If you are a real estate investor, landlord, or property manager, you know the importance of keeping track of your rent payments. A rent tracker can help make thisprocess much easier.
This blog post will discuss the benefits of using a rent tracker and explain how to use one. It will also provide a few tips for making the most of your rental property business.
Key takeaways
- A rent tracker is a simple way to track when rent is due and which tenants have paid.
- To get started, you’ll need to create a rent tracker template. This can be done in Excel or another spreadsheet program or with an automated rent tracking system. We’ve provided a free template below.
- Once your template is set up, you can start tracking rent payments.
Rent tracker basics
A rent tracker allows you to track rent due dates and which tenants have paid rent. You can use a rent tracker to record rent payments, late fees, and other important information. A rent tracker can be created in Excel or a similar spreadsheet program.
What’s included in a rent tracker?
A rent tracker typically includes the following information:
- The date rent is due
- The name of the tenant who is responsible for paying rent
- The amount of rent that is due
- Whether or not rent has been paid on time
- Any late fees that have been incurred
- Other important notes about the rent
Why use a rent tracker?
Here are 4 reasons to use a rent tracker:
- It’s an easy way to keep track of rent payments.
- It helps landlords stay organized and on top of rent payments.
- It can help renters avoid late fees and other penalties.
- It can be used in the event of a dispute between a landlord and tenant.
How to use a rent tracker
You can use it to track the date rent is due, the tenant’s name, who is responsible for paying rent, the amount of rent that is due, and whether or not rent has been paid on time. Additionally, landlords can track late fees, security deposit amounts, and other important information in a rent tracker.
Finally, rent trackers can also be used to track rent payments made by roommates. This can be helpful for landlords who have multiple residents living in one property. Landlords can easily see which tenants have and have not paid rent. This can prevent disputes between roommates.
Free rent tracker template
To create a rent tracker template, open a new spreadsheet in Excel or another program. Next, label the columns:
- Rent payment date
- Rent amount
- Tenant name
- Payment status
You can also include other important information, such as late fees or other charges.
Once you have your template set up, you can track rent payments. Enter the appropriate information into the template each time a rent payment is made.
Here’s what a basic tenant ledger template looks like in Google Sheets, along with a link to download a free customizable rent ledger template.
Instead of manually updating a spreadsheet, an even better way to track rent payments is by signing up for a free Stessa account. The tenant ledger in Stessa, a Roofstock company, automatically tracks outstanding tenant balances, partial months (such as prorated rent), and late charges.
If you’re interested in 50+ more landlords forms, download templates for free here.
The tenant ledger feature is designed to be as friction-free as possible. Generally speaking, neither monthly rent charges nor rent payments received need to be entered directly into the ledger.
Stessa’s online rent collection feature makes it easy for tenants to pay on time, and it automates key tasks like deposits, receipts, and accounting. It’s a win-win, and it’s free for both landlords and tenants.
Why tenants prefer to pay rent online
Tenants typically prefer the convenience of paying rent online. Tenants can usually make rent payments online anytime, anywhere. This is easier than mailing a rent check or bringing it to the landlord/property manager during business hours.
Paying rent online can help tenants track their rent payments. After each successful transaction, most rent payment platforms send the tenant a confirmation email. This gives the tenant a digital record of the date they made each rent payment, which is helpful if there are ever any disputes over payments.
Paying rent online is a convenient and hassle-free way for tenants to make monthly rent payments. It’s also a great way for landlords and property managers to track rent payments.
