Real estate software platform RealPage has chosen Flex to offer its customers “flexible” rent payment options.
The partnership, announced in a press release Thursday (August 8), expands the company’s existing integration and enables RealPage customers to offer Flex as a payment option for residents within LOFT, RealPage’s resident portal and app.
The press release states that this integration responds to high demand from tenants for flexible payment arrangements. A recent survey found that 93% are interested in flexible payment plans instead of paying the rent in full once a month.
“Flex’s mobile application allows residents to break their rent into smaller, more manageable payments while ensuring property managers receive their rent due on time,” the press release states. “With over $8 billion in rent payments processed annually, Flex has become a trusted partner for property managers, offering the solution for more than 6 million rental units.”
The press release goes on to say that flexible rent payments can be a way for property managers to increase net operating income, improve tenant retention and stand out in a competitive rental market.
“Through this technology partnership, RealPage multifamily customers can offer their residents a convenient alternative to traditional payment methods,” the companies said. “With Flex, residents can better align their rent payments with their payment cycles, creating flexibility that makes rent payment more manageable and less financially burdensome.”
As PYMNTS wrote last year, offering digitized payment and refund options tends to lead to happier renters, whether they’re renting a house, office or apartment.
“With increasing digital options for paying rent directly from a bank account, data shows that the digitization of refunds has gained momentum,” the report said.
“Because these deposits are significant amounts – typically the cost of one month’s rent – it is understandable that tenants, particularly those with high rents who tend to receive higher repayments, would want to receive these repayments by immediate payment.”
In fact, renters prefer instant refunds directly to their bank account. Of the 40% who received rent-related refunds and primarily used instant payments, 19% received most of these payments directly to a bank account, while 13% received most of these payments immediately to a digital wallet.
“More importantly, tenants are happier when they receive their rent back immediately,” PYMNTS wrote. “This satisfaction suggests that property managers that offer immediate payments may have a competitive advantage.”
