

The result? More peace of mind for both parties.

In this guide, we'll walk you through the top rent payment services for 2024, diving into their features and pricing, so you can find the best fit for your property management needs.

10 Best Rent Payment Platforms

Whilst there are many good rent payment platforms and services out there the following, purpose built software are amongst the best.

Best Overall

1) Landlord Studio

Good For Large Portfolios

2) Yardi Breeze

3) AppFolio

4) Buildium

Good For Rent Payments Only

5) PayYourRent

6) eRentPayment

Good For Smaller Portfolios

7) Avail

8) TenantCloud  

9) Rentec Direct

10) DoorLoop

Must-Have Features of Your Rent Payment Platform

Choosing the right rent payment platform is about simplifying rent collection, saving time, and reducing hassle. Features to look for in the rent payments platform include

1. Automated Payments: Tenant auto-pay allows rent to automatically be deducted on the same day each month, helping tenants avoid late payments and stabilizing rental cash flow.
2. Mobile Accessibility: A mobile-friendly app for tenants makes reviewing upcoming and past rent payments easy and simplifies the payment process. For landlords, it means rent payments are more likely to be on time, and allows them to review payments in real-time, wherever they are. 
3. Payment Tracking: Real-time updates let you quickly see which tenants have paid and who still owe rent. The software should also keep a record of your rental income for tax time.
4. Late Rent Automation: Automatically apply late fees and send rent reminders. This eliminates the need to manually chase payments and encourages on-time payments.
5. Secure Transactions: Ensure the platform uses encryption and complies with payment standards to protect tenants' financial information.
6. Landlord Control: Control rent amounts, due dates, and fees, and block partial payments as needed.
7. Expense Tracking Integration: Your preferred rent payment platform should also integrate with your accounting suite allowing you to track your income and expenses in one place, simplifying your accounting needs and providing powerful reporting functionality.

Best Overall Rent Payment Platform

Choosing the best rent payment platform comes down, in part, to your specific requirements. The top software on this list pairs a balanced range of features, (incl. rent collection, listings and screening, and accounting) with an intuitive, easy to use interface and the best price point on the market.

1) Landlord Studio

Landlord Studio offers a rent payment platform tailored for landlords and property managers. It combines rent collection and property management tools (such as rental listings, tenant screening, and property maintenance) with an award-winning rental accounting suite, allowing you to track payments, monitor expenses, and manage properties from anywhere. 

Keep all of your finances in one place, maximize revenue, and streamline tax time.

Rent Collection Pros

• Automated Rent Payments: Tenants can set up recurring payments, reducing late payments and ensuring consistent cash flow.
• You're In Control: You set the rent amount and due date, can block partial payments, and more.
• Automated Rent Reminders: Set rent reminders and late fees to apply automatically so you don't have to manually chase late payments.
• Live Tracking of Payments: Get notified when payments are initiated and track them every step of the way. Once the payment is completed the rent will automatically be logged in the expense tracker reducing manual data entry requirements. ‍
• Secure Payments: Transactions are processed securely and delivered directly into your bank account.

Manage more than just rent payments. Use the mobile app to stay on top of your property management wherever you are, and instantly generate and share customizable reports so you can stay on top of your finances for a more profitable rental, and much more.

Cons

• No in-app messaging.

Pricing

Landlord Studio's rent collection feature charges a $2.50 transaction fee which can be charged to the tenant or paid by the landlord. Landlord Studio offers two pricing plans GO and PRO. 

• GO: Free, ideal for small landlords it includes rent collection and essential property management and accounting tools.
• PRO: Starts at $12/month, offering advanced reports, bank integration, and automation.

Rent Payment Platforms For Larger Portfolios

These rent payment platforms are full-featured and powerful, providing everything a real estate investor could need to collect rent online and manage a substantial portfolio. However, their high price points and complexity of features make them more suitable for larger property management firms and investors with significant portfolios that self-managing landlords with small to mid-sized portfolios.

2. Yardi Breeze - Rent Payment Platform

Yardi Breeze is a user-friendly property management software designed for residential property managers. It stands out for its intuitive interface and solid feature set, making it easy to manage rent payments and other property management tasks efficiently.

Pros

• Intuitive Design: Easy-to-navigate interface simplifies property management tasks.
• Customer Support: Responsive and helpful customer service.
• Straightforward Pricing: Clear and predictable pricing based on unit count.

Cons

• No Free Trial: As of May 2024, no free trial is available, limiting initial testing.
• Minimum Fees: High minimum fees may be a drawback for smaller portfolios.

Pricing

Yardi Breeze’s pricing model is based on the number of units. The basic residential plan is $1 per unit per month with a $100 minimum, while the higher-tier plan is $2 per unit per month with a $400 minimum.

3. AppFolio - Rent Payment Platform

AppFolio is a property management software offering a comprehensive suite of tools for residential and commercial properties, including rent payments, maintenance requests, and tenant communications, all through a user-friendly interface. It integrates rent collection with accounting and management functions.

