Rent Now, Pay Later Services Gain Popularity Among Renters

Flexible payment options come with fees that raise concerns about affordability

Feb. 4, 2026 at 9:07am

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Renters facing high housing costs are turning to 'rent now, pay later' services like Flex, Livble, and Affirm to manage their monthly rent payments. These services allow renters to split their rent into multiple installments, but they often come with subscription fees and other charges that can translate into triple-digit effective interest rates. While these services aim to provide cash flow relief, consumer advocates warn they may be deepening financial pressure on already strained budgets.

Why it matters

The rise of rent now, pay later services highlights the growing affordability crisis in the rental market, as rents have jumped nearly 28% in the past five years according to the Bureau of Labor Statistics. These financing options could allow landlords to raise rents further if they start factoring in renters' weekly cash flow rather than just local market rates.

The details

Companies like Flex, Livble, and Affirm allow renters to split their monthly rent into multiple payments, with Flex charging a $14.99 monthly subscription fee plus 1% of the total rent. This can translate into effective annual percentage rates as high as 172%. Other services like Livble charge $30-$40 fees, with effective APRs around 104-139%. While these services aim to provide cash flow relief, consumer advocates warn they function like short-term loans that add to renters' financial strain.

  • Flex launched in 2019 and now has 1.5 million customers sending about $2 billion in monthly rent through its system.
  • Rent prices have jumped nearly 28% in the past 5 years according to the Bureau of Labor Statistics.

The players

Flex

One of the largest companies focused on splitting rent payments, with 1.5 million customers sending about $2 billion in monthly rent through its system.

Livble

A rent now, pay later service that charges renters $30-$40 fees, with effective APRs around 104-139%.

Affirm

A buy now, pay later company that is piloting a program allowing some customers to split rent into two payments.

Bilt

A credit card startup that targets renters, allowing them to accumulate rewards or points by paying rent on a credit card.

RealPage

The parent company of Livble, which last year settled allegations that its algorithm allowed landlords to collude and push rents higher.

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What they’re saying

“Renters should be skeptical of any financing providers that have partnered with a landlord and be skeptical of anything that sells itself as no fees or no interest.”

— Mike Pierce, Executive Director, Protect Borrowers

“If credit cards, or flexible rent payment options become more widely used, they worry rents could rise further as landlords start factoring in a potential renters' weekly cash flow as opposed to the rental market in the area the building is located in.”

— Economists and renters' advocates

What’s next

Affirm's rent payment pilot program is still in the testing phase, and it remains to be seen if other buy now, pay later companies will expand into the rental market.

The takeaway

The rise of rent now, pay later services highlights the growing affordability crisis in the rental market, as renters turn to these options to manage their monthly payments despite the high fees. Policymakers and consumer advocates will likely continue to scrutinize these services and their potential impact on rental prices and household budgets.