Create a Rent Schedule

Rent Schedules in Rentdrop are the brains behind your rent collection. A Rent Schedule contains the Amount to collect including any Late Fee logic, the Dates of collection, the Bank Account you wish the funds to be deposited into, and the Tenants, associated with that Rent Schedule.

Please note: A Rent Schedule is not a legally binding lease agreement. It is intended to help organize your rent payment collection from tenants.

Once a Rent Schedule is created, it will invite your tenant(s), automatically remind them as payments are approaching and when they are due, allow them to easily pay through a variety of methods, and deposit those funds directly into your account.

The following is required to create a Rent Schedule:

  • The payment amount

  • The date the payment is due

  • Your bank account information

    • Either your account number or routing number

    • Or credentials for a supported bank through Plaid (include hyperlink for what banks are supported through Plaid)

  • Tenant information: Names and phones numbers

To create your Rent Schedule

  • Open the mobile app on your iOS or Android device.

    • If you do not have the app download it on the Apple App Store or Google Play Store on your mobile device

  • On the home page, select Create a new Rent Schedule

  • Select See More to read through instructions on how to create a Rent Schedule or select Skip and create Rent Schedule

  • Enter a name for your Rent Schedule and tap the arrow on the bottom right corner

    • Rentdrop recommends naming each schedule after the street, unit number, or some other unique identifier. Putting the full street address and unit number is common.

  • Enter the rent amount and tap the arrow on the bottom right corner

    • If you have multiple payers in a unit, this will be the entire rent amount, not the rent amount for each person. Follow what the lease states here

  • Select the day that the rent payment will be due each month from the dropdown menu (ex; 1st) and tap the arrow on the bottom right corner

  • Select the start month and year that billing will begin from the dropdown menus

  • If there is and end date for this Rent Schedule, click Select your end date

    • from the dropdown menus select a month and year for the rent schedule to end

  • If there is no end date for this Rent Schedule, click Month-to-month (No end date) and tap the arrow on the bottom right corner

  • If you do not plan on charging a late fee, click Skip late fee

  • Enter the late fee amount

  • Enter number of days after the rent is due that the payment will be considered late and tap the arrow on the bottom right corner

  • Review all of your information and if it is correct, select Connect Bank Account to continue creating your Rent Schedule

  • If any information is incorrect select the black arrow at the top left where is says Review rental information

  • Select Connect existing bank account

  • or select Instant Verification (hyperlink)

  • or select traditional verification (hyperlink)

  • Review your bank account information and select Continue if everything is correct

  • If any information is incorrect, click the arrow at the top left corner reading Connect bank account

  • Select Create Rent Schedule to finalize

  • Select Create another Rent Schedule or select Home screen to return home

Frequently asked questions

Q: If there is more than 1 tenant in a unit, should I put what each person pays as the rent amount or the full lease amount?

A: You should put the full rent amount as stated in the lease. Each tenant will be able to pay their share and it will reduce the overall rent amount

Q: Do I have to complete the entire rent schedule set up or can I save my progress?

A: You will be able to save your progress at every point past entering the Rent Amount. You will see an option for Save & Continue Later on every screen. When you want to return, open your Rentdrop app and on the home screen there will be a card to continue finishing that Rent Schedule.

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