Property managers have reason to smile in 2012. According to recently released data by the CMHC, the formerly flagging rental apartment market is now experiencing greater demand and growth. This is due to a recent spike in immigration, as well as a decrease in the number of available apartment units. Rental vacancies, which were once over 3%, fell to 2.6% in October of 2010.
If trends continue, this will be great news for the rental housing industry. In the past, new immigrants to Canada have rented for a period of up to four years before purchasing their first home. However, the demand for apartments will likely continue to grow due to government restrictions which are making it more difficult for people to qualify to purchase their home, rising interest rates for home purchases and the rising cost of homes for sale. With the lack of development of new rental properties, property managers will be able to demand top dollar for rental property that was vacant a year ago.
Having an efficient way to automate the rental payment process can make a big difference in a property manager’s productivity. An electronic rent payment system makes it easy for both the tenant and the property manager to deal with rental payments by offering the service online, 24/7. Tenants can pay their rent using electronic forms of payment such as online bill payment or pre-authorized debit. This means that tenants and property managers now have a viable alternative to using post-dated cheques and cash. Payment method flexibility means that tenants will pay their rent more consistently and the property manager will receive rental income more rapidly.
Using a 3rd party service to collect electronic rent payments online is safe and secure. Property managers can have rental payments directly deposited to the company account, and can track payments according to property, unit information, tenant, payment amount and date of payment using tracking software.
An online rent payment system is economical too. The ability to collect rent online streamlines the payment and collection process, and allows the property manager to spend more time managing the property. If you want to be a more efficient, productive property manager, make the switch to online rent payment for your property.