What is a Flexible Rent Payment Plan in Multifamily and Who Offers Them?
What is a Flexible Rent Payment Plan?
A Flexible Rent Payment Plan allows tenants to pay their rent in installments, rather than in a single lump sum at the beginning of the month. These plans are typically designed to align with a tenant's cash flow, such as allowing bi-weekly or weekly payments, which can make budgeting easier for those whose income does not come in monthly. Here’s how it typically works:
- Installment Payments: Rent can be divided into smaller payments over the course of the month or timed to coincide with paychecks.
- Deferment Options: Some plans allow renters to defer a portion of their rent to be paid later, usually with fees or interest attached.
- App Integration: Many flexible rent payment plans are facilitated by third-party apps that integrate with property management software.
Who Offers Flexible Rent Payment Plans?
Companies Offering Flexible Rent Payment Plans include:
- Flex: One of the most well-known providers, Flex partners with property management companies to allow tenants to split rent into smaller payments.
- Domuso: Offers flexible payment solutions, including installment options and rent deferrals, often directly integrated with property management systems.
- Till: Provides flexible rent payment solutions, letting residents split rent into smaller payments over the course of a month.
- Jetty: A financial services platform that also offers flexible rent payment plans along with other insurance and deposit products.
- Esusu: While focused on credit building, Esusu partners with property managers to offer flexible rent payment solutions and improve rent collection rates.
- Rhino: Similar to Jetty, Rhino primarily focuses on insurance and security deposit alternatives but also integrates flexible rent payments in some cases.
These plans are often offered in partnership with property managers, who sign up for these services to help tenants avoid late fees, reduce delinquency, and improve tenant retention.
