Across industries, the most forward-thinking platforms are no longer treating payments as a back-office function. They are making them a core part of the product experience. Payments have become a lever for engagement, retention, and growth.
That shift is especially relevant in Canada’s rental market, where the numbers tell a story of scale and opportunity. The industry was valued at CA $68.1 billion in 2025[1], having grown steadily at nearly 2% annually over the past five years. More than one in three Canadian households rent their homes, and total rental payments now represent a massive, recurring flow of money across the economy. On the tenant side, affordability challenges remain front and center. Nationally, average asking rents reached CA $2,121 in mid-2025[2], after climbing 21.6% between 2021 and 2024.[3] For landlords, meanwhile,rental supply remains tight: even with record new completions, vacancy rates are just 2.2% for purpose-built rentals[4], below the long-term average.
It is in this environment, where both tenants and landlords are looking for better experiences, that TenantPay is leading the way. Recently relaunched with a next-generation app, the platform now processes nearly $1 billion in annual rent payments, reshaping how money moves in Canada’s housing sector.
Abetter experience for tenants
For tenants, rent is typically the largest monthly expense. TenantPay has transformed it from a fixed obligation into a moment of value creation:
• Flexible payment options, including credit card, debit, and Interac e-Transfer
• TenantPay Points for on-time payments, redeemable for rent credits or gift cards
• Integrated credit reporting with Equifax, helping renters build a stronger financial profile
In a market where affordability is stretched, these features matter. They give renters more choice in how they manage cash flow, more tangible benefits for good payment behavior, and more tools to improve long-term financial health.
Efficiency for landlords
Landlords face their own pressures. Rising operating costs, turnover expenses, and tighter compliance requirements all put strain on property managers. TenantPay helps them reclaim efficiency with:
• Automated rent collection and real-time reconciliation
• Direct deposits into landlord bank accounts
• Faster cash flow with no platform fees
Ina CA $68 billion rental market, the ability to accelerate receivables, reduce risk, and minimize manual work is not just an operational gain, it is a strategic advantage.
The power of the right infrastructure
TenantPay’s innovation is built on Nuvei’s global payments platform. This partnership allows TenantPay to:
• Accept multiple payment methods without changing landlord banking processes
• Move funds securely and seamlessly, with SOC 2 certified and FINTRAC regulated infrastructure
• Focus on product innovation while Nuvei handles the complexity of payment acceptance, payouts, and compliance
This infrastructure is what enables scale. In a market where billions of dollars inrent flow monthly, the combination of flexibility, speed, and compliance is what unlocks growth.
Why this matters for vertical SaaS providers
TenantPay’s success sends a clear signal to independent software vendors and vertical platforms. Payments are not just utilities; they are features that shape loyalty, engagement, and monetization.
The Canadian rental market shows the stakes. With tens of billions in recurring payment volume, the opportunity for vertical SaaS to embed payments is enormous. Platforms that ignore this will be left behind, while those that integrate payments natively can transform user experience and capture new revenue streams.
Just as importantly, regulatory compliance is no longer optional. Platforms must navigate anti-money laundering rules, data security requirements, and evolving government oversight of financial transactions. A strong partner accelerates time to market and de-risks growth.
Driving growth through embedded finance
Embedded finance has become table stakes for modern platforms. Whether in real estate,healthcare, education, or other verticals, the winners will be those who combine product vision with the right infrastructure.
TenantPay’s story illustrates the point. By embedding payments into the heart of the rental experience, it has turned a monthly transaction into a moment of value for both tenants and landlords. The result: faster growth, deeper loyalty, and adifferentiated market position.
Nuvei partners with independent software vendors to deliver secure, seamless, and scalable embedded payment solutions; from acceptance to payouts, from compliance to optimization.
Learn how Nuvei can power your next growth chapter.
[1] ApartmentRental in Canada Market Size Statistics | IBISWorld
[2] July 2025Rentals.ca Rent Report
[3] TDEconomics - Canadian Rental Market Outlook: Rent Growth to Continue Cooling in2025
[4] Fall2024 Rental Market Report | CMHC
.svg)
