7 Rent Tracking Apps to Maximize Your Rental Income

When you have a small number of rental properties, tracking rent payments may not seem that difficult. However, ensuring you receive rental income is only one part of the equation. The management of rent payments plays a large role in the overall financial health of your business.

Tracking tenant rent payments becomes increasingly challenging as your rental business grows and you acquire more properties. You'll need a clear overview of all your properties so you'll know when to send out late payment notices or other reminders.

In this article, we'll explore apps designed specifically for rent tracking for your properties. From online rent collection apps to automated record-keeping, these software solutions can save you considerable time and effort while helping you stay on top of your rental income.

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Why rent tracking solutions boost property management efficiency

In the evolving landscape of property management, efficiency and accuracy are paramount.

Property management companies, whether they oversee residential, commercial, or mixed-use properties, face the challenge of managing multiple tenants, maintaining properties, and ensuring timely rent collection.

As the industry has grown, so too has the need for sophisticated tools that streamline these processes. This is where rent tracking solutions specifically designed for property management companies come into play, offering robust features that cater to the unique demands of managing large portfolios.

Tailored solutions for large portfolios

Rent tracking solutions for property management companies handle the complexities of managing multiple properties. These platforms often include advanced features such as automated rent collection, detailed financial reporting, and integrated tenant communication tools.

By automating rent payments, these solutions reduce the risk of late payments and minimize the administrative burden on property managers. This automation also extends to generating financial reports that provide insights into the financial health of the business.

Integrated communication and maintenance management

Effective communication is important in property management, particularly when managing large numbers of tenants.

Rent tracking platforms designed for property management companies often include built-in communication tools that streamline interactions between managers and tenants. These tools facilitate everything from rent reminders to maintenance requests, ensuring that landlords and property managers can address tenants' needs promptly and efficiently.

By centralizing communication, these platforms help property managers maintain strong relationships with their prospective tenants, while keeping track of all interactions for future reference.

Scalability and customization

One of the most significant advantages of rent tracking solutions for property management companies is their scalability.

As your property management company grows, the demands on its systems and processes also increase. Rent tracking solutions can scale with the business, providing additional features and capacity as needed.

Moreover, many of these platforms offer customization options that allow property managers to tailor the software to their specific needs, whether that involves integrating with existing accounting systems, customizing reporting features, or adjusting the interface to match the company’s branding.

Compliance and security

In addition to enhancing operational efficiency, rent tracking solutions help property management companies maintain compliance with local and federal regulations.

These platforms securely handle sensitive financial information, reducing the risk of data breaches and ensuring that transactions comply with industry standards. This focus on security and compliance not only protects the company but also provides peace of mind to tenants, who know that their personal information is secure.

Ways to track tenant rent payments

Property owners need a reliable system for tracking rent payments to verify revenue and keep accurate records. Some methods for tracking rent payments include the following:

Checking manually

One of the most straightforward methods is manually checking whether your tenants have paid their rent. This approach works well if you receive rent payments via ACH (Automated Clearing House) or via check, or even if you collect rent in person.

To do this, you must compare the payments received against your tenant list and record the date and amount paid for each tenant. While this method is simple, it can become time-consuming and error-prone if you manage multiple properties or have many tenants.

Microsoft excel

Another option is to use a spreadsheet program like Microsoft Excel to track rent payments. You can create a template with columns for tenant names, unit numbers, rent amounts, due dates, and payment statuses.

You can update the spreadsheet with the payments received and use formulas to automatically calculate late fees or outstanding balances each month. This method offers more organization and automation than manual checking, but it still requires regular data entry and can become cumbersome as your portfolio grows.

Rent tracking software

One of the most efficient and effective ways to track rent payments is to use dedicated software designed for this purpose. Rent management software streamlines the process by allowing you to collect rent payments online, automatically record those payments, and generate reports. Many platforms offer additional property management features like maintenance request tracking, lease management, and financial reporting.

No matter which method you choose, your lease agreements should clearly state your rent payment policies. Be sure your lease details include acceptable payment methods, due dates, and consequences for late payments.

Considerations when choosing an app to track rent payments

It's a good idea to use software applications to track rent. But before you choose an app, it's important to consider the other ways these platforms can make your life easier.

