Yes, within each property record you can set a monthly reminder email to be sent to the registered renters on a certain day of the month. You can also set a late reminder email to be sent on a certain day of the month only if a payment hasn't been submitted by the registered renter yet. You can also CC yourself on the email if you want to receive a copy of the monthly reminder or later reminder email when they are sent to the tenant.
The reminders section can be found on the "7. Reminders" tab on the Add and Update property screens.