Manually tracking rent payments can be a tedious, time-consuming process. Spreadsheets, while functional, don’t necessarily offer the efficiency or accuracy required in the fast-paced world of property management. Fortunately, there’s a better way.
With the advent of rent tracking apps, you can now automate this process, freeing up valuable time and reducing the risk of errors. From free tools to paid options, advanced features like faster rent collection, automatic late fee calculations, and comprehensive financial reporting are at your fingertips.
The key difference between free and paid app plans lies in the degree of functionality and customization. While free tools provide basic rent tracking capabilities, paid options offer more complete solutions tailored to the demands of professional landlords and larger property portfolios.
In this guide, we’ll share the essential features to look for in a rent tracking app and introduce you to 10 of the most popular options in the market:
- Stessa
- Buildium
- DoorLoop
- Landlord Studio
- Landlordy
- PayYourRent
- Rent Manager
- Rentec Direct
- RentRedi
- TenantCloud
Whether you want a simple approach to tracking rent or a comprehensive property management solution, there’s an app out there to elevate your game. Let’s find the perfect one to suit your needs.
Key features to look for in a rent tracking app
Top rent tracking apps offer much more than just keeping tabs on rent payments. They incorporate several features to simplify routine property management tasks and optimize rental operations. From automated reminders and late fee calculations to detailed financial reporting, the best apps for tracking rent can truly transform your real estate business.
Here are some key features you should consider when choosing an app to help track rent:
- Automated rent collection and reminders: Ensure rent is collected on time by automatically sending reminders to tenants about payment due dates. Automation eliminates the need for manual follow-ups and constant communication, encouraging timely payments and a consistent rental income flow.
- Late fee management: An automated late fee system incentivizes tenants to pay rent on time. It also provides compensation when there are delays in rent payment, preserving the integrity of your leasing agreements.
- Integrated accounting: With this feature, you can easily log every rent payment, which is helpful when managing multiple properties. It facilitates your bookkeeping process and enables accurate financial recordkeeping.
- Security and data protection: A rent tracking app should prioritize safeguarding sensitive information. Look for features like multi-layer encryption, strong access controls, and robust security audits to help keep your and your tenants’ data secure.
The top 10 mobile rent tracking apps
Recently, multiple mobile rent tracking apps appeared on the market, each promising to streamline your rent collection process. However, not all apps are created equal.
Identifying which ones truly stand out in terms of features, user experience, security, and cost-effectiveness is crucial. To help you choose the right app for you, we’ve curated a list of the top 10 mobile rent tracking apps for 2024.
We’ll provide an overview of each, touching on their key features, pricing, App Store rating, and number of reviews. This way, you have all the information you need to make an informed decision that best fits your property management operations.
1. Stessa
Stessa is a comprehensive software solution for landlords and property investors, offering a full suite of tools designed to streamline rental property management and financial reporting.
One of Stessa’s key components is its rent tracking mobile app, available on both iOS and Android. The Stessa app is rated as the #1 app for landlords on the App Store, based on ratings and the total number of reviews as of January 2024.
Landlords can automate standard tasks, such as rent reminders, tenant ledger updates, bookkeeping, and recurring deposits. The app also offers optional automatic late fees, giving landlords more control over how they handle challenging rent collection situations.
Free ACH payments, the elimination of paperwork, and the ability to set up monthly recurring payments are integral to Stessa’s rent collection service. With Stessa, it’s easy for tenants to set up recurring ACH payments, so you’ll no longer hear, “The check’s in the mail.”
Late fees encourage on-time rent payments and compensate landlords for delays. With Stessa, you can easily activate automatic late fees, reducing manual notices and freeing up more time to focus on business priorities like growing your portfolio.
Stessa’s robust accounting tools also help eliminate the tedious task of tracking and logging every rent payment, especially for landlords with multiple properties. Investors using Stessa report saving up to an average of $4,000 and 100+ hours of valuable time annually.
Each rent payment is automatically captured and assigned to the correct property. Additionally, you receive instant notifications when rent gets deposited, and you can log in at any time to check tenant ledgers and run vital financial reports.
The Stessa online rent collection service and integrated accounting system, is designed to align your financial records with actual rent collection amounts. It’s a one-stop solution for busy landlords like you, helping you maximize returns, save time, and stay organized.
Features
- Easy setup: The app allows tenants to set up a user account quickly and securely link their bank accounts.
- Secure payments: Through integrations with Yodlee and Plaid, Stessa benefits from industry-leading security measures that work to protect banking credentials and transactions.
- Automatic reminders: You can send timely email notifications about upcoming rent due dates so tenants never miss a payment.
- Autopay option: With the autopay feature, tenants can automatically deduct their rent from their linked bank account, eliminating the need to remember payment dates or trigger payments manually.
- Payment history: Stessa provides a comprehensive ledger detailing past charges and remittances to easily track a tenant’s rent payment history.
