If you’re part of the 34.9% of Americans who live in rented housing, the dreaded refrain of “rent is due!” likely flashes through your head every first of the month. And if you have a roommate (that’s about 38,705,000 of you, according to the 2010 census), that even further complicates the already tedious process. Enter RentShare (now called PlacePay), the startup that’s taking the pain out of paying rent.
Pay Your Rent Online
With RentShare, you can (finally!) pay your rent online. Roommates pay their individual share of the rent (using your bank account, credit or debit card), and the service sends a combined check to your landlord. There’s no need to get your landlord involved, so you don’t have to worry if he or she happens to be technologically inept.
Another clever feature of RentShare is that they give you the option of splitting household expenses. You add the cost of utilities and food into the system, and it adjusts everyone’s rent totals to even out the debts automatically. No more chasing your roommate for toilet paper money.
Service Costs
But what are the costs, you ask? The service is free if you pay directly from your bank account, but there is a 2.8% fee if you pay using a credit or debit card. And for the forgetful among us, you can either set up auto-pay or opt-in to receive monthly reminders. Setting up auto-reminders takes the pain out of paying rent and makes this process simpler than before.
Happy Hopping!
RentHop
Editor’s Note: We updated this article to enhance readability.
