Popular on Rezul
- No Limits Method Revolutionizes Neurodivergent Education Through Embodied Cognition - 107
- Corner Property Management Welcomes Seneca Reserve HOA! - 104
- First AI Marketing Platform Built Specifically for Small Businesses Launches Public Beta
- Kaplan Morrell Applauds Passage of Landmark Workers' Compensation Reform in Colorado
- TEDxInglewood Returns to The Miracle Theater on August 9, 2025 — Celebrating Bold Ideas and Community Energy
- Rediscovered Christopher Lee Recording 'Elenore' Re-Released to Mark 10th Anniversary of His Passing
- Manhattan Boutique Real Estate Collaborates with InterContinental Hotels NYC in a Branding Partners Personalized Approach
- Conexwest Expands Single-Phase Cold Storage Lineup: Versatile Solutions for Diverse Temperature Needs
- Honoring Black History, Culture, and Community in Fall River
- Token-Operated Sake Service Opens at Tobu Nikko Station
Similar on Rezul
- Mikel DeFrancesco Named RealTrends Top Realtor in Quincy, Milton & South Shore MA
- Real Estate Experts Highlight Jersey Shore as a Smart Buy in 2025
- Networking For A Cause - NYC Professionals come together to network for a cause
- "Navigating Florida's New Condo Laws: What Central Florida Owners & Buyers Need to Know"
- $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
- West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
- Walnut Hills Launches Off-Grid Hempcrete Homes and Eco-Retreat in Western NC
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
- New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
Who's going to help Toronto's realtors manage record-breaking rental new-builds?
Rezul News/10429671
TORONTO - Rezul -- Developers are building record numbers of new rental units in Toronto, encouraged by ongoing high rents. But Toronto's realtors and property managers will need help to handle all of the additional rental homes coming onto the market, according to Tom Samodol, Director of PayProp Canada.
The Canada Mortgage and Housing Corporation announced last month that more purpose-built rental units are being built in the Greater Toronto Area than at any other time in the last quarter of a century, with almost 8,000 under construction. Development in the city – part of a general construction surge that has filled Toronto's skyline with more cranes than any other North American city – is now outpacing the rental building boom of the early 90s.
Rental vacancies in the GTA are also at their highest rate in the last four years, according to real estate consultancy Urbanation. As much as 1.5% of purpose-built rental apartments in the GTA were standing empty in the second quarter of 2019, compared to just 0.3% in the same period last year. The availability rate, which also takes into account rental units in which the existing tenant has given notice, climbed to 2.3% from 1.4%. Apartment hunters looking to rent in the Toronto area will have more units to choose from than at any other time in the last few years.
More on Rezul News
Payment processing pains
While property managers and prospective renters alike stand ready to take advantage of this new wave of construction, the increasing number of tenants presents a management challenge – given the lack of technology solutions automating the admin-heavy rent collection process.
Reconciling payments from large numbers of tenants by hand is a huge administrative task, one that most property management software does nothing to help with. Without the capacity to handle increasing volumes of rental payments, Toronto's rental boom could pass property managers by – and that purely due to the administrative burden of managing large rental portfolios.
"With PayProp there is something for all parties in the value chain, as we simplify the entire rent collection and payment cycle," says Tom Samodol.
"Real estate professionals get automation to lessen their admin load, 100% accurate transactional information, and comprehensive reporting. Tenants get more ways to pay and automated invoicing to help them pay the rent on time, and landlords get faster payments and instant information on their properties with the PayProp Owner App."
PayProp automates rent collection, payment reconciliation and outgoing payments to landlords and contractors, allowing property managers to focus on delivering excellent service and growing their portfolios instead. Payments can be reconciled in just two clicks, in real time, from anywhere in the world.
More on Rezul News
PayProp's rule-based automation of payments and reconciliation makes it easy for property managers to scale up their portfolios without scaling up their administration workload at the same time. As a result, PayProp users grow their businesses by 23% each year on average.
The company moves around CAD$1.5 billion in rental payments through its system each year with bank-grade security provided by CIBC, and also operates in the United Kingdom and South Africa.
About PayProp
PayProp was launched in 2004 and has grown quickly to become a leading processor of rental payments and back-office automation for the property management industry, serving a large and diverse customer base of property managers and agents. Our platform sets the standard for speed and accuracy of transaction processing, posting, reconciliation and pay-outs, offering property managers complete transactional control and regulatory compliance. PayProp is part of the Humanstate Group, an international private technology services group with subsidiaries in the United Kingdom, Canada, Switzerland and South Africa.
Visit http://www.payprop.ca for more.
The Canada Mortgage and Housing Corporation announced last month that more purpose-built rental units are being built in the Greater Toronto Area than at any other time in the last quarter of a century, with almost 8,000 under construction. Development in the city – part of a general construction surge that has filled Toronto's skyline with more cranes than any other North American city – is now outpacing the rental building boom of the early 90s.
