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 on the surface. However, making sure you receive rental income is only one piece of the equation. The management of rent payments plays a large role in the overall financial health of your business.

As your rental business grows and you take on more properties, tracking tenant rent payments becomes increasingly challenging. As such, you'll need a way to maintain a clear overview of how things are progressing across all your properties so you can efficiently 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 to automated record-keeping, these software solutions can save you considerable time and effort while helping you stay organized and on top of your rental income. We'll cover the key features to look for and provide an overview of some of the top rent-tracking apps on the market.

Ways to track tenant rent payments

Property owners need a reliable system in place for tracking rent payments to verify revenue and keep accurate records. Ways you can approach the tracking of rent payments include:

Checking manually

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

To do this, you'll need to 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 prone to errors if you manage multiple properties or have a large number of tenants.

Microsoft excel

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

Each month, you can update the spreadsheet with the payments received and use formulas to calculate late fees or outstanding balances automatically. This method offers more organization and automation compared to 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 of these platforms also offer additional property management features, such as 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 smart move to use software to track rent. But before you choose an app, it's important to consider the other benefits a software can offer to make your life easier. Here are some key features to look for:

Rental applications

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

Tenant screening

Once you have those rental applications, you'll need to 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 software that offers tools for creating and storing lease agreements. Having a central location to manage tenant and lease details can save you 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 or in person and makes it more convenient for your 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 so you can 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 it's important to choose software that includes integrated maintenance tracking and messaging features. This will allow you to stay on top of repairs and communicate with your tenants more efficiently, keeping your properties in top shape and your tenants happy.

Our 7 top picks in rent tracking apps

Let's get into the best rent-tracking apps you can use for effective rental property management.

1. Azibo

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

Azibo allows tenants to pay rent online via ACH or credit card. They can 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 solution that saves landlords time and money.

Most of Azibo's services are completely free for landlords. As far as paid services go, 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 tenant pays $39.99.

2. Landlord Studio

Landlord Studio is a cloud-based property management software that streamlines daily tasks for self-managing 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 $15 per month per property, includes more advanced features.

3. AppFolio

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

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

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, bank account, cash, and credit card payments.

Transaction fees include $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.

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.

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 and offers tenants the option to schedule recurring payments.

PayRent charges a transaction fee of 0.25% for bank transfers and a higher rate of 3.5% plus $0.30 for credit card payments.

7. TurboTenant

TurboTenant is a property management software 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 $8.25 per unit per month with an annual plan.

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

Commercial rent invoice

While we've spent a lot of time discussing residential properties, commercial property managers also need a way to track rent. In this area, 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 any other operational costs.
• Rent due date: The rent invoice should include the deadline for payment.
• Rental period covered: The time 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 to save themselves time. Rent invoices will be delivered electronically, making the rent collection process efficient and easy for everyone involved.

Keep track of rent payments

Managing rental properties effectively requires wearing multiple hats — you're a landlord, accountant, and operations manager all rolled into one. With so many responsibilities, you need to have the right tools in your arsenal. Rent tracking apps streamline one of the most key aspects of your business: collecting rental income.

As you look at various options, consider your specific needs and the size of your portfolio. Whichever route you choose, embracing technology can help you stay organized, minimize late payments, and maintain a pulse on your investment's performance.

So, take the leap and explore options for rent-tracking apps. Your future self (and your bank account) will thank you.

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?

Tracking rent can improve credit scores if credit bureaus receive the payment reports. You can report your rent payments to the credit bureaus through credit-building programs such as Azibo Credit Boost.

Does RentTrack help credit?

Yes, 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.