Apartment Renters Shy Away From Online Payments
Old habit die hard among apartment renters, a new research report by the Washington, D.C.-based National Multi Housing Council (NMHC) shows.
Latest News
Most Popular Articles
advertisement
Although the nation’s big apartment firms spend significant sums investing in online and automated rent payment systems, most renters prefer to deliver a check to their property office each month, the report shows.
The survey of 110 leading apartment firms reveals that 74% of firms now allow renters to use a credit card to pay rent. Altogether, 81% of firms let renters pay online with either a credit card or bank transfer, but only 18% of renters make their payments through those methods.
More than three-fourths of renters (76%) deliver their rent checks to the rental property office. Only 12% use a credit card to pay the rent and just 10% rely on automated bank transfers.
"To overcome these obstacles, the industry will need to aggressively promote the use of automated payments by ensuring that both residents and property-level staff know how and what type of automated payments make sense. And the industry's technology partners must work with apartment owner/operators to address the integration problems," says David Cardwell, NMHC vice president of technology.
It’s not cheap to develop automated systems. Some 70% of major apartment companies hire a third-party company to provide an automated payment system rather than setting up their own system.
Want to use this article? Click here for options!
© 2010 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Quick Poll
advertisement
NREI Interactive Products
-
Podcast
Commercial Real Estate: Hey, Save a Piece of Stimulus Pie for Me!
Following a year that saw the near meltdown of the banking system, 2010 could shape up to be a better year for investors, though perhaps not as robust as some would wish.
-
Podcast
Is the Recession Over?
Rick Mattoon, senior economist with the Federal Reserve Bank of Chicago, shares the latest numbers from the Fed's National Activity Index that show the economy is experiencing a fairly sharp rebound from the bottom of the Great Recession.
Webinars
2010: The Year of the Sale - Leaseback
This webinar provides brokers, bankers, developers, CFOs and real estate executives with a blueprint for accessing the many facets of the sale-leaseback model.
Current Issue
Marketplace Ads
advertisement
advertisement
advertisement
advertisement



