Rent Reporting Requirement in New York? Here’s What to Know
New York is one step closer to joining the growing list of states encouraging rent reporting as a credit-building tool. Assembly Bill A2729, currently moving through the state legislature, proposes a new requirement: landlords and property managers must offer tenants the option to have their rent payments (on-time, missed, or late), reported to at least one major credit bureau.
If passed, this legislation could reshape how landlords and property managers engage with-tenants and manage payment behavior. But even before it becomes law, A2729 is a sign of where the industry is headed.
What the Bill Proposes
Here’s a breakdown of what’s outlined in A2729:
- Rent payments would need to be reported to at least one major credit bureau
- Tenants may opt in or out at any time with written notice
- Landlords could charge up to $5 per month or the actual cost of reporting
- Both on-time and missed payments would be reported once a tenant opts in
What This Means for You
While A2729 hasn’t passed yet, the implications are already worth paying attention to. Credit-building tools like rent reporting are quickly becoming expected, not optional perks. This presents both challenges and opportunities:
- Drive on-time payments – Tenants are more motivated to pay when they know their credit is impacted
- Differentiate your properties – Offering rent reporting may give you a competitive edge in attracting credit-conscious renters
- Get ahead of compliance – Preparing now means smoother adoption if and when the bill becomes law
- Offset costs with a small fee – Landlords are permitted to charge a nominal monthly fee to cover reporting expenses
A Trend Already Taking Hold Elsewhere
This isn’t the first time we’ve seen this type of legislation. California implemented a similar policy through AB 2747, and it’s already influencing how rental housing providers support their residents. With New York poised to follow, the message is clear: credit-building through rent is no longer a fringe benefit. It’s becoming standard.
How to Prepare Now
Whether or not A2729 passes in the near future, being proactive sets your business up for success. Rent reporting can benefit both your operations and your residents—and it doesn’t have to add administrative complexity.
Sperlonga’s automated rent reporting solutions are A2729-compliant, scalable, and easy to implement across portfolios of any size. If you’re exploring rent reporting as a service, we’re here to help. Book a 15-minute call with our team here or reach us at [email protected] to learn how it works and how it can fit your property management strategy.
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