There are currently 43 million renters in the US,and the renter demographic is diverse.But in it’s mysterious and diabolical ways,2020 united communities through a common enemy: COVID-19. Property managers across the nation have scrambled to keep operations afloat, residents happy, and properties safe and sanitized
2020 was the year of virtual conferences and webinars featuring story after story of multifamily management firms playing technology catch-up. Our industry is known for being slow to adopt. But now, we seem to be moving at warp speed. With the idea of “going digital”top of mind for everyone, more residents are expecting contactless rent payment options than ever before. According to a 2020 report by the NLA(National Landlord Association), outstanding rent has more than doubled since 2019,from 1.9%to 4.5%. However, outstanding rent for online payments was 20 times less than the average across all transaction methods. Also, digital rent payments represent a far greater share of timelypayments(92%)than an average rent payment (55%). These numbers show us that the pandemic has driven the acceleration of digital payment platforms, allowing communities to collect more timely payments by offering a contactless method.
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