Guide To The 16 Best Rental Property Management Software Of 2024
10 Best Rental Property Management Software Shortlist
Here's my pick of the 10 best software from the 16 tools reviewed.
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Each tool in this list serves a distinct purpose – from comprehensive rental management to seamless tenant sourcing, from effortless financial tracking to a flexible property viewing. They promise to enhance your property management experience, making your job simpler and more effective.
Navigating the rental property business can be a bit like a treasure hunt, and I understand you're in search of the perfect management tool. Trust me; I've been there! I've spent countless hours examining the nitty-gritty of various software options, and I've handpicked these as the best rental property management software available today.
The software listed here is designed to automate your day-to-day tasks and streamline your workflow. Say goodbye to management chaos, as these platforms handle everything from tenant applications to rent collection, rental listing, renters, maintenance requests, collect rent, and financial reporting. Dive in and find the one that's the perfect fit for you.
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What Is Rental Property Management Software?
Rental property management software is a comprehensive digital property management software solution designed for property managers, landlords, and real estate professionals who handle rental properties. This innovative software streamlines various property management tasks, including tenant screening, rent collection, lease management, residential properties, maintenance tracking, and financial reporting.
Utilized across residential, commercial, and vacation rentals, it enhances efficiency, reduces manual work, and improves tenant communication, ultimately offering users an easier, more organized way to manage their rental business. Whether you manage a single-family property, multi-family property, or a large portfolio, this software is an essential ally designed to simplify operations, boost productivity, and drive profitability.
Best Rental Property Management Software Summary
| Tools | Price | |
|---|---|---|
| Buildium | From $50/user/month | Website |
| Lodgify | From $36/month (billed annually) | Website |
| Hemlane | From $40/user/month | Website |
| Property Vista | From $1.50/user/month | Website |
| SimplifyEm | From $20/user/month | Website |
| Turbo Tenant | From $35/user/month | Website |
| Yardi Breeze | From $100/user/month | Website |
| Smoobu | From $19/user/month (billed annually) | Website |
| TenantCloud | From $9/user/month | Website |
| Odoo | From $24.90/user/month (billed annually) | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareBest Rental Property Management Software Reviews
Buildium is a comprehensive property management platform with particular strength in managing community associations. Its diverse suite of tools caters to a broad range of needs, from tenant management to financial reporting.
Why I Picked Buildium:
I selected Buildium for its versatility and robustness in managing community associations. It's a standout tool due to its capability of handling large associations, ensuring seamless management of tasks such as dues collection, maintenance request tracking, and resident communication. Buildium, in my judgment, is 'Best for robust community association management' due to its wide range of features specifically designed for this use case.
Standout features and integrations:
Buildium's features include board member tracking, dues collection directly from bank accounts, document storage, and community message boards for streamlined HOA communication, making it easy to manage all aspects of a community association. The software integrates with various payment platforms for convenient dues collection and disbursement and also offers integrations with maintenance request systems for efficient property upkeep.
Pros and cons
Pros:
- Tailored features for managing large communities
- Wide range of useful integrations
- Comprehensive tool for community association management
Cons:
- Some users may find it complex due to its broad feature set
- Higher starting price point than some competitors
- May be overkill for small properties or single-tenant rentals
Lodgify is a property management system specifically designed for vacation rentals. It offers a full suite of tools for managing online bookings, reservations, and websites, which aligns it closely with the needs of vacation rental businesses.
Why I Picked Lodgify:
In the course of selecting suitable property management tools, Lodgify stood out due to its focus on vacation rental businesses. Its unique blend of features tailored to the vacation rental market sets it apart from more generic property management software.
Standout features and integrations:
Lodgify shines with its features, such as direct booking management, channel management, a reservation system, and a website builder specifically tailored for vacation rentals. The platform integrates well with popular listing sites like Airbnb, Booking.com, and Vrbo, facilitating a broader market reach for businesses.
Pros and cons
Pros:
- Offers a website builder for vacation rental businesses
- Integrates with popular vacation rental platforms
- Specialized features for vacation rentals
Cons:
- The annual billing may be inconvenient for some users
- The user interface can be improved
- The monthly cost is on the higher side for small businesses
Hemlane takes a holistic approach to rental property management for different property types, allowing landlords, real estate investors, and property managers to control and automate every facet of their business. By bringing everything under one roof, it addresses the needs of a comprehensive rental management strategy, justifying why it's best for that.
