This article is your ultimate resource to discover the best rental property management software for your real estate portfolio.
As the rental property market continues to evolve, investors and property managers are seeking cutting-edge solutions to streamline their operations. In this comprehensive guide, we delve into the top rental property management software available in 2024.
All of the software listed below have been carefully selected based on their functionality, customer reviews, and ability to help property owners and managers handle their portfolios with ease and precision.
This list of rental property management software includes a variety of software tailored to cater to the needs of both individual landlords with a handful of properties and large property management firms overseeing hundreds or even thousands of units.
To make our judgments we’ve explored each rental management system in depth and taken three main factors into consideration. First of all the customer reviews each has received, second, the usability and overall functionality, and finally, the platform’s price and affordability.
Landlord Studio is a user-friendly property management software tailored for landlords and property managers. It simplifies rental property management with a focus on real estate accounting.
The award winning accounting tools are paired with a range of property management features and automation tools designed to save you time and money. Collect rent online, automate tasks, collect, manage and screen tenants, manage leases, maintenance requests, and tenant communication. and more.
Landlord Studio is a versatile software that can be used to manage a diverse portfolio of rentals including single-family properties, multi-units, commercial and short-term rentals. It’s best suited for investors with between 1 and 50 units. It is a cloud-based software available on desktop and mobile devices so you have full access to your data when you need it, from any device.
Landlord Studio has two pricing plans. Landlord Studio GO offers all the basic property management functionality you need to upgrade your rental management and replace old and outdated systems like spreadsheets. GO is free for up to 3 units. New users also get a free 14 day trial of the PRO plan which comes with a range of advanced automation tools. PRO plans starts at $12 per month with each additional unit costing $1 more.
Buildium is a comprehensive cloud-based program designed for larger portfolios. It encompasses a wide range of top-notch features commonly found in property management software.
The platform offers an easy-to-use mobile portal and takes pride in its award-winning customer support and valuable analytic tools that provide essential insights to gain a deeper understanding of your rental business performance.
Because of the high price point and onboarding costs Buildium is more suited to larger portfolio management and property managers. They also have tools tailored for community association and homeowners association (HOA) management.
Buildium offers three pricing tiers. The first and most basic plan starts at $52 per month and has optional extras that you can pay for. Their Growth plan starts at $166 per month. And their Premium plan starts at $479 per month.
AppFolio is a favorite option for real estate investors who possess extensive rental portfolios. While it offers standard features commonly found in property management software, such as handling maintenance requests, automating payment processes, and facilitating online leases, it goes beyond the basics in order to service larger portfolios.
The software provides comprehensive accounting and management capabilities tailored to cater to the needs of various users. However, it particularly excels for property managers overseeing a minimum of 50 units, making it an ideal choice for those dealing with larger-scale operations.
Pricing starts $280 per month for their Core plan and $900 per month for their Plus plan.
MRI Software is a specialized platform dedicated to commercial property management. Setting itself apart from other rental property management software, it offers a several advanced features that are not commonly found in standard solutions. These distinctive features include investment management reports and strategic planning and analysis tools, empowering users to make well-informed decisions and optimize their commercial property ventures.
While catering to a diverse range of real estate professionals, MRI Software shines brightest when utilized by commercial entities and corporations managing extensive portfolios.
The software's comprehensive features may go largely unused for smaller ventures, leading to a higher price point that may not be justified by the extent of usage. As such, individual landlords might be better served by exploring more tailored and cost-effective property management solutions.
You'll need to reach out to request their pricing. Expect it to be in the same ballpark as Buildium and Appfolio.
TurboTenant provides excellent value for your investment. Their software offers tools for advertising rental properties, processing online applications, tenant screening, and rent collection. TurboTenant collects fees from tenants during the rental application and rent collection processes. As such they are able to offer their basic rental property management software features at no cost to the landlord.
It's important to note that neither their free plan or premium come with their accounting tools. These will need to be paid for separately. Additionally, if you want full access to their features you will have to upgrade to premium.
TurboTenant is well-suited for a variety of property owners, including those with single-family houses and multifamily properties. It presents an attractive option for property managers operating on a limited budget, thanks to its cost-effective nature. However, it may not be the ideal choice for property managers dealing with larger or more intricate portfolios, as it may lack some of the more advanced features available in certain other property management software options.
TurboTenant have a free tier and their premium plan starts at $8.25 per month. However, if you want the accounting tools you’ll need to buy their optional accounting add-on that starts at $15 per month for the first unit and an additional $5 per unit per month.
Rentec Direct is a comprehensive property management software designed to streamline rental property operations. With user-friendly interfaces and customizable options, Rentec Direct provides efficient tools to manage rental properties of various sizes and complexities.
Rentec Direct caters to landlords, property managers, and associations, offering features such as tenant screening, online rent collection, accounting, maintenance tracking, and more. It works best for property managers and self-managing landlords with medium sized portfolios.
They have a two week free trial period after which pricing starts at $45 a month for landlords which includes the first 10 units. Additional units are then charged on top of this base price.
Avail is a full featured rental property management software. Their primary feature set is around the acquisition and management of tenants with listing syndication, e-sign leases and tenant screening. They do however also have basic accounting and reporting tools, online rent collection, and property maintenance.
