Apr 9, 2013

New York Residents Can Now Pay The Rent Using Bitcoin

The bitcoin logo
 (Photo credit: Wikipedia)
New Yorkers living in buildings that are currently being managed by Alvic Property Management can now start paying their rent using bitcoin. Alvic Property Management manages condos, coops as well as multifamily rentals.

This company is the first management company to accept rent and maintenance payments for the virtual currency.

From PRWeb:
Through the Alvic Property Management platform, tenants and landlords will be able to save time and money by eliminating the fees and inconveniences of traditional payment methods. 
“Many people think that bitcoin payments are useful only in the electronic realm or when dealing with online transactions; however, this ignores the myriad of other benefits bitcoin brings to anyone who needs to transact financially yet not in person,”. said Roman Shtylman, CEO of Bitfloor and New York City resident. “ As a tenant, I am constantly annoyed with having to fill out a physical check and mail it. Bitcoins provide a solution for tenants and landlords. Both parties know within minutes that a transaction is complete and there is no back and forth about mailed checks.” 
All properties managed by Alvic Property Management are currently accepting bitcoins. Residents initially need to reach out to their property manager to have their account enabled to accept bitcoin, they will then be able to then make payments to a Bitcoin address exclusive to their account. All bitcoin payments will post to the property bank account in US dollars at the quoted bid price on the Mt.Gox Bitcoin exchange at the time of receipt.
Michael Lacsa, the head of client relations for Alvic Property Management said, "It has become clear to us that Bitcoin has traction in New York City and the requests to pay by Bitcoin has been increasing. When landlords provide more options, they open themselves up to larger pools of potential tenants, which ultimately increases property values."

Lacsa continued, "We are always looking for ways to increase income while cutting expenses for our properties and accepting Bitcoin provides this opportunity."

If you are unfamiliar with bitcoin, watch this video of Tech Chop we did that talks about it:

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