16 Best Rent Collection Software for Modern Landlords

Rent collection software is now a must-have for the modern landlord. Rent collection software makes the collection process smoother and saves time while also providing a record of payment. This has drastically reduced the stress levels and frustrations that most landlords and property managers usually feel.

Accepting amounts in fractions, usually in cash/ cheque, etc., and keeping rigid deposit options are some of the most frequent reasons for improper rent settlements. Sometimes, landlords need to emphasize keeping transaction records and having a non-functional lease agreement. Lack of tenant credibility also leads to payment issues.

Thus, if you are a landlord, we’ve got a specially created list of the best rent collection software out there! Here’s a handy table of the software we’ve listed in detail below:

Receiving timely payments from tenants has always been an issue for most property lenders. A study in March 2023 shows that more than five million owners in the USA do not receive their due rent. It leads to approximately eleven billion debts for the nation.

Relying on traditional methods of rent collection will always keep you in dilemma and anxiousness😥. You can check out further details on the best rent-collection software for modern landlords and property managers below.

Implementing suitable software can eventually reduce the workload and maintain payment discipline. Here is how you can achieve it.

How is Rent Collection Software Helpful?

Property🏠 owners either hire property managers from third-party sources or work themselves to deal with tenants on their estate. Apart from repair and maintenance of the property, it is the rental payment collection that keeps exhausting the giver and the receiver.

Some property holders advocate traditional payment modes such as cash or cheques, which are easy and informally made at will.

However, the process requires manual assistance on due dates, along with maintaining detailed records. Unavailability of cash or persons at both ends and errors in signature/ network/ or computer system are also unavoidable conditions often encountered during rent collection.

The last decade has witnessed high-speed internet facilities in every corner. Now majority of individuals are active users of digitization techniques. Thus, it is more reasonable to use an efficient, reliable, and responsible method to manage investments💸 and earnings.

Rent collection software is an entirely professional tool. It incorporates the necessary framework for formal communication between the tenant and the owner. Also, when landlords use software like property management accounting software and rent collection software, they need to remember less while at the same time also having the process done on time.

Benefits of Using Rent Collection Software 

Currently, landlords and managers prefer using the latest digital techniques to manage properties, tenants, and charges. Besides, the rent collection software works online to offer a completely automated process you can monitor over any internet-enabled device.

These are secure tools with error-free mechanisms to track payments from cards or auto-debits from accounts. By utilizing this formal system, you get multiple facilities. The software compiles generating transactional reports, agreements information, or maintaining property repair details, etc., in one place.

Implementing a professional software system for receiving payments is always suitable. It successfully ensures credibility and transparency between the renter and the property owner. Landlords or companies in the real estate sector can refer to the list of best rent collection software.

Baselane

Baselane is an advanced financial operating system that is specifically designed to assist independent landlords with financial services. The company has developed several products like rent collection, landlord banking, accounting, rent payment, renter insurance, loans, etc.

The software products are free with no hidden cost for using any specific feature. They believe in facilitating property owners with the best financial technology. It helps them achieve higher returns and continuous growth in rental investment portfolios.

The rent collection software offers a zero-balance account with interest rates and other facilities in their internal banking system. You can use it for transactions or directly get the rental payments to your bank account.

Renters can genuinely opt for the auto-pay system for timely payment. They can sign in on any device to make payments through ACH, or debit/credit cards with no transaction fee. There are no higher limits for transactions, and you can reimburse the amount within two days.

There are options for rental reports and invoices, and you can activate settings for late payments with regular notifications.

Rentredi

Ryan Barone initially created the Rentredi application for tenants to secure and instantly avail the document to the landlords. However, after continuous interaction with property owners and understanding their requirements, he made rigorous developments to form this incredible solution.

The Rentredi application is developed after continuous interaction with property owners and to understand their requirements. This all-in-one solution encloses unique features in rent collection for renters and property managers or owners.

The dashboard shows options to manage the property, tenant screening, lease enforcement, rental payments, or sending reminders to the tenants for late fees. The renters can choose to auto-pay via ACH, bank account, credit card, or cash through 90,000+ retail centers.

The landlords can add payment accounts on the panel for free and start transactions within 4 – 5 days. You can also transfer the processing charges to the tenants, allow partial payments, or block it and send an eviction notice as per the condition.

Azibo

Azibo is a popular fintech solution provider. Its collection of rental business tools are preferred by many property owners, renters, and managers. With more than 20,000 registered members, their platform has processed over $250 million in transactions.

It has a secure and rent payment collection method with a user-friendly interface. The payments are accepted directly from debit cards, ACH bank transfers, or other modes. The system is beneficial for property managers who can check out payment status from tenants in real-time.