- Landlord banking: One of Stessa’s standout features is its landlord banking service. Rent payments can be directly deposited into the designated property account, providing a simple and systematic way for landlords to manage their rental income.
- Mobile accounting: Streamline your accounting tasks by tracking rent payments and automatically logging them to the correct property, all from the convenience of any mobile device.
- Safety and security: Stessa is focused on the safety and security of its users. Stessa applies robust security measures to protect landlord and tenant information, which helps keep sensitive data confidential.
Pricing
ACH rent payments with Stessa are free, although some landlords may choose to upgrade to a paid plan depending on their needs.
The free Essentials plan helps users simplify their property management tasks. It includes features such as tracking property performance, managing finances, maintaining a paper trail for investment properties, landlord banking, and a basic tax reporting feature.
For landlords seeking even faster ACH delivery, we recommend upgrading to the paid Pro plan at $20 per month (or $16 per month with annual billing). It includes everything from the Essentials plan and additional features like multiple portfolios, a centralized dashboard with complete chart history, and CapEx and Schedule E for tax reporting.
Rating and reviews
- Stessa’s mobile app has a rating of 4.8 from 4,300 reviews on the Apple App Store (as of January 12, 2024).
2. Buildium
The Buildium app purports to offer residents a seamless and effortless experience with 24/7 online access to crucial services and the Resident Center. This app aims to facilitate rent payments, track maintenance requests, and keep residents and landlords in sync with noteworthy updates.
Features
- Collects rent and association fees
- Accepts rental application fees
- Pays owners and vendors
Pricing
Access to Buildium costs between $55/month and $375/month, depending on which plan you choose. Incoming electronic funds transfer (EFT) transactions have a fee of $1.25 per transaction. However, this fee can be waived on a few of their higher priced plans. Outgoing EFT transactions get charged a $0.50 per transaction fee. If your tenants opt to pay via credit card, a standard processing fee of 2.99% per transaction applies.
Rating and reviews
- Buildium has a rating of 4.6 from 265 reviews on the Apple App Store (as of January 12, 2024).
3. DoorLoop
DoorLoop offers a rent tracking tool through its RapidRent feature, enabling landlords and tenants to manage their rent payments and receipts. Tenants can pay by credit card, debit card, or automated eCheck (ACH) payments.
Features
- Automated online rent collection
- Rent tracking
- Late fee management
- Lease agreement access
- Secure payments
Pricing
DoorLoop pricing plans range from $29.50/month to $89.50/month for 1-20 units, or $42/month to $114.50/month for 21+ units (discounted annual plans are also an option). The company doesn’t disclose the cost of online rent payments.
Rating and reviews
- DoorLoop has a 4.1 rating from 83 reviews on the Apple App Store (as of January 12, 2024).
4. Landlord Studio
Landlord Studio is a robust mobile rent payment app that lets tenants transfer rent directly into their landlord’s bank account and set up recurring payments. All transactions are processed within 3–5 business days and deposited directly into the landlord’s bank account via the secure ACH network.
Features
- Automated rent payments
- Rent reminders and late fees
- Income reconciliation
- Controlled payment settings
- Secure transactions
- Tenant portal
Pricing
The company has two pricing plans:
- GO plan: Free for the first 3 units
- PRO plan: Priced at $15/month (or $12/month when billed annually) for 3 units, with prices increasing by $1/month/unit for each additional unit managed on the platform.
Online rent payments are free for landlords in both plans. Tenants pay a fee of $2.50 per transaction.
Rating and reviews
- The Landlord Studio mobile app has a rating of 4.7, with over 500 reviews on the Apple App Store (as of January 12, 2024).
5. Landlordy
Landlordy touts its property management app as a personal assistant in your pocket, offering a streamlined approach to rent tracking and collection.
Features
- Rent tracking
- Expense management
- Tenant communication
- Document storage
- Data export
Pricing
Plans start at $14.99/month for up to 2 units. Specific costs for accepting rent payments are available on the company’s website.
Rating and reviews
- The Landlordy property management app has a rating of 4.7 with 1,900 reviews on the Apple App Store (as of January 12, 2024).
6. RentRedi
RentRedi provides tenants flexibility and convenience for paying rent, scheduling payments, and receiving reminders. The app offers multiple payment options, including ACH, bank account, cash, and credit card payments.
Features
- Multiple rent payment options
- Payment scheduling
- Rent reminders
- Auto late-fee setup
- Credit score boost possible for tenants with on-time rent payments
Pricing
RentRedi charges $29.95/month for customers who pay monthly, $19.95/month for customers who pay in 6 month increments, and $12/month for customers who pay anually.
RentRedi charges $1.00 for ACH transactions. For card payments, it applies a fee of 3.1% plus $0.30 to the total payment amount, including both the rent and any associated payment processing fees. Landlords can either absorb these costs or pass them on to their tenants.
