5 Best Property Management Software for Your Rental Business
Many think of real estate as a passive income stream, but the reality is quite different.
Rental properties require a lot of work, especially in the early stages.
You must screen tenants, handle maintenance and repairs, collect rent payments, perform inspections, and process paperwork.
Fortunately, you can use property management software platforms to simplify the process and eliminate costly errors.
With the right rental property management software, you can list your properties, screen tenants, manage paperwork, and stay on top of your property manager duties.
In this post, I have ranked and reviewd the best property management software to help you make the right choice when it comes to your rental business.
Table of Contents
What Is the Best Property Management Software?
Check out my top five property management software if you’re ready to improve your rental business operations.
I selected them according to these capabilities.
- They automate the daily operations of a real estate property.
- Real estate professionals use them to improve operational efficiency.
- They allow smooth communications between tenants and property managers.
- They track and monitor the financial records of a real estate property.
- They help grow the rental portfolio of real estate professionals.
If you’re looking for full-featured property management software, Buildium is the perfect tool with its easy-to-use interface, automatic rent reminders, and well-thought accounting suite.
- Best For Real estate professionals looking for a complete property management solution
- Price Starts at $52 monthly.
- Annual Billing N/A
- Promotion Buildium isn’t a free property management software but offers a 14-day free trial.
As one of the best property management software, Buildium provides different functions to help you manage all aspects of a rental property. Its easy-to-use interface streamlines your accounting and tenant communication.
Aside from its impressive native features, Buildium integrates with many popular third-party platforms.
- Apartment List
- Happy Inspector
- Tenant Turner
Here are Buildium’s notable features.
Buildium automates the daily operations of managing a real estate property. It automatically sends rent reminders to the tenants to minimize late and missed rent payments.
Online Tenant Portal
This property management software comes with a tenant portal where renters make online rent payments.
Robust Accounting Suite
One of Buildium’s most notable features is its accounting suite which comes with a complete ledger. It also generates reports on demand to help you monitor and track your finances.
- Ticket-based customer support system that sometimes gives delayed response
- Expensive pricing plans
- Not ideal for individual property managers
Here are Buildium’s pricing plans.
- Essential – starts at $52 monthly
- Growth – starts at $166 monthly
- Premium – starts at $479 monthly
AppFolio lets property managers oversee their units remotely.
It’s one of the most popular rental property management software among landlords with large portfolios.
- Best For Large rental portfolios
- Price $280/mo, or $1,500 (1000+ units)
+ Additional fee per unit rangeing from $0.8 to $1.50, depending on the property type, and $450 onboarding fee to sign up for the service.
- Annual Billing N/A
- Promotion You can book a free Demo
AppFolio supports all types of units, from single-family houses to sprawling apartment complexes. Nevertheless, its advanced features make it popular among landlords with extensive rental property portfolios.
There is no tiered pricing or limits to the number of units you can manage because its offerings and advanced features are à la carte.
Here are AppFolio’s notable features.
Intuitive Mobile App
AppFolio has an intuitive mobile app that lets you manage your rental properties from anywhere and anytime.
Unique Property Management Features
AppFolio offers these unique functions and capabilities (Some have additional costs.).
- Create stunning websites for your residential and commercial properties.
- Obtain landlord and tenant’s insurance.
- Collect debts.
- Collect online rent payments.
- Pay utility bills.
- Screen tenants.
- You get leasing assistants through AI-powered technology.
AppFolio provides additional support and resources to help you grow your rental property business.
- Not ideal for small property managers
- Comes with a minimum monthly fee
Here are AppFolio’s pricing plans.
- Core Residential – minimum of $280 monthly + $1.40 per unit monthly
- Core Plus Residential – minimum of $1,500 monthly + $3 per unit monthly
- Core Commercial – minimum of $280 monthly + $1.50 per unit monthly
- Core Plus Commercial – minimum of $1,500 monthly + $3 per unit monthly
- Core Community Associations – minimum of $280 monthly + $0.80 monthly
SimplifyEm is a rental management software ideal for smaller landlords looking for an easy-to-use interface and affordable leasing tools designed in collaboration with real estate firms
- Best For Small Property Owners
- Price $25/mo up to $1620/mo (depends on package)
- Annual Billing N/A
- Promotion 15-day no-credit card free trial
SimplifyEm offers impressive features at an affordable price, making it one of the most popular property management software among small landlords.
