Flexible options for tenants to pay rent
When landlords rent residential property to tenants, they typically use the tenancy agreement to specify the methods by which rent can be paid.
“While these methods often include cheque, direct deposit, automatic debit, and electronic transfer, it is highly unusual for a landlord to accept cash and Landlord BC has been discouraging cash for years,” said David Hutniak, CEO of Landlord BC.
New ways to pay rent
In the past few years, there’s been a growing proliferation of payment apps and gateways that permit tenants to pay with credit and debit cards, notes Hutniak. “There’s a convenience factor for landlords.”
These apps may be offered by financial institutions or even private companies and are increasingly being used by tenants of all ages.
If a tenant wants to use an app to pay rent, landlords should get as much information as possible about the app, how it works, if there are fees, and whether there have been problems or complaints.
Recently, a Board member was taken to arbitration by a tenant using the Residential Tenancy Branch dispute resolution process. The tenant wanted to use an app offered by a bank. The outcome of this arbitration is still pending.