RealPage Teams With Flex to Offer Flexible Rent Payments

Real estate software platform RealPage has picked Flex to provide customers with “flexible” rent payment options.

The partnership, announced in a news release Thursday (Aug. 8), expands on the company’s existing integration, letting RealPage customers offer Flex as a payment option for residents within LOFT, RealPage’s resident portal and app.

The release notes that the integration is in response to high demand among renters for payment flexibility, with one recent survey showing that 93% are interested in flexible payment schedules instead of paying their rent in full once a month.

“Flex’s mobile application will allow residents to split their rent bill into smaller, more manageable payments while ensuring property managers receive their full rent payment due on time,” the release said. “With over $8 billion in annual rent payments processed, Flex has become a trusted partner to property managers who offer the solution across more than 6 million rental units.”

The release adds that flexible rent payments can offer property managers a way to boost net operating income, improve resident 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 pay cycles, introducing flexibility that makes paying rent easier to manage and less financially stressful.”

As PYMNTS wrote last year, offering digitized payment and refund options tends to make for happier tenants, whether they’re renting a home, office or apartment.

“As digital options have proliferated for paying rent directly from a bank account, data shows that digitization of refunds has picked up steam,” that report said.

“Since these deposits are sizable — usually the cost of one month’s rent — it makes sense that tenants, especially those with high rents who tend to receive higher refunds, may want access to these refunds via instant pay.”

In fact, renters prefer receiving instant refunds straight to their bank accounts. Of the 40% who received rent-related refunds and primarily used instant methods, 19% received most of those payments straight to a bank account, while 13% received most of those payments instantly to a digital wallet.

“More importantly, renters are more satisfied when receiving rent-related refunds instantly,” PYMNTS wrote. “This satisfaction suggests that property management companies offering instant pay may have a competitive advantage.”