If you have fewer than ten units, this property management software only costs $20 monthly, which rises by $10 for every ten additional units.
This software can screen tenants, track maintenance requests, generate financial reports, and perform other essential tasks for property owners. It also comes with a tenant portal where renters can buy insurance.
Here are some of SimplifyEm’s features.
Easy to Use and Learn Interface
SimplifyEm’s main attraction is its simplicity paired with an intuitive interface. This property management software is ideal if you’re a beginner who doesn’t want to use a tool with a steep learning curve.
Excellent Customer Support
Their customer support service includes live phone and email support.
Integration with Other Services
To help small landlords manage their rental properties efficiently, SimplifyEm integrates with these services.
The property management tool doesn’t support growth if you have over 2,000 units.
Here are SimplifyEm’s pricing plans.
- P10 – $25 monthly (up to ten units)
- P20 – $35 monthly (up to 20 units)
- P30 – $45 monthly (up to 30 units)
- P50 – $60 monthly (up to 50 units)
- P75 – $75 monthly (up to 75 units)
- P100 – $100 monthly (up to 100 units)
- P100+ – +$8 per extra ten units monthly (add increments of ten units)
- P2000 – $1620 monthly (up to 2,000 units)
MRI Software’s advanced features, such as market reports and analyses, are ideal for groups of investors rather than individual landlords. It also has planning and investment tools.
- Best For Commercial properties
- Price You need to call them for a quote.
- Annual Billing N/A
- Promotion N/A
MRI Software has unique features you can’t find in other property management software, such as investment management tools and strategic planning and analysis.
This software is ideal for groups of real estate investors and commercial property owners than individual landlords.
Here are some of MRI Software’s features.
MRI Software boasts investment management tools and other unique features and functions you won’t find anywhere else.
- Planning tools
- Compliance with local and public housing regulations
- Strategic planning tools
- Investment management
Despite the software’s advanced features and unique functions and capabilities, its interface is surprisingly easy to use and learn.
MRI Software started as a property management service provider before expanding to cloud-based software and app. Today, it serves thousands of clients in over 170 countries.
The software’s global reach stems from its reliability, quality, and responsive customer service.
- No free trial
- Unclear pricing plans (you need to call them to get a price quote).
- Only practical for landlords with over 50 units
You need to call MRI Software to get a price quote.
Yardi Breeze is not just a pioneer in providing cloud-based property management software. It also stands out with its advanced features you won’t find in most competitors.
- Best Cloud-Based Software
- Price Starts at $100/mo + $1 per unit monthly
- Annual Billing N/A
- Promotion Free demo and webinars
Yardi Breeze is an excellent property management software for someone who wants access to advanced features in a cloud-based solution.
Native features include online rental applications and collections, maintenance requests, workflow sheets, intuitive calendars, automated marketing, templates and addendums.
Here are some notable features of Yardi Breeze.
Tenants can take photos and attach them to maintenance requests.
Easy-to-Use Advanced Features
Aside from streamlined maintenance requests, Yardi Breeze’s more advanced plans provide these robust capabilities.
- Custom reporting
- Investment management
- Job cost tracking
- Invoice processing
Most users say the software is pretty simple to learn and use.
Affordable and Straightforward Pricing
There’s no setup fee with Yardi Breeze and you get to enjoy advanced features at an affordable price. You only pay a $100 monthly minimum for residential properties or $200 for commercial properties.
- No mobile app
Here are Buildium’s pricing plans.
- Breeze – $100 monthly (plus $1 per unit monthly)
- Breeze Premier – $200 (plus $2 per unit monthly)
Property management solutions allow landlords and property managers of small and large portfolios to manage their daily operations. Consequently, they save time on administrative work and avoid costly errors.
The right software should cover the following tasks.
- Manage occupancy.
- Process maintenance requests.
- Collect rent online.
- Do accounting, reporting, insurance, lead generation, and tenant screening.