This tool works in three simple steps. The landlords or property managers in the business need to sign in to the rent collection app and enter the details in a specific section. You get options to either create an in-app account for transactions or directly add your bank account.

Once the process is complete, you can ask the renters to join your Azibo network and start making payments. The application is completely free with tech support.

TurboTenant

TurboTenant serves in all 50 states of the US. It has a strong impact on the property market, with more than 55,000 landlords accessing their software services. They have created an effective property listing system across multiple websites. It helps property managers and owners to connect with genuine renters with ease.

Their rent collection software is available as a free and paid version. While premium members (owners) get the option to review the potential tenant’s income. Both landlords and tenants can access the tool via mobile application and online on the browser.

Landlords enjoy freedom at hand with automated reminders for late payment, tracking the payment, quick receipts, pending reports, and expenses. The company has a tie-up with Stripe and Plaid to keep the network and database safe in the system. Tenants can use credit cards, ACH, or autopay system to pay the rent.

Innago

Innago puts the opposite approach of focusing the software on the betterment of tenants rather than emphasizing the landlords. This online rental payment tool is simple, intuitive, flexible, and affordable, with actionable features like maintenance requests, renter’s insurance, expense & reporting, security & cloud, etc.

The rent collection panel offers safe and secure data transmission with a transparent payment tracking system. The owners and the renters utilize its feasibility and ease of usage for automated payment or receiving payment alerts. They can pay on a chosen date by simply clicking a button👆 given in the email notification.

With multiple properties on the panel, you can impose separate settings for late payment or enforce charges based on percentage defaults.

Landlord Studio

Landlord Studio is a standard name among tech solution providers for property holders and renters. They are a decade-old firm and regularly reforms the tool on the basis of client feedback. The interface of this rent collection software is pretty elaborate, with most of the parameters given on the dashboard.

The software is inclusive of features like rent collection, maintenance, tax reports, screening, and much more. It is free to use for three property units, and later, you need to subscribe to the paid version. However, it does impose transactional charges on each payment.

For quick and easy rental payments, the tenants can opt for auto-debit from accounts, while property managers can send them quick invoice receipts with a tap of a button. You can also send fee reminders, allow partial payment, and automatic late fee charges in case of manual payments by the renter.

Doorloop

Doorloop gives first priority to the ease of managing the property business. Being property holders, they truly understand the essential requirements of a designated software, as well as loopholes in the existing ones. They have achieved high ratings⭐ from brands like Capterra or Crowd and showcased on Forbes, Fortune, NBC, and other such portals.

It is a feature-full software with multiple sections that are aimed at managing your property. It is a value-for-money tool that integrates an accounting system, listings, documentation, tech support, and many other necessary parameters to assist the owners and tenants.

A notable feature of this rent collection tool is the 256-bit military-grade encryption of all the transactions. The amount directly gets submitted to the credit card processor without passing the software server. It ensures renters and managers about the security of rental payments.

TenantCloud

TenantCloud is recognized among the best property management software companies and has received several awards from Front Runners, Capterra, Leader, and others. They have devised a cloud-based service model, which facilitates property owners, renters, and Service Pros for allocation, management, and earnings from rental properties.

The property managers can enhance their business performance by using its panel for collecting payments, listing the properties, and screening tenants. You can save, extract, or sort the payment figures with respective properties on the tool and add one or more bank accounts to receive the payments directly.

Ask your tenant for auto-pay or online manual transactions, and set the panel for partial payment or late fee charges. They also give options to offer discounts and refunds to the tenant from the software. It also allows sharing the agreement with multiple renters at once with automatic invoicing.

PayRent

PayRent is a prominent tech solution with ease of functioning and aims to create healthy bondage between owners and renters. It is available in three specific subscription plans that have particular features and charges to fulfill the needs of part-time and full-time landlords.

The user interface of their rent collection tool is easy to understand, with major sections displayed on the dashboard. It is mobile, tab, and desktop-friendly software, and tenants can transfer funds instantly using ACH or credit cards.

RentCred is a highly appreciated service given to renters, where the company helps them with interest-free loans and credits to pay the amount on time. Other features include protecting the personal details of both parties involved, tracking important documents, collecting rent, bills, parking or garbage charges, etc.

Hemlane

Hemlane has a large network of professionals working nationwide to address the requirements of property agents, managers, landlords, and tenants. You do not have to worry about eviction formalities or property repair coordination.

