Renters pull out the plastic

If you’ve never considered giving tenants the option to pay rent by credit or debit card, perhaps you should. Some property management companies, including AIMCO, one of the nation’s largest apartment real estate investment trusts, offer this choice, and residents have embraced it. A recent poll commissioned by Visa USA shows that 40% of AIMCO tenants who know about the option put rent payments on their cards. Most use their credit accounts, although about 30% choose debit cards.

Many credit counselors oppose the idea, but property managers are finding that offering credit-card payment for rent, deposits, and other fees can provide a valuable marketing advantage. The Visa survey reports that 83% of managers polled say the use of cards increases on-time payments, and a similar percentage believe offering the option makes apartments easier to rent. About one in five respondents report the use of cards results in fewer people moving out.

Illustration © Artville.

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