I picked Buildium as the best property management tool because of its all-in-one solution, intuitive interface, and scalability.
Buildium’s basic package starts at just $52 monthly and supports up to 150 units. I think it’s a low-cost but robust solution that caters to the needs of landlords with tiny or massive properties.
What Is the Best Rental Property Management Software?
There’s no one-size-fits-all property management software because facilities managers, property owners, and real estate investors have different needs.
Factors such as property types, number of units, plan to expand in the future, and budget also come into play when choosing the right property management software.
I hope the property management software solutions I mentioned on my list will help you make the right decision.
What Should I Look For in Rental Property Management Software?
Here’s what all excellent property management solutions have in common.
- High ratings and testimonials for their ease of setup and use
- Integration with other property management services and apps for a more streamlined process
- Responsive customer service
- Comprehensive features and functions that promote efficient and easy property management
- Affordable relative to their impressive/advanced features
- Advanced and comprehensive features
What Are Nice-to-Have Features in a Property Management Tool?
Here are some advanced (not absolutely necessary) features to look for in a property management solution.
Many private landlords overlook the importance of tenant screening. Fortunately, many property management platforms will do this for you.
Thorough and unbiased tenant screening minimizes the risk of having unsuitable and unreliable tenants.
Robust solutions can screen tenants on your behalf by scrutinizing the financial background of your potential renters.
It’s nice to have this feature because it means you and your tenant can easily comply with the local and public real estate insurance policies.
Space management allows you to streamline resource allocation and track material and space utilization. This feature makes it easier to manage your physical property.
Frequently Asked Questions (FAQs)
1 – What Are the Essential Features and Functions of a Rental Property Management Software?
Property management solutions have these features and functions.
- Tenant screening
- Lease management
- Vacancy and occupancy management
- Communication portal for the renters and landlords
- Repair and maintenance requests
- Accounting and financial reports (income, cash flow, expenses, record payments, and other similar details)
- Rental listing
2 – Why Do Property Managers Use Rental Property Management Software?
These solutions help property managers reduce time spent on admin and avoid costly errors. You need reliable rental property management software if you’re serious about turning yourself into a real estate mogul.
3 – Do Property Management Software Solutions Also Serve Tenants?
Yes, especially if the software comes with a tenant portal that allows them to make online rent payments, send maintenance requests, and buy renter’s insurance.
4 – Who Should Use Rental Property Management Software?
Property owners with small rental portfolios (fewer than ten units) should use management software, especially if they want to accumulate more equities.
This type of software is also ideal for these real estate professionals:
- Property managers
- Commercial property management firms
- Real estate investors
- Facility maintenance staff
- Leasing agents
5 – What’s the Average Cost of a Rental Property Management Solution?
Most management software charges $1 to $2 per unit under management, plus a monthly minimum fee between $200 and $300.
6 – Which Popular Rental Property Management Apps Have Good Reviews?
Not all real estate management software platforms have mobile apps, which are a huge convenience if you’re always on the go.
If you want to use a rental property management solution with a mobile app, consider using Buildium or Appfolio.
The right app depends on multiple factors, such as the number of units, building type, tenants, and budget.
7 – What Happens During a Property Management Software Demo?
Once you request a demo, someone from the provider’s team will set up a quick introductory call to learn about your property portfolio, business needs and priorities, and business structure.
The information you provide will help them construct and plan a service package that meets your specific needs. Next, they will schedule a customized demo for you.
Not every rental property management software offers a free demo.
If you want to try a solution without a demo, check if it has a free trial.
Free trials usually last 14 to 30 days.
8 – Do I Have To Report My Rental Income to the IRS?
Yes. Whether your rental income is from your apartment, mobile home, condominium, vacation house, or any similar type of dwelling, you should always report this to the IRS.
The Bottom Line
Many property management software platforms can meet the varying needs of property managers, owners, and investors. Some are designed for smaller portfolios, while others are for bigger operations.
When selecting your rental property management software, the key is to find the one that fits your unique business needs.
If you’re a small-scale property manager who wants to expand, prioritize building a high-quality website. A website is crucial to the growth of your business.
On another note, did you know what you can make passive income on Amazon too?
Omar Founder of OJ Digital Solutions