Complete Guide to Rent Collection

The Complete Guide to Rent Collection

In each chapter of this guide, we'll provide expert advice on rent collection. We'll go over how to encourage timely payments, what to do when rent is late, and how to make the whole process easier by collecting rent online.

Introduction

The Landlord Journey Collecting Rent

The average household spends $1,030 on rent each month, and there are over 43 million households renting in the U.S. This means more than 45 billion dollars are changing hands every month just in rent payments.

Of the $45 billion of rent, you’re collecting a slice of that as a DIY landlord. And you likely depend on receiving rent each month for income. It’s important that you receive this income on time every month so you can pay your own bills.

If you set the right incentives, make it easy to pay, and set up a good system for late fees, then you’re on your way to making sure your tenants pay rent on time each month.

This guide will go over important parts of handling rent payments, including: how to collect rent, raising rent, partial payments, rent control, grace periods, and more. Continue reading below to get started!