Here are some key features to look for:

Rental applications

When you have vacancies, use a platform that makes the application process as smooth as possible for potential tenants. Look for a property management app that allows applicants to submit online rental applications. This will save you time and paperwork and make keeping track of interested renters easier.

Tenant screening

Once you have those rental applications, you must screen your potential tenants. A good rent tracking app should have built-in tenant screening features so you can quickly and easily qualify applicants. This will help you fill your vacancies with reliable tenants as quickly as possible without the hassle of using a separate screening service.

Lease management

Look for rental income tracking platforms that offer tools for creating and storing lease agreements. Having a central location to manage tenant and lease details can save time and keep you organized. The solution should provide state-specific lease templates, digital signatures, and secure storage to keep tenant data private.

Rent collection

The best app should allow tenants to pay rent online. This reduces the chances of money getting lost in the mail and makes it more convenient for tenants to pay on time. With online rent payments and automated rent reminders, you can say goodbye to those awkward conversations about late rent and hello to a more efficient rent collection process.

Accounting

Managing your rental property finances can be a headache, but it doesn't have to be. Look for a rent tracking app that includes an accounting solution to keep track of your income and expenses all in one place. This will save you time and money and make it easier to report your financial information come tax season.

Maintenance management

As a property manager or landlord, you know that property maintenance is a never-ending task. That's why choosing a platform that includes integrated maintenance tracking and messaging features is important. This will allow you to stay on top of repairs and communicate with your tenants more efficiently.

Our 7 top picks for rent tracking apps

Managing rental properties can be challenging, especially when tracking rent payments and maintaining organized records. Rent-tracking apps offer a digital solution that simplifies these tasks, ensuring timely payments, clear communication, and hassle-free property management.

Below, we explore seven top apps to help landlords stay on top of their rental business.

1. Azibo

If you're looking for an all-in-one platform that can handle everything from online payments and rent collection to maintenance and messaging, Azibo is the solution. With Azibo, you won't need to spend extra money on separate platforms to run your rental business.

Azibo allows tenants to pay rent online via ACH or credit card. They can make automatic payments and also set up recurring payments to verify that rent is paid on time each month. ACH transactions are free, while credit and debit cards have a convenience fee of 2.99% per transaction.

In addition to rent management, Azibo offers a range of other features to support your rental property. These include tools for tenant screening, state-specific lease agreement generation, and financial management. Together, these features create a comprehensive property management solution that saves landlords time and money.

Most of Azibo's services are completely free for landlords. Regarding paid services, state-specific lease agreements with e-sign are just $29.99. And, if you want to run credit and background checks on potential tenants, the applicant pays $39.99.

• Best for: Landlords looking for an all-in-one solution that includes tenant screening, lease generation, and financial management without extra costs.
• Unique selling point: Free ACH transactions and comprehensive property management tools.
• Ideal user: Landlords who want to streamline property management operations into one platform.

Sign up for Azibo, today

2. Landlord Studio

Landlord Studio is a cloud-based property management application that streamlines daily tasks for landlords. The platform offers free online rent payments for landlords, while tenants pay a fee of $2.50 per transaction.

Landlord Studio also provides tenant screening and maintenance tracking features. The platform offers a basic plan free of charge for up to three properties, while the Pro Plan, starting at $12 per month per property, includes more advanced features.

• Best for: Landlords who need a simple, cloud-based solution for tracking maintenance and expenses.
• Unique selling point: Free plan for up to three properties and a strong focus on maintenance tracking.
• Ideal User: Landlords with smaller portfolios who need basic but effective property management tools.

3. AppFolio

AppFolio's platform targets larger property management companies, specifically those managing large portfolios of residential apartments, commercial properties, and community associations. Users can use AppFolio to collect rent payments, communicate with tenants, and report on the business's financial health.

Tenants pay a $2.49 fee for all electronic check payments, and credit card transactions are subject to additional fees. AppFolio operates with a minimum monthly commitment for property managers. You'll need to manage at least 50 units to use their services, and the base fee is $298 per month.

• Best for: Property management companies handling large portfolios, particularly those managing residential apartments, commercial properties, or community associations.
• Unique selling point: It offers advanced features with robust financial reporting and tenant communication tools, but it requires a minimum of 50 units.
• Ideal user: Large-scale property managers needing detailed reports and professional-grade tools.