Pros

• Automated Rent: Includes automated rent payments, late fees, and reminders.
• Comprehensive Reporting: Offers detailed financial and operational reports.
• Full-Featured: Provides comprehensive end-to-end tools for property management. 

Cons

• Onboarding Fee: Initial setup cost.
• Higher Minimum Fees: Requires a minimum monthly fee, which may be high for smaller portfolios.
• Complex to Use: Designed for portfolio managers, it includes features smaller landlords may not need, adding unnecessary complexity.

Pricing 

Appfolio charges a rent collect transaction fee for $2.49 per transaction.

Appfolio subscriptions pricing starts at $280 per month for their core plan and scales up as you add more units. You will need to contact their support to get a custom quote for your portfolio.

4. Buildium - Rent Payment Platform

Buildium is a robust property management solution suitable for various property managers, from single-family homes to large multifamily portfolios. Its online rent payment system integrates with management and accounting tools, making it an all-in-one choice. Buildium’s Resident Center app simplifies rent payments, maintenance requests, and tenant communication, while back-end features streamline management tasks for landlords.

Pros

• Automated Rent Payments: auto-pay, late fees, and reminders.
• Flexible Payment Options: ACH, Credit, E-checks and cash options.
• Comprehensive Feature Set: Includes lead-to-lease tools, maintenance tracking, and advanced accounting.
• Mobile Apps: Separate apps for property managers and tenants enhance convenience.

Cons

• Cost: Pricing can be high for smaller portfolios, scaling with size and features.
• Complexity: Extensive features may overwhelm users needing only basic functionalities.

Pricing

Buildium charges the following rent transaction fees alongside their subscription pricing (these fees reduce as you move onto higher tier subscription plans):

• Incoming EFT transaction: $1.99,
• Outgoing EFT: $0.50 per transaction
• Credit Cards: 2.99% per transaction

To collect rent with Buildium you will need a paid subscription. Buildium offers three pricing tiers which scale with you as you add more units. There are also several optional add-ons your can purchase for each plan.

• Essential starts at $55 per month.
• Growth starts at $174 per month. 
• Premium plan starts at $375 per month.

Best Platforms For Rent Collection Only

The rent payment platforms in this section provide tools purpose built for rent collection. They have less features compared to some of the other software on this list which makes them relatively easy to use for rent collection, but it does mean you will need to employ other software alongside these in order to manage every aspect of your rentals.

5. PayYourRent - Rent Payment Platform

PayYourRent is a rent collection platform for landlords managing larger portfolios. It offers features like online rent payments, maintenance requests, and tenant screening, with flexible payment options including credit cards, eChecks, and cash.

Pros

• Flexible Payments: Accepts credit cards, ACH, eChecks, and cash.
• Automated Reminders: Tenants get reminders to avoid late payments, ensuring steady cash flow.
• Reports: Landlords can run detailed reports on things like rent payments.

Cons

• Costly for smaller landlords.
• The interface is less user-friendly than other platforms.
• Less features than some of the other rent payment platforms on this list.
• Accounting features may not be suitable for larger portfolios.

Pricing

• Rental Plan: $9.95/month for 1-5 units. 1 free ACH/month, $2.50 per extra ACH.‍
• Landlord Plan: $19.95/month for 6-50 units. 10 free ACH/month, $2.50 per extra ACH.‍
• Corporate Plan: Free for 50+ units. ACH fees vary.

6. eRentPayment - Rent Payment Platform

eRentPayment provides a budget-friendly solution for online rent collection, ideal for landlords seeking a basic, reliable tool without high costs. While it lacks some advanced features, it does offer the essential tools for effective rent management.

Pros

• Cost-effective for small portfolios.
• Rent collection features include automatic late fees, rent reporting, and payment notifications.
• Payment flexibility: Tenants can set up recurring payments and manage invoices.

Cons

• Lacks advanced property management functionality like listings and maintenance management.
• No Mobile App: Absence of a dedicated mobile app may limit convenience for landlords and tenants.
• No accounting suite.

Pricing

Standard Plan $3 per transaction, limited to 3 transactions per month.

Plan $10 per month for the first 5 transactions, then $1 per additional transaction. No setup or activation fees.

Good Rent Payment Platforms For Small Portfolios

The following rent payment platforms offer intuitive interfaces and a good range of property management tools alongside their rent collection tools which are tailored for landlords managing smaller portfolios.

7. Avail - Rent Payment Platform

Avail is a user-friendly rent payment platform for small to mid-sized landlords, offering tools for rent collection, tenant screening, and lease tracking. It simplifies managing payments, screening tenants, and handling leases in one place, with auto-pay options for tenants.

Pros

• Automated Payments: Tenants can set up recurring payments, ensuring timely rent and consistent cash flow.
• Good Listing Features: Find and screen new tenants.
• Customizable Leases: Create state-specific leases, sign electronically, and track key dates.

Cons

• Limited free plan features. Key tools require a paid plan.
• Expensive for larger portfolios or complex needs.
• Accounting tools aren't as good as some of the other options on this list.

