Rent payment : bank transfers dominate

The percentage of landlords who receive one or more rents by bank transfer is now 80%, according to a survey conducted by CORPIQ at the end of June. A series of post-dated cheques is the second most common, as it is in practice used by 75% of all owners. However, it is important to note that post-dated cheques remain in use for 90% of respondents with 50 or more units.

Unlike other payment methods mentioned in the survey, Interac type bank transfers have a disadvantage, according to property owners.

Indeed, tenants must take action to send the rent payment. However, it is common for them to forget or delay payment, lament some landlords.

It should be noted that a landlord is prohibited from demanding a series of post-dated cheques without the tenant's consent. On the other hand, the landlord has the right to refuse in the lease to accept a payment method that has no legal value. For example, he may refuse to be paid by regular cheque, since this method does not guarantee the existence of funds. Negotiation on a mutually agreeable means of payment can be exercised in an egalitarian balance of power at the time of signing the lease.

Results of the survey conducted by CORPIQ from June 18 to 25, 2019, to which 1300 landlords or managers responded.

	Percentage of landlords who use this method of payment	Percentage of landlords having declared that this is the method of payment most used by their tenants
Cheque each month	54 %	13 %
Series of post-dated cheques	75 %	31 %
Cash	53 %	6 %
Bank transfer by the tenant (example: Interac)	80 %	42 %
Pre-authorized automatic debit from the tenant’s bank account	40 %	7 %
Credit card	28 %	0 %