The Best Rental Property Management Software
Rental property management software can help residential and commercial owners alike streamline rent collection and communicate with tenants. We’ve reviewed top options so you can find the best fit.
- Modern and intuitive user interface
- Strong universal search input
- AI leasing and accounting features
- Available for mobile use anywhere
- Cuts down on time-consuming tasks
- Integrated property management and accounting
- Includes basic accounting
- Can upload, store, and access important documents like leases and maintenance records
- Enables landlords to send messages, share updates, and address inquiries within the system
Rental property management software can help you collect rent more consistently, manage tenants, and electronically record crucial files. This can apply to all different types of sectors, including residential and commercial.
- Appfolio: Best for Residential Properties
- Yardi Breeze: Best for Commercial Properties
- TenantCloud: Best for Independent Landlords
- Buildium: Best for Property Accounting
Appfolio - Best for Residential Properties
Appfolio’s comprehensive resident portal makes collecting rent easy. Residents can pay anywhere, either directly from the mobile app or the desktop version. They can also set up auto-pay, ensuring they never miss a payment. This allows you to receive rent more consistently, instead of having to chase down late payments. And it’s all on one central platform, keeping you more organized than mailed checks, where they can be easily lost.
The online portal also allows you to communicate and share documents with your residents. Whether it’s lease contracts, maintenance requests, or general unit policies, you can ensure all tenants are up to speed on the latest news. Or, if someone needs access to their lease renewal, you can send that right away. It’s really a win-win for both of you, as you can immediately resolve any issues.
Because of its extensive features, Appfolio is best for established, multi-property rental owners. Unfortunately, pricing is not publicly available, and there is a 50-unit minimum to get started. That said, the deep feature set that includes AI leasing, the resident portal, and marketing makes it a great option for residential leasing managers.
Read our full Appfolio review for more info.
Yardi Breeze - Best for Commercial Properties
Yardi Breeze can help manage retail, office, and industrial properties through its support for various lease types. This allows you to stay flexible for different tenants based on your portfolio. These include:
- Triple Net (NNN) Leases: The system lets you allocate operating expenses across all tenants in the building, including common areas and custom costs.
- Gross Leases: It simplifies fixed billing methods and tracks your expenses for internal reporting.
- Combination Leases: For custom hybrid leases, you can set up maximum expense caps and percentage allocations for expense pools.
Pricing for Yardi Breeze starts at $2/unit/month with a $200/month minimum for commercial properties. This makes it an affordable option if you manage at least 100 units across your portfolio. That said, it’s not recommended if you’re a large-sized operation, as you may need more advanced tools found in Yardi Voyager.
For more info, visit our Yardi Breeze product page.
TenantCloud - Best for Independent Landlords
TenantCloud offers low-cost pricing plans for small, independent landlords. The starter plan is only $18/month and supports up to 10 leases and unlimited properties. The Growth plan is only $35/month for up to 30 leases. Both plans are extremely cost-effective if you’re managing single-family homes, duplexes, or small apartments.
Beyond its pricing, TenantCloud has an easy-to-use online lease module. It features a document builder that lets you create custom lease agreements. The tool autofills all preset elements of the file, which minimizes the amount of manual data input by you. You can even access lawyer-approved documents that comply with your state, so you can be sure every agreement is legally compliant.
From there, the tenant can electronically sign the agreement, which is stored on the system for easy reference. This is a huge upgrade from physical paper filing, which can quickly become disorganized and result in missing documents. And if you ever need to send a notice for late rent or vacates, you can do so in one click.
See our full TenentCloud profile.
Buildium - Best for Property Accounting
Buildium’s property accounting module helps keep the books for all your rental properties aligned. You can easily record payments from every resident on one central screen. Categorize them by fees, rent deposits, and refunds to see a broad view of your entire organization.
Additionally, the accounting module automatically reconciles bank accounts. It displays your statement and cleared balances on the dashboard, making it easy to see monthly financial summaries. For more specific data, it separates withdrawals and deposits and breaks them down by property, so you can review your most profitable buildings.
Buildium is well-suited for several types of rental properties, including residential, commercial, and student housing. Pricing starts at $58/month for the Essential plan, and accounting is included in every package. If you need more advanced features like business analytics, you’ll need to upgrade to the Growth plan, which starts at $183/month.
Read our full Buildium review.
What is Rental Property Management Software?
Rental property management software combines common needs like rent collection, accounting, and maintenance requests into one system.
Rental property management software automates repetitive activities like rent payment collection, late fee additions, and obtaining lease renewal signatures. Advanced systems feature tenant portals and revenue management.