While they have most of the features you could want, Avail works best for smaller portfolio landlords as they quickly become one of the more expensive options as your portfolio grows.
Avail offers a free tier that makes money through fees on services like online rent collection. If you choose their more full-featured service some of these fees (like rent collection fees) are included in the base price of $7 per unit per month.
Propertyware specializes in single-family home property management, providing a comprehensive platform that caters to all the essential needs of property managers. Unlike some commercial real estate property management software, Propertyware has a simple and straightforward user experience, even for beginners.
Propertyware is targeted at single-family property management companies, offering robust capabilities to manage substantial portfolios effectively. It's important to note that the software comes with a minimum monthly fee, which might make it less ideal for property managers with fewer than 250 units.
Propertyware has three pricing tiers. Their Basic plan costs $1 per unit per month with a $250 minimum and a $500 onboarding fee. Plus costs $1.50 per unit per mont with a $350 per month minimum and a $700 onboarding fee. Premium costs $2.00 per unit per month with a $450 minimum and a a $900 onboarding fee.
Yardi Breeze has garnered a reputation over the years as one of the leading rental property management software options in its category.
Yardi Breeze offers two affordable levels of service, catering to both residential and business investors, and providing premium features in both tiers. While the software is open to investors of all types, it particularly suits newer investors looking to scale fast with high end premium features.
Yardi Breeze's versatility extends to various property types, including residential and commercial properties, affordable housing, self-storage, community associations, manufactured housing, and public housing agencies. This wide range of compatibility makes it a flexible and inclusive solution for diverse real estate ventures.
Yardi Breeze offers a range of pricing plans. For residential portfolios, the basic plan has a minimum monthly cost of $100 per month with additional units costing $1 per month. The premier plan costs $400 per month with additional units costing $2 per month.
For commercial properties pricing starts at $200 with additional units costing $2 per month. They also have pricing plans for portfolios containing affordable housing, storage units, and for associations.
DoorLoop is the youngest rental property management software on this list. It has a user-friendly interface, offering an intuitive experience that allows for a short learning curve, a swift onboarding process, and a seamless start. Regardless of the subscription tier, all users can access the same core capabilities, along with well-reviewed training and support.
DoorLoop's versatility and adaptability make it an ideal choice for a wide range of customers, catering to single-property owners as well as those with extensive portfolios featuring hundreds of properties. The software can handle various property types, including residential and commercial properties, student housing, and mobile homes.
Doorloop has three plans. Their starter plan starts at $49 per month, their PRO plan starts at $99 per month, and their Premium plan starts at $149 per month. Each of the plans increase in price as you add additional units.
Property management software serves as a valuable tool to efficiently organize and oversee rental properties. Designed for property managers and landlords, this software automates and streamlines back-office, financial, and administrative tasks.
Rental property management software typically provides a comprehensive suite of tools within a single platform, catering to residential and commercial properties, as well as community associations. These tools can encompass rental accounting, maintenance request handling, lease management, tenant screening, rent payment processing, and more.
Rental property management software is for property managers, landlords, and real estate investors who want to streamline and automate tasks related to managing rental properties.
Property management software offers benefits for managing rental properties regardless of your budget. Many companies offer flexible pricing tiers based on your specific needs and the number of units you manage, and some even offer free trial options.
When selecting rental property management software, it's essential to ensure that it supports the types of properties you manage. Additionally, consider its capacity to handle the number of units in your portfolio and whether it provides essential features and integrations tailored to your business requirements.
Property management software options are available across a wide range of budgets. You can find free software that offers basic property management tools, sufficient for running your business. On the other hand, for those with larger portfolios or more complex properties, premium options with enhanced features might cost hundreds or even thousands per month.
Selecting the best property management software for you and your investments can be a challenge. Everyone's requirements are different, do you have a property manager? How many units do you own? How many are you planning to purchase? Are your properties local? And a dozen other questions.
Despite these variations, there are a few fundamentals that every real estate investor needs to nail. The first of these is your real estate accounting. Managing your cash flow and ensuring that you achieve the financial returns on your investment that you targeted is your first concern.
This is why at Landlord Studio we've developed an accounting-first platform. With the mobile app, you can scan receipts in real-time and the software will automatically read and enter the details and store the receipt in our secure cloud server for easy access when you need it. You can link your bank accounts and the software will automatically match the scanned receipt with your corresponding bank transaction for easy 1-click reconciliation. This is the easiest way for you to stay on top of and ahead of your accounting for tax time.
With that being said, the platform you use should also allow you to manage the other important aspects of your portfolio as well. For example, having the ability to find tenants, set reminders, track maintenance requests, and collect rent all in one platform will make your life much easier, and save you time and money in the long run.
Finally, it should be easy to use. If it takes you too long to learn, or you have to hack it to make it work for you then you’re less likely to use it on a regular basis. Your accounts will get left to the last minute, things will inevitably slip through the cracks, and you'll end up with an unwieldy system that is more hindrance than help.
This is why, whatever you choose, exploring a purpose-built rental property management software instead of using general accounting software like QuickBooks is always a great first step.
Create your free account with Landlord Studio today and see how we can help you streamline your portfolio.