Rental vacancies in the GTA are also at their highest rate in the last four years, according to real estate consultancy Urbanation. As much as 1.5% of purpose-built rental apartments in the GTA were standing empty in the second quarter of 2019, compared to just 0.3% in the same period last year. The availability rate, which also takes into account rental units in which the existing tenant has given notice, climbed to 2.3% from 1.4%. Apartment hunters looking to rent in the Toronto area will have more units to choose from than at any other time in the last few years.
More on Rezul News
- $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
- West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
- Walnut Hills Launches Off-Grid Hempcrete Homes and Eco-Retreat in Western NC
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
Payment processing pains
While property managers and prospective renters alike stand ready to take advantage of this new wave of construction, the increasing number of tenants presents a management challenge – given the lack of technology solutions automating the admin-heavy rent collection process.
Reconciling payments from large numbers of tenants by hand is a huge administrative task, one that most property management software does nothing to help with. Without the capacity to handle increasing volumes of rental payments, Toronto's rental boom could pass property managers by – and that purely due to the administrative burden of managing large rental portfolios.
"With PayProp there is something for all parties in the value chain, as we simplify the entire rent collection and payment cycle," says Tom Samodol.
"Real estate professionals get automation to lessen their admin load, 100% accurate transactional information, and comprehensive reporting. Tenants get more ways to pay and automated invoicing to help them pay the rent on time, and landlords get faster payments and instant information on their properties with the PayProp Owner App."
PayProp automates rent collection, payment reconciliation and outgoing payments to landlords and contractors, allowing property managers to focus on delivering excellent service and growing their portfolios instead. Payments can be reconciled in just two clicks, in real time, from anywhere in the world.
More on Rezul News
- New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
- The Herbal Care, Led by Markel Bababekov, Becomes a Top Dispensary in NYC's Upper East Side
- Digital Watchdog Launches New myDW Cloud Services
- Nevada Real Estate Agent David Crane Helping Families Find Their Dream Home
- Stan Fitzgerald Appointed Acting Press Secretary for Veterans for America First VFAF Georgia State Chapter
PayProp's rule-based automation of payments and reconciliation makes it easy for property managers to scale up their portfolios without scaling up their administration workload at the same time. As a result, PayProp users grow their businesses by 23% each year on average.
The company moves around CAD$1.5 billion in rental payments through its system each year with bank-grade security provided by CIBC, and also operates in the United Kingdom and South Africa.
About PayProp
PayProp was launched in 2004 and has grown quickly to become a leading processor of rental payments and back-office automation for the property management industry, serving a large and diverse customer base of property managers and agents. Our platform sets the standard for speed and accuracy of transaction processing, posting, reconciliation and pay-outs, offering property managers complete transactional control and regulatory compliance. PayProp is part of the Humanstate Group, an international private technology services group with subsidiaries in the United Kingdom, Canada, Switzerland and South Africa.
Visit http://www.payprop.ca for more.
Source: PayProp Canada
0 Comments
Latest on Rezul News
- DimHum Launches Revolutionary CrowdShipping Service
- Eolian Signs New Information Exchange Agreement with the U.S. Department of Defense for Technology Innovation
- Infinite Health Introduces Cutting-Edge Regenerative Medicine for Wound Care with Trip Goolsby, MD
- Top Dentist Concord CA, Smile Makers Dental Care, Celebrates 500 5-Star Reviews
- Bio-Inspired Technology-Dynamic and Adaptable for unknown real-world environments
- Dedeaux Properties Begins Construction on Truck Terminal and Industrial Outdoor Storage Facility
- Michael Reafsnyder opens solo exhibition at Scott Richards Contemporary Art in San Francisco
- Valley Sleep Therapy Expands to Prescott with New Location at Crossings Road
- Paulding County's Old Mill Preserve Now Open to the Public in Georgia
- Kramer Real Estate: The Boutique Brokerage Quietly Taking Over North Texas
- $17.4 Million Total Revenue for First Half of 2025 (up 31.8% YOY) for Global Wet Trades Services Provider with High Value Bitcoin Investments
- $12.8 Million Net Revenue for 2024 for Cloud-Based Crowdsourcing Recruitment and SaaS-Enabled HR Solutions Provider: Baiya International Group Inc
- Salazar Heating, Cooling & Plumbing Launches Water Conservation Initiative to Help Santa Fe Homeowners Cut Water Waste
- Hire Virtue Announces Executive Sponsorship Opportunity for Houston Hiring Blitz & Job Fair on August 6, 2025
- Inked & Maxim Model Teisha Mechetti Turns Heads—And Builds Community Impact
- Winners Development Corporation Pioneers Skyscraper In South Dallas
- Plan to Launch Silo Technologies' Cybersecurity Pilot Program for Ultimate Nationwide Deployment via Exclusive Partnership: Stock Symbol: BULT
- Robert Michael & Co. Real Estate Team Celebrates Industry Recognition and Showcases Premier Central Florida Listings
- Extreme Exterior Cleaning of Seaside Florida Home Separates Pros from Amateurs
- AI-Based Neurotoxin Countermeasure Initiative Launched to Address Emerging National Security Needs: Renovaro, Inc. (N A S D A Q: RENB)