Pricing Guide
Pricing is typically based on the number of managed units. Additional charges include per-rental payment transaction fees, per-screening fees, and one-time setup fees. Here’s what you can expect to pay based on the size of your company:
| Tier | Size | TCO | Examples |
|---|---|---|---|
| Low-Tier | 1–25 units or small property managers | $50–$500/month ($600–$6,000/year) | Buildium, DoorLoop, Arrivo, TenantCloud |
| Mid-Tier | 25–500 units or mid-sized property managers | $500–$3,000/month ($6,000–$36,000/year) | Appfolio, Yardi Breeze, Rent Manager, ResMan |
| High-Tier | 500–5,000 units or larger property managers | $3,000–$8,000/month ($36,000–$96,000/year) | MRI Software, Yardi Voyager, RealPage |
| Enterprise | 5,000+ units or enterprise-level firms | $10,000+/month ($120,000+/year) | Yardi Enterprise, SAP RE-FX, Oracle Property Manager |
Free Rental Property Management Software
Some rental property management tools are marketed as free, but be wary of hidden charges. Free software is rarely free - someone will be paying for something. Systems marketed as free typically have transaction charges. Your tenants could also be getting data mined for marketing purposes. Free software usually has bare minimum features and is intended to get users in the door, only to advertise paid features.
Examples of free rental property management software include:
QuickBooks for Rental Property Management
QuickBooks is great for handling accounting and recurring billing. To set up QuickBooks for renting, list your property as a customer and tenants as sub-customers. The sub customers will contain rent invoices and current balance information.
QuickBooks won’t help with work orders, tenant tracking, or other specialized property management features.
If you want to keep QuickBooks as your primary accounting solution and find something that can handle these additional functionalities, look for a solution that will integrate with it.
Common Features
Rent Collection
Recurring billing is complicated when handled manually. You have to collect and keep track of payments from multiple renters at one time.
Rental property management software handles the rent collection process for you:
- Tenants receive automated payment reminders.
- Payments are made online through ACH transfer.
- Late fees are automatically added as needed.
Extra charges can be added to monthly bills for pet rent, storage lockers, or parking spaces.
Work Order Management
Manage repair requests from tenants, as well as scheduled preventative maintenance. Prioritize maintenance work based on the severity of an issue.
Within a tenant portal, tenants submit maintenance requests. The request form lets the tenant describe the issue in detail. Management can then assign the request to an employee as well as set a due date.
Preferred vendors are easily added and organized within the system. You’ll have easy access to vendor contact information when you need it.
More Common Features:
| Feature | Description |
|---|---|
| Tenant and Lease Management | Keep track of tenant information like contact info, renters insurance, background checks, and work order history. Lease agreements can be customized and saved. Leases can be amended to account for extras like pets, storage, and parking. |
| Application Management | Potential tenants can submit an application online and upload references or pet records. With eSignatures, new tenants are able to sign lease agreements online. Background checks are also automated with rental property management software. Check an applicant’s credit rating, proof of income, and past rental history. |
| Vacancy Management | Available units will be automatically posted online to ensure vacancies are filled faster. Notifications are sent to you when a lease is about to expire. Then reach out to the tenant about renewing or setting a move-out date. |
| Property Accounting | Keep track of income from rent collection and expenses from maintenance. Automate payroll for property managers and office staff as needed. Create reports on financials, tenants, and properties. |
| Applicant Screening | Conduct applicant screening to evaluate rent history, credit history, or criminal activity. Screening is always either included in the price or as an additional charge. |
| Tenant Portal | Tenants can pay rent, submit service requests, and view lease agreements online. The portal typically features a community message board and an area for news updates. |
| Revenue Management | Revenue management is primarily used by large property management companies with multiple buildings. It uses historical data and predictive analysis to generate rent prices. Price is affected by factors like move-in date, lease term length, and unit type. |
Types of Rental Properties
Residential Properties
Rental property management software is primarily used for apartment complexes. The software also assists with managing single-family home and duplex rentals. The core use of the software will be used to manage lease agreements, track maintenance, and collect rent electronically.
Commercial Spaces
Commercial rental property management software helps owners manage industrial, retail, or office spaces. Common area maintenance (CAM) calculation is an important aspect of these solutions. Costs of maintenance, electricity, and water usage are estimated for shared areas. These costs are then distributed evenly and charged to tenants.
Vacation Rentals
Vacation rental property management software is a completely different solution. Short-term rentals like homes in tourist-heavy areas and lakehouses need to be managed differently. A vacation rental management solution will handle features like booking and housekeeping.
Student Housing
Student housing software also includes accounting, lease management, and work order management. However, there are many other functionalities specific to student housing. Some solutions integrate with campus systems, allowing students to view class schedules or meal plans. Roommates are automatically matched based on each student’s classes or lifestyle.
Types of Property Managers
Landlords with Few Units (Under 10)
Small landlords use rental property management software to keep payment records, organize documents, and track maintenance.
Rental property management software is especially useful if you live far away and need to save time. Communication and payments are handled online, so you don’t have to spend time traveling. Notifications are also automatically sent to tenants about upcoming maintenance or important updates.
Property Owners and Firms with Multiple Buildings or Over 10 Units
Software helps owners and property management firms keep track of multiple buildings. Managing work orders and keeping records straight from every tenant will be simplified.
Enterprise property management companies benefit from advanced software features like revenue management. Revenue management automates rate calculations based on historical data and current market trends.