4. RentRedi

RentRedi is a user-friendly property management platform that simplifies rent collection and communication between landlords and tenants. The software offers flexible payment options, including ACH payments, bank account transfers, cash, and credit card payments.

Transaction fees are $1.00 for ACH transactions and 3.1% plus $0.30 for credit card payments. RentRedi's pricing for landlords starts at $29.95 per property per month.

• Best for: Landlords seeking flexible payment options and a user-friendly platform.
• Unique selling point: Multiple payment options and easy tenant communication features.
• Ideal user: Landlords who prioritize flexibility in payment methods and an intuitive interface.

5. TenantCloud

TenantCloud is a cloud-based property management software for landlords, property managers, and real estate professionals. It integrates with third-party accounting software like QuickBooks and offers flexible pricing plans starting at $15.60 per month per property.

TenantCloud charges ACH rent payment fees ranging from $1.50 to $1.95 per transaction, depending on the pricing plan, and a 3.5% fee plus $0.30 for credit/debit card payments.

• Best for: Landlords and property managers looking for integration with accounting software.
• Unique selling point: Integration with QuickBooks and flexible pricing plans.
• Ideal user: Landlords who rely on comprehensive financial tracking and need integration with accounting systems.

6. PayRent

PayRent is an online platform for rent collection only. It supports various payment methods, including e-checks and credit cards. The system enables landlords to set up automated rent reminders for multiple payment methods, and it offers tenants the option to schedule recurring payments.

PayRent charges a transaction fee of $3.00 for bank transfers with the Do-It-Yourself Plan and a higher rate of 3.5% plus $0.30 for debit or credit card payments. For full-time landlords with 10 or more units, PayRent offers a flexible monthly payment of $24.

• Best for: Landlords focusing solely on rent collection.
• Unique selling point: It is a simple platform with automated reminders and recurring payment options, with no extra features to manage.
• Ideal user: Landlords who need a no-frills solution for collecting rent.

7. TurboTenant

TurboTenant is a property management application that provides tools for independent landlords. The platform provides screening services, online rent collection, and maintenance management features. TurboTenant offers a free tier with basic functionalities, and premium services are available for $9.92 per unit per month with an annual plan.

Tenants can pay rent fee-free using a checking account or a credit or debit card for a 3.49% transaction fee.

• Best for: Independent landlords looking for basic property management features at a low cost.
• Unique selling point: Free basic functionality with affordable premium upgrades, easy-to-use screening, and rent collection.
• Ideal user: Independent landlords who need basic management tools without a significant financial commitment.

Can we add a comparison chart like this here? This is just one I created for illustration.

Benefits for renters

Rent tracking solutions aren't just beneficial for property managers; they also offer significant advantages to renters. These platforms simplify the rent payment process, improve financial management, and enhance communication with property management, all of which contribute to a more positive rental experience.

For renters, the benefits of using rent tracking tools include the following:

• Convenient payment options: Renters can make payments online through various methods such as ACH, credit cards, or even scheduling recurring payments, ensuring their rent is always paid on time without the hassle of manual payments.
• Credit reporting: Some rent tracking platforms offer the ability to report rent payments to credit bureaus, which can help renters build or improve their credit score by consistently paying rent on time.
• Payment reminders: Automated reminders ensure that renters receive notifications of upcoming due dates, reducing the chances of missed or late payments.
• Transparent payment history: Renters have access to a clear and organized record of their payment history, which can be helpful for personal financial management or when applying for future rentals.

By offering these benefits, rent tracking solutions contribute to a more seamless and stress-free renting experience, empowering tenants to manage their finances effectively and maintain a positive relationship with their property managers.

Financial assistance for renters

Renters facing financial difficulties have access to a variety of resources and programs designed to help them stay on track with their rent payments. Across the United States, both governmental and non-governmental organizations offer rental assistance programs that can provide temporary relief to those struggling to meet their monthly obligations.

Examples of financial aid programs

Many programs across the country are specifically designed to provide financial relief to renters in need.

For instance, the Emergency Rental Assistance Program (ERAP), available in many states, offers direct financial aid to cover past due and future rent for eligible renters. Another example is the United Way’s 211 program, which connects individuals with local resources and assistance programs, including rent and utility payment support.

