How Arizona’s Proposed Rent Reporting Law Could Impact Tenants and Landlords Alike
AB2747 is around the corner and California property managers are getting ready to offer tenants the option to report on-time rent pA new bill is making waves in Arizona’s rental market called House Bill 2647 (HB 2647). If passed, this legislation could require landlords to offer rent reporting options to residents, helping tenants build credit while also providing key benefits to property owners.
What is HB 2647?
HB 2647 is currently moving through Arizona’s legislative process and, if enacted, would require landlords to offer residents the ability to report rent payments to the credit bureaus. This initiative mirrors California’s AB 2747, which was recently implemented to improve financial inclusion for renters.
Key Points of HB 2647:
- Landlords would be required to offer rent reporting to tenants.
- Tenants could opt in to have their on-time rent payments reported to credit bureaus.
- Landlords could charge a small fee (up to $10/month) for the service.
- Both on-time and late payments could be reported.
Why Does This Matter?
For Tenants:
Many renters struggle to build credit, despite making consistent payments on their largest monthly expense—rent. HB 2647 could help close this gap by allowing residents to establish and improve their credit histories simply by paying on time.
For Landlords & Property Managers:
Rent reporting isn’t just beneficial for residents, it can also be a game-changer for landlords:
- Higher On-Time Payments – Residents are more likely to pay on time when their credit scores are on the line.
- Stronger Lease Retention – Offering rent reporting as a value-add encourages tenants to stay longer.
- New Revenue Potential – Landlords could charge a nominal fee for the service, creating a new income stream.
Will HB 2647 Become Law?
The bill is still under review, but if passed, it could reshape the rental landscape in Arizona. Given that California has already implemented a similar law, it’s possible that more states will follow suit.
How to Stay Ahead
Even before HB 2647 is finalized, forward-thinking landlords can begin offering rent reporting to their tenants. This proactive approach can improve resident satisfaction, encourage on-time payments, and prepare your business for potential future legal requirements.
California already passed and enacted AB 2747, which requires similar reporting options. With Arizona considering the same move, this might not be far behind. Why not be the first to offer it?
Stay ahead of the curve and start exploring Sperlonga’s rent reporting solutions today. Book a call here or reach out to us at [email protected].