Renters can split their rent payments into installments through Flex across the month. Credit: Thomas Lefebvre on Unsplash.

Payments firm Zego has collaborated with Flex to provide tenants with flexible rent payment options.

Expected to benefit the multifamily industry, the partnership will enable property owners and operators to carry out rent collection without additional cost.

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With the new facility, renters can split their rent payments into smaller and ‘stress-free’ installments through Flex across the month.

Flex CEO Shragie Lichtenstein said: “Flex’s mission is to make paying rent effortless and worry-free by enabling renters to pay rent on a schedule that aligns to their cash flow.

“Our partnership with Zego is the first of its kind and we are excited to partner with a top-tier residential technology solution that opens the door to payment flexibility for the more than 11 million residents and homeowners that use Zego’s platform.”

Flex, which is available on a subscription model, avoids interest or late fees for the customers.

Without any risk to property owners, Zego Pay + Flex users can pay rent on their own schedules.

Zego president Stephen Baker said: “Through this partnership, property managers can further protect cash flow and revenue.

“At the same time, operators can improve the day-to-day living at their properties by expanding rent payment options and empowering residents to pay rent on the timeline that works best for them. It’s a win-win for all.”

Zego is a multifamily resident experience platform that provides resident experience management solutions to management companies and community associations, while Flex enables residents to pay on a schedule that aligns with their income across the month.