Tenants not only prefer to pay rent online, they are also more likely to make the payment. Data from Rent Direct that tracked 2020 rent trends has found that online payment options have actually helped increase the likelihood that tenants will make a rent payment.
Throughout 2020, property managers and landlords saw only minimal decreases in online payments compared to total declines in rent payments. Rent payments made online were also 3% higher, on average, than payments made through traditional methods.
The Rent Direct data show online payments declining only 1.5% on average from April through July. In August, however, online payments decreased a significant 10.9% before rebounding steadily for the remainder of the year. December had the highest increase in online payments, up 8.1%.
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Kelsi Maree Borland