Rating and reviews
- The RentRedi mobile app boasts a rating of 4.7 based on 5,400 reviews on the App Store (as of January 12, 2024).
7. TenantCloud
TenantCloud is a comprehensive mobile rent payment app that facilitates a hassle-free way for users to collect and make rent payments via mobile devices. Its suite of tools streamlines the rental management process, making it an ideal choice for modern landlords and tenants.
Features
- Automated rent payment plan
- Automatically calculates late fees
- Real-time rent payment information
- Security deposit payments
- Automated monthly rent payment reminders
- Background checks and tenant screening
- Online rental application submissions
- Electronically sign lease agreements
Pricing
TenantCloud costs between $17/month to $55/month, with discounted rates when you pay annually. ACH rent payment fees range from $1.50 to $1.95 per transaction, depending on the pricing plan selected. For credit/debit card payments, the fee is 3.5% fee plus $0.30.
Rating and reviews
- On the Apple App Store, TenantCloud has a rating of 3.8 from nearly 700 reviews (as of January 12, 2024).
8. PayYourRent
PayYourRent is a user-friendly mobile rent payment app that aims for seamless transactions between tenants and landlords, making it easier to pay rent anytime, anywhere. The app simplifies the rent payment process and aids in building credit history by reporting on-time payments to credit bureaus.
Features
- Same-day processing
- Payments directed to the property bank account
- Bank reconciliation with batch deposit emails
Pricing
PayYourRent’s pricing ranges from $0/month for 50+ units (Corporate Plan), $19.95/month for 6-50 units (Landlord Plan), and $9.95/month for 1 to 5 units (Rental Plan). The tool includes 1 ACH transaction on its Rental Plan and 10 ACH transactions on its Landlord Plan. Additional transactions get charged a fee of $2.50 per transaction. Credit card payment fees are 2.95% + $0.20 per payment, while Amex credit card payments incur a slightly higher fee of 3.25% + $0.20 per payment.
For those seeking fast processing, PayYourRent offers same-day payment processing.
Rating and reviews
- The PayYourRent mobile app has a rating of 2.5 with 20 reviews on the Apple App Store (as of January 12, 2024).
9. Rent Manager
Rent Manager is a comprehensive property management mobile app that leverages advanced technology for the real-time processing of credit card and check payments. This tool brings convenience and flexibility to both tenants and owners by facilitating electronic payments, minimizing the need for manual data entry.
Features
- ePay processing
- Cash pay
- Check scanning and lockbox
- No cost AvidPay
- Checks tracking
Pricing
Pricing begins at $1/month per unit, with a monthly minimum of $200. There are also plans at $1.50/per month per unit and $2.25/month per unit that offer more features. The company website doesn’t state whether there are additional fees for collecting rent online.
Rating and reviews
- Rent Manager’s rmResident app has a 2.3 rating with 155 reviews on the Apple App Store (as of January 12, 2024).
10. Rentec Direct
The Resident Connect mobile app from Rentec Direct offers a simple solution for tenants to pay their rent online. Renters can safely enter their bank details for a single rent payment or schedule recurring monthly payments. The app also provides alternative payment methods, including credit or debit cards.
Features
- Online rent payments by ACH, credit/debit cards, or cash
- Maintenance reporting
- Tenant portal access
- File library
- Communication tools
Pricing
Rentec Pro costs $45/month for 1-10 units, with prices increasing once you get to 11+ units.
Tenant ACH payments are free. Outgoing ACH payments are $0.50 per transaction. Credit or debit card payments incur a fee of 2.95%.
Electronic cash payments can be made at over 20,000 payment locations. Landlords pay a one-time setup fee of $200, and tenants pay $3.99 for each cash payment.
Rating and reviews
- The Resident Connect app from Rentec has a rating of 2.6 with over 30 reviews on the Apple App Store (as of January 12, 2024).
Fast-track your rent collection with the Stessa mobile app
Mobile rent tracking apps are more than a convenience—they’re a must-have for landlords seeking to simplify and optimize their operations. They are designed to bring efficiency, organization, and a hassle-free experience to handling rental income.
Among the innovative apps listed here, Stessa emerges as a comprehensive solution to the rent collection process. In addition to handling rent payments, Stessa’s mobile app allows you to manage your rental portfolio anytime, virtually anywhere – a seamless extension of its robust platform.
It also automates essential tasks like rent reminders and tenant ledger updates, and also offers integrated accounting and landlord banking tools for accurate rent payment tracking. Stessa’s mobile app is ideal for busy property owners who need quick access to vital financial metrics and transaction categorization.
With Stessa, you can worry less about the logistical hurdles of rent collection and focus more on growing your real estate business. We invite you to experience the difference that Stessa can make across your rental property portfolio.
Download Stessa’s mobile app today and start collecting online rent payments with ease.
