New research suggests that providing residential tenants with easy ways to pay the rent can improve their satisfaction with the payment experience.

Rent payments take a big bite out of tenants' monthly budgets. And making payments can be even more challenging if that transaction means mailing a physical check and waiting to make sure it arrives – and is cashed – on time. So, how can property owners make the process easier for both renters and themselves?

To learn more about evolving tenant payment preferences when it comes to residential rent, American Express and Forbes Insights asked tenants to evaluate their recent experiences making a rent payment.

Here are five key findings:

1. Renters Seek Convenience And Reliability

60% of tentants want to set up automatic payments to cover the rent, regardless of payment method.

2. Offering Multiple Methods Can Help Create Easier Payment Experiences

81% of renters said it’s important that landlords offer the payment method they prefer. In particular, 41% said it’s frustrating when credit card payment options are not offered when paying the rent.

3. Lack of Preferred Payment Options May Cause Tenants to Move

22% of tenants would consider looking for a different apartment or home to rent if they could not pay with their preferred method. 

4. Most Prefer to Receive Payment Reminders By Text or Email

64% of renters prefer a text message or email reminding them when their payment is due, and 53% would like a mobile app notification

5. Most Had No Problem Paying But Customer Service Opportunities Remain

17% of tenants felt the payments process took too long. For those who needed help, 12% said there was either no response from customer service or a long wait.  

What The Data Tells Us

Convenience matters when it comes to paying the rent. A majority of renters want to set up autopay rather than pay manually, and they want a choice of payment options, with more than 4 in 10 feeling frustrated when credit card payment options are not offered. Offering the payment options people expect and providing regular reminders of when payments are due will go a long way toward making timely rent payments as easy as possible for tenants.