According to the U.S. Census Bureau, the Tampa - St. Petersburg - Clearwater metro area welcomed 51,622 new residents from 2022 to 2023. It's among the highest across the nation's metro areas.
With its metro area's popularity continuing to soar, Tampa Bay will likely see its population grow, too. As a new or prospective rental property owner, that should be good news, as more residents mean more potential renters you can collect rent from.
The big question now is, how exactly should you conduct rent collection?
Read on for practical rental fee collection and property management tips from PMI Arrico Realty & Property Management experts.
1. Charge a Fair Rental Rate
The first step to efficient rent collection is having tenants who can afford to pay rent on time. However, if you charge too much than comparable properties, even those who can otherwise afford your rate won't want to live in your rental. After all, why would they pay more if they can reside somewhere similar that charges less?
To give you an idea, U.S. News and World Report notes that Tampa Bay's average rent was $2,089 in September 2024. It's already high, especially considering pre-pandemic rates were 41% lower.
So, before you even market your rental, determine your fair property's fair market rental rates. One way to do this is to perform a rental valuation.
To conduct a rental valuation, you can research comparable properties to learn how much they charge. You can then use your findings as the basis for your rental. Alternatively, you can count on PMI Arrico Realty & Property Management's complimentary rental analysis.
2. Give Tenants Access to an Online Tenant Portal
An online tenant portal is one of the must-have rental property technologies you should invest in. It provides convenient tenant payment solutions, allowing renters to pay online anytime, anywhere. They can use their debit or credit cards and, in some cases, even mobile wallets.
An online tenant portal can also benefit you, the landlord. It can help improve your rental income management workflow, as it lets you conveniently collect and track rental payments on the go. Since it's online, you can immediately confirm who has paid or is delinquent.
3. Send Friendly Payment Reminders
To help your tenants avoid forgetting their rental due dates, send them a friendly collection reminder a week in advance. You can do this through text or email.
An innovative online landlord-tenant portal lets you do the same. It can even automate the task to make the tenant billing process more efficient, sending the notices on the same specified day each month.
Implement These Rent Collection Strategies
Following the tips and tricks we shared in this guide can enhance your rent collection process's overall efficiency and convenience. You can also simplify the payment process for your tenants, making them more likely to appreciate you.
If you need even more effective landlord rental strategies, look no further than PMI Arrico Realty & Property Management, our full-service property management firm.
Our owner, Paul Arrington, is a licensed Florida real estate broker with a 20+-year U.S. Air Force career. Paul has closed millions of dollars in real estate transactions as a realtor and mortgage broker. We're also proud of our other team members, who boast decades of combined property management experience.
Contact us today to request your free Tampa Bay property analysis!