Pricing

Like Landlord Studio, Avail offers two pricing plans. 

• Free plan for landlords with simple leasing and rent collection needs. $2.50 per ACH transaction, and a 3.5% credit card fee.
• Advanced plan starts at $9/unit per month. ACH fees are waived on the advanced plan, and a 3.5% credit card fee.

8. TenantCloud - Rent Payment Platform

TenantCloud offers essential features for online rent collection and basic property management, making it a solid entry-level option. With a straightforward interface, TenantCloud helps manage rent payments, maintenance requests, and tenant communication.

Pros

• Cost-effective, especially for landlords managing a few units. The basic plan is quite economical.
• Essential features includes online rent payments, maintenance order management, and vendor payments.

Cons

• The basic plan offers minimal features, and more advanced functionalities require upgrading to the higher-tier plans.
• Less friendly user interface than some of the other options on this list.

Pricing

To collect rent with Tenant Cloud you will need a subscription. Rent collection transaction fees are dependent on which plan you purchase.

• $17 per month for the basic plan. $1.95 per transaction.
• Growth plan is available at $32 per month. $1.75 per transaction.
• Pro plan starts at $55 per month. $1.50 per transaction.

9. Rentec Direct - Rent Payment Platform

Rentec Direct offers a suite of features that cover all aspects of property management, including accounting tools and tenant communication. Despite a less modern UI, Rentec Direct is known for its extensive functionality and flexibility.

Pros

• Expansive Features: Comprehensive accounting tools, online rent payments, tenant screening, and maintenance management.
• Owner Portal: A dedicated portal for property owners to access financial reports and updates.
• Customization: Various options to tailor the platform to specific needs.

Cons

• User Interface: The UI can feel outdated and may require a learning curve for new users.
• Cost: Higher pricing tiers can be expensive, especially for larger portfolios.

Pricing

Because of their slightly higher price point and no free plan available, Rentec Direct don't charge an ACH fee for rent collection - though outgoing payments made by landlords cost 50c and credit and debit card payments come at a 2.95% premium.

• $45 per month for up to 10 units and scales as you add more units.

10. DoorLoop - Rent Payment Platform

DoorLoop combines extensive features for rent collection with robust property management tools. Its streamlined interface and comprehensive functionality make it an excellent choice for managing rent payments and overall property operations efficiently.

Pros

• All-in-One Solution: Combines rent collection with comprehensive property management tools, including CRM, tenant portals, and accounting features.
• Flexible Payment Options: Accepts various payment methods like credit/debit cards and ACH.
• User-Friendly: Easy-to-use interface simplifies property management tasks.

Cons

• No Free Trial: No free trial available, limiting testing before commitment.
• Higher Cost: At $59 per month, it may be pricier for smaller portfolios compared to other options.

Pricing

Doorloop offers three pricing tiers which increase in cost as you add more units. Their rent collect transaction fees are dependent on the plan you purchase.

• Starter: From $59 per month. $2.49 per ACH transaction, and a 3.25% fee for credit and debit card payments.
• Pro: From $119 per month. $0.99 per ACH transaction, and a 3.25% fee for credit and debit card payments.‍
• Premium: From $169 per month. No ACH fees, and a 3.25% fee for credit and debit card payments.

Different Ways To Collect Rent Online

Collecting rent online isn't limited to using purpose-built rent payment platforms. There are a variety of alternative software and options including:

• Direct Debits. These come with fees and can be a challenge to set up but once established are convenient with payments deposited directly into your bank account.
• Standing orders. This puts the tenant in control and could lead to you regularly having to chase down payments.
• Cash apps like Zelle, Venmo, and Paypal. These are easy to use and set up, but often have restrictions on use for business purposes and/or high fees for business use.
• Credit Card. These come with high transactions fees and you will need a third-party software to enable this. However, in a pinch it could be an option.

Whatever you decide make sure your preferred rent collection policy is clearly outlined in the lease and that the tenant understands it before they moves in. If you’re not sure if they do, discuss your rent collection policy with your tenants in person. And, if you are requiring payment online you recognize those individuals with certain disabilities that might hinder their ability to pay online. Elderly renters, for example, may need more assistance to be able to complete online rent payments.

Final Words: Selecting The Best Rent Payment Platform For You

When choosing a rent payment platform, consider ease of use, completeness of features, and cost-effectiveness. Ideally, the platform you choose will be easy for tenants to use, enabling them to easily stay on top of their payments, and automating time-consuming management tasks for you.

The payment platform you choose should also integrate with your accounting suite, allowing you to stay on top of your income with ease and saving you hours of manual admin.

Landlord Studio's comprehensive features and low price point makes it an exceptional choice for landlords seeking an all-in-one solution. With Landlord Studio, you get not just a platform for collecting rent, but a full suite of property management and accounting tools designed to help you save time and maximize your portfolio ROI.

Ready to experience the benefits for yourself? Create your free account today and see how Landlord Studio can transform your property management operations.

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