Rent Now, Pay Later: a new financing model reshapes the US residential rental market

Until recently, the service was offered primarily by start-ups. However, it is now attracting the attention of larger financial groups and residential property management companies in the United States. Flexible payment services are also gaining interest among operators of apartment buildings and residential complexes, as they can help reduce delays in rent collection.

In January 2026, Affirm Holdings announced the expansion of its Buy Now, Pay Later services into rent payments. In March, RealPage, a provider of technology solutions for residential property management, announced the appointment of Zahir Khoja as the company’s first Chief Fintech Officer, following its acquisition of the flexible payment platform Livble in July 2025.

Other companies operating in this market include Flex, Qira, Split Pay and Esusu, each offering different rent payment programmes.

How Rent Financing Works

The RNPL model allows tenants to pay their rent in two or more instalments, while landlords receive the agreed rental amount in accordance with the terms of the service.

Providers temporarily finance part of the rent, charging fees that vary depending on the product. These charges may take the form of a fixed fee, a percentage of the financed amount, or a combination of a monthly subscription and a transaction fee.

The growth of these services is driven by rising housing costs and the timing mismatch between salary payments and rent due dates.

According to figures cited in a report by the US Congress, 49.4% of US households renting their homes in 2024 were considered cost-burdened by housing expenses.

Companies operating in the sector argue that splitting rent payments into instalments provides greater flexibility for employees who are paid fortnightly or have variable incomes. They also maintain that this approach can reduce the need to rely on credit cards and other forms of short-term borrowing.