Additionally, some programs offer mediation services between renters and landlords to negotiate payment plans, helping to prevent eviction and maintain housing stability.

Financial counseling and long-term support

Beyond direct financial support, many local and national organizations also provide renters with access to financial counseling and budgeting assistance.

One notable example is the National Foundation for Credit Counseling (NFCC), a nonprofit organization that offers financial counseling services across the United States.

The NFCC provides renters with personalized financial advice, helping them develop sustainable budgets, manage existing debt, and plan for future financial goals.

Through one-on-one sessions, renters can gain a better understanding of their financial situation and create a plan to maintain or improve their financial health, which can be especially beneficial for those trying to avoid falling behind on rent payments.

Sustaining financial health

By using these resources, renters can find not only immediate relief but also long-term strategies for maintaining their financial health and ensuring they can continue to meet their housing obligations.

Credit building through rent tracking

Rent tracking doesn’t just streamline payment processes; it can also play a crucial role in helping renters build their credit scores.

Traditionally, rent payments were not reported to credit bureaus, meaning renters missed out on an opportunity to improve their credit profiles through consistent, timely payments.

However, many modern rent tracking platforms have begun to offer credit reporting as an integrated feature, allowing renters to boost their credit scores simply by paying rent on time each month.

By opting into credit reporting through these platforms, renters can ensure that their positive payment history appears on their credit reports.

This can be particularly beneficial for those looking to establish or rebuild their credit, as regular rent payments demonstrate financial responsibility. Over time, this can lead to improved credit scores, making it easier for renters to secure loans, credit cards, or even better rental terms in the future.

Rent tracking platforms that offer credit reporting provide an added incentive for renters to stay on top of their payments, ultimately supporting their long-term financial health.

Commercial rent invoice

While we've spent a lot of time here discussing residential properties, commercial property managers also need a way to track rent. In this form of property management, landlords often opt for sending out rent invoices to tenants due to the variable nature of month-to-month costs, such as shared utilities and maintenance fees.

Key components

A commercial rent invoice typically includes the following:

• Invoice date: The date the invoice is issued.
• Tenant’s name: Full name of the tenant or business entity.
• Property address: Location of the leased commercial space.
• Rent amount due: Base rent for the period.
• Additional charges: An itemized list of other charges such as utility shares (electricity, water, etc.), administrative fees, common area maintenance, and other operational costs.
• Rent due date: The rent invoice should include the deadline for payment.
• Rental period covered: The period the payment covers.
• Landlord name and address: Contact information for the landlord or managing entity.

Sending a rent invoice

Commercial rental property owners can use property management software with invoicing capabilities to automatically generate and itemize charges based on commercial lease agreements. Rent invoices arrive electronically, simplifying the rent collection process for everyone involved.

Keep track of rent payments

Effectively managing rental properties means juggling multiple roles — landlord, accountant, and operations manager, for example. With so many responsibilities, having the right tools at your disposal is important. Rent tracking apps can simplify one of the most critical aspects of your business: collecting rental income.

As you evaluate different options, it's important to consider your specific needs and the size of your portfolio. Embracing technology, such as Azibo's all-in-one platform, can help you stay organized, reduce late payments, and keep a close eye on your investment's performance.

Taking the leap to explore rent-tracking app options is the first step in streamlining your operation. By leveraging these advanced solutions, property management companies can boost their efficiency, increase tenant satisfaction, and set themselves up for long-term success.

Rent tracker app FAQs

How do I make a ledger for rent payments?

To make a rent payment ledger, set up a spreadsheet with columns for property, tenant, month, payment date, amount, and balance. Update it regularly to track transactions and maintain financial records.

Does rent tracking improve credit scores?

Rent tracking can help improve credit scores, but this depends on whether the rent payments are reported to credit bureaus. Renters can use credit-building programs that enable the reporting of their monthly rent payments to the credit bureaus, which can lead to an increase in their credit scores over time.

Does RentTrack help credit?

RentTrack can help improve credit scores by reporting rent payments to the three major credit bureaus: Experian, TransUnion, and Equifax. This allows renters to build credit using the payments they're already making.