While it may seem like a pretty basic question, here’s the thing: many people bungle up this otherwise simple task too often for it to be considered a basic question. And nobody can blame them; for people who have been renting their whole lives, the fact is that nobody tells them how to actually pay rent for an apartment. Everybody just assumes that the other person knows how to pay rent, or the tenant simply assumes handing out a wad of cash to the building manager or the landlord is the best way to go about it. However, there are other ways to pay rent for an apartment, and in this blog post, we will discuss how to pay rent for an apartment.
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Now, let’s move on to our topic of how to pay rent for an apartment.
Paying Rent For An Apartment
The first of the month usually rings a different bell in tenant’s minds: time to pay the rent. And while they might be tempted to just pay with cash and get it over with, it is a considerable amount of money, and we’ve all heard horror stories of either people losing their rent money or going through the worst: getting mugged for it, especially if your landlord lives far away and doesn’t come in to collect the payments. So, here are the best ways to pay rent for an apartment.
Check
Everybody gets a checkbook when they first open their account with a bank, and, truth be told, the current generation couldn’t care less about that. The fact is that cash and online transfers are much easier, and the sender actually gets confirmation that the money has been sent and received. Plus, it’s a lot quicker and requires you to type rather than write, which means that you get things done much more easily. However, for the busy person on the go, who can easily forget to transfer their rent or their share of the rent to the landlord, a check can be a better option, as you can simply make one out at the end of the month, and ask your landlord to cash it when the paycheck comes in. This way, you do not have to take cash to the landlord and potentially put yourself and your money at risk of getting mugged, and your landlord also has the freedom of cashing the check whenever they might require the money. All in all, paying rent by check can be a great thing, and if you have a fabulous signature, it might even be a win-win.
Money order
Most people aren’t aware of what a money order is, and let us be clear here. It is not a better option than a check. A money order can be thought of a better option for the landlord, and there’s good reason for that. As you may know, checks can always bounce from there being not enough money in the sender’s account, and this has happened quite a few times. A money order can only be made when there is sufficient money in the account, and you can then approach the bank with a request to make out the money order in the name of the landlord, who will then receive the money. However, the fact that you need to pay a small fee for it, and the fact that you need to physically go to the bank to have it done and your landlord also needs to go to the bank to get it may be an off-putting idea. But with all the check fraud going on right now and generally this being an unreliable method of sending money, a money order is considered much more reliable and safe than a check.
P2P Payment Platforms and Apps
The great thing about the IT revolution is the fact that it has made everything simple and easy. P2P or peer-to-peer payment processing platforms are applications and software used to send and receive payments, and on paper, they seem like a very good idea. Applications and P2P platforms like Zelle, Venmo, Cash App, and PayPal all boast the utility and ease of access that no other application or method of paying rent can provide. All you need is a bank and these applications, and as long as your landlord also has the same application, they can get their rent. However, there are some drawbacks to using such payment platforms. For one, you cannot automate payments, and God forbid you should accidentally send the payment to the wrong recipient. So, there are some drawbacks to using one, but overall, the ease and utility of sending rent to your landlord is undeniable.
Banking apps
Much like the P2P payment processing platforms, banking applications also provide enhanced utility for you, the tenant, to send rent to your landlord without leaving the comfort of your home. You simply pull up the banking application, select the amount and your landlord doesn’t even need to share the bank to receive said payment. However, there are some issues; while paying in cash is essentially better for the landlord since they don’t have to deal with taxes all that much, sending money through a bank will deduct fees like taxes and others like handling fees or processing fees. This can be rather problematic, and your landlord may not get onboard the idea of going 21st century with the rental payments. However, it is an option, and if your landlord is okay with it, it’s a good situation.
Good Old Cash
Lastly, we have the old-school way of paying rent: just a big wad of cash, and your landlord coming in to collect it, or you taking the subway out into the suburbs to meet your landlord and hand it to them. Paying by cash has its own set of advantages and disadvantages; paying with cash is coincidentally what most landlords actually prefer since it makes less of a hassle, and who doesn’t want ready cash in their hands? Since many landlords consider rental income their only source of income, cash at hand seems like a good idea for running expenses, which is why, a good majority of the time, we will see landlords ask for cash when talking about rent.
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