3 Ways Rent Reporting Helps Landlords

3 Ways Rent Reporting Helps Landlords

June 3, 2024

2 Minute Read

In the United States, approximately 26 million people are “credit invisible,” lacking a history with credit bureaus. This makes it hard for them to get approved for things like credit cards, car loans, or even their next home. However, renters and landlords alike both have an easy opportunity to help address this issue.

Zillow’s rent reporting feature, which debuted in 2023, gives renters a way to build their credit history and possibly boost their score by reporting their on-time rent payments to Experian and Equifax. For landlords, having renters opted in to this feature can also lead to several major benefits. 

Encouraging timely payments 

The prospect of building credit may incentivize renters to pay their rent on time. Zillow's feature, which is free for all renters, only reports on-time payments and is designed to encourage renters by contributing to a positive credit history with each punctual payment. 

For landlords, this could mean fewer late payments and less time spent chasing down rent, improving cash flow and operational efficiency. To get paid more reliably, set up Zillow Payments for your properties. Rent collection is free for your business, and there’s no fee for renters who pay with ACH transfers. (There’s a small fee for them to pay rent with debit or credit cards.) When your tenant completes the Zillow Payments enrollment process, they’ll be able to opt in to rent reporting.

Streamlining rent collection 

Rent reporting and the rest of the Zillow Payments platform can help streamline how you collect rent and manage your business. Renters receive automated reminders and can set up autopay, so you always know when to expect deposits. Our 2024 Rentals Consumer Housing Trends Report revealed that 69% of renters indicate they want to pay rent online, but only 60% typically do. This system also keeps a documented history of payments, which can be beneficial for tax preparation and resolving disputes.

Strengthening renter relationships 

Offering rent reporting can improve your relationship with renters. Less than 5% of renters have their payments included in their credit history. However, over 80% of renters want on-time payments to impact their credit score, according to Fannie Mae. So there’s a large untapped market of renters who would likely appreciate a landlord who understands the advantages of reporting and gives them the opportunity to build credit. Happy renters may be more likely to renew their leases, reducing turnover and the costs associated with re-renting properties. 

Learn more about Rent Reporting and Zillow Rental Manager.

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