They have designed a well-planned property management software while also offering to advertise the properties on the top 30 rental websites. The tool incorporates all-in-one features at one portal where the dashboard showcases real-time figures for late payments, lease expiration, maintenance works, tenants, etc.

The rent collection and accounting process is applicable with instant bank verification at all US banks. The landlords or managers can accept either full or partial payment with late fee charges on a daily or monthly basis, while the tool automatically reminds the renters of due dates.

You can directly store the transaction receipts on the portal and track regular income from online rent payments.

Pendo

Pendo property management software takes care of online payments, tenants, property management, listings, and much more on a single platform. It received the award for the RMA trendsetter of the year in 2017. Since then, they have been working rigorously to compile efficient parameters in the software and help landlords save time for productive work.

PendoPay, the rent collection portal, offers secure network connectivity for bank-to-bank money transactions. It has a seamless system for renters to schedule their monthly rents and avoid late dues. If they choose manual pay with one-time passwords, the software will send reminders via email.

The software is enabled with a bank-level e-security system to protect the data of the users during direct debit payments. They charge minimally on transactions, which makes them a preferred choice for many landlords and managers.

Avail

Avail significantly serves DIY landlords and their renters with excellent experience and cooperation during the rent collection process. Their website also educates potential landlords and tenants with guides, articles, resources, and laws about the necessary information related to property management.

This online rent collection software eases the process of rent payment. As a landlord, you need to create a payment account on the portal. You can set the amount as rent along with the late payment charges. Your tenants will get notified of all the due charges in advance and can choose to pay through multiple modes.

The dashboard instantly receives the payment receipt, while the renters are also facilitated with Autopay and CreditBoost features for a stress-free procedure. It takes three days to process the amount in the bank, while the FastPay feature if opted for, will transfer💵 the payment in one business day.

Rentec Direct

Rentec Direct team has worked for years to create one of the top-rated property management software in the United States. Along with account management and rent collection systems, the users also get a professional website, file management tool, rental ads, tenant screening, and many more features at one port.

The software is technically free for both landlords and renters as it does not charge any extra transaction fee of payments if it is done via ACH. The property holders can create an in-house account for instant money transfers, which is easy to set up and completely free.

A unique tenant portal is dedicated to the renter to pay the rent, review lease agreements, apply for house maintenance requests, order insurance, and check notifications.

Stessa

Stessa has built a commendable reputation among property owners, who have downloaded the app and given it a five-star🌟 rating on the App Store, Google Play, Capterra, and other portals. The software works credibly with 24/7 auto-generated, well-organized portfolio and transaction reports.

The property managers can initiate a free cash management account to seamlessly manage real estate business and generate annual percentage yield rates as well. To begin the software, you need the renter’s email and lease agreement.

Now, as you set the payment amount, the tenant will receive an email notification for joining the portal. You can easily deactivate their account after eviction. Its dashboard is appropriately designed to provide complete information on one page and sends automated notifications of payments made by the tenant.

Buildium

Buildium was established almost two decades ago by two property managers who deeply analyzed the basic necessities of managers handling multiple properties and specific tasks. You can check out suitable properties from the list of portfolios, such as residential, commercial, community, affordable, or student housing.

There is a long list of features enabled in this property management software, like 1099 e-filing, rental listings, Open API, and a lot more. The online rent collection system asks the tenants to prefer automated bill payments, which saves time and avoids late fee charges.

The Resident Center is given to enter credit cards or bank accounts for quick money transfers, which also sends payment information to the landlords after payments.

RentRoom

RentRoom is both an app support and a desktop-based property management tool. They secure the database over the Google Cloud system for higher security of the user’s data. You can use this software to receive payments, interact with tenants, analyze maintenance, customize reports, lease, and promote the property.

The tool automatically sends payment reminders close to the payment dates, while landlords can customize them. They ensure to provide a secure system for all transactions and allow the owners to add multiple bank accounts on the panel.

It has a simple procedure for using property management software, where the user has to download the tool and connect with the bank account. Payment is easy with a single click, or you can choose the autopay system. They have a team of associates to assist the tenant’s group with tech support.

How You Should Choose a Rent Collection Software

With changing times and traditions, it becomes imperative to follow the new way of working. Rent collection software is in high demand not just among property managers or landlords, but even the tenants find it convenient for making online payments, raising maintenance requests, lease agreements, reports, receipts, etc.

The list here showcases the best tools in the property management sector. Some of them are free to use, while others offer premium services at a minimum price range. However, apart from budget, you’ll also need to consider the features that you require when it comes to choosing the one that suits you best.

Next up, don’t waste your time wondering if your property is in safe hands; instead, try these tenant screening platforms for confident landlords.