Why I Picked Hemlane:
Hemlane made the cut for its well-rounded feature set that truly caters to the diverse needs of property managers. It goes beyond the basic rental property management functionalities, delivering an all-in-one platform. This is why Hemlane shines as the best for comprehensive rental management - it leaves no stone unturned, offering solutions for every aspect of your business.
Standout features and integrations:
Hemlane's robust feature set includes a user-friendly tenant portal, tenant screening, rent collection, maintenance coordination, and financial reporting. Its state-of-the-art rental advertising feature lets you advertise on 40+ websites with a single click. Hemlane integrates with major platforms like Zillow, Apartments.com, and Realtor.com, ensuring your property listings gain maximum exposure.
Pros and cons
Pros:
- User-friendly interface
- Broad integrations with property listing websites
- Offers a full suite of property management features
Cons:
- Limited customer service hours
- Some features may take time to master due to the platform's comprehensiveness
- Starting pricing might be high for smaller operations
Property Vista is a property management software that offers a wide array of services, but its prowess lies in streamlining the leasing process. From applicant screening to lease agreement signing, it provides tools designed to facilitate and expedite these processes.
Why I Picked Property Vista:
In determining which tools to choose, Property Vista caught my eye due to its thorough approach to leasing. Its distinct leasing module streamlines every step, from initial applicant screening to lease agreement signing. Hence, I believe Property Vista is 'Best for a streamlined leasing process.'
Standout features and integrations:
Key features of Property Vista include online rent collection, maintenance request management, and background checks as part of an applicant screening system that speeds up the leasing process. It also offers an integrated digital lease signing feature, which reduces paperwork and hastens closing deals. When it comes to integrations, Property Vista supports well-known payment processors such as Visa, MasterCard, and American Express, plus it smoothly connects with QuickBooks for accounting software.
Pros and cons
Pros:
- Supports numerous payment processors
- Integrated digital lease signing feature
- Strong focus on streamlining the leasing process
Cons:
- Some users report occasional glitches in the system
- May be costly for smaller property managers or landlords
- Minimum requirement of 200 units for starting price
SimplifyEm lives up to its name by making rental property financial management an easier task. With robust accounting features, it stands out as a great tool for those who want to keep their financials tidy and transparent.
Why I Picked SimplifyEm:
I chose SimplifyEm for its focus on simplifying financial management in the realm of property rentals. Its robust accounting features make it unique in the lineup. The software is the 'Best for effortless financial tracking' because of its ability to centralize financial tasks like rent collection, expense tracking, and generating financial reports.
Standout features and integrations:
Key features of SimplifyEm include online rent collection, expense tracking, and financial reporting. The tool also offers document storage, making it easy to keep all your rental-related paperwork orders in one place. SimplifyEm integrates with banks and other financial institutions for seamless money management.
Pros and cons
Pros:
- Affordable pricing
- Integrates with banks for seamless transactions
- Robust financial tracking features
Cons:
- Limited customer service hours
- User interface could be more modern
- Lacks some tenant management features
Turbo Tenant offers a suite of tools, accessible on Android devices and through their API, designed to make the process of finding and securing tenants a smooth operation. Its focus on tenant sourcing capabilities positions it as an ideal solution for managers looking for a hassle-free way to fill vacancies.
Why I Picked Turbo Tenant:
I selected Turbo Tenant because of its powerful tenant-sourcing features, which set it apart from other property management software. Its ability to manage and streamline the tenant acquisition process makes it a must-have tool in my book. Turbo Tenant stands out as 'Best for seamless tenant sourcing' with its easy-to-use tenant application and screening processes, making it a top pick for managers looking to minimize the time properties spend vacant.
Standout features and integrations:
Turbo Tenant offers standout features such as online rental applications, TransUnion-powered tenant screening reports, built-in marketing tools for advertising vacant properties, and an efficient system to track maintenance requests. It also provides state-specific lease agreements, ensuring legal compliance. The platform integrates with major property listing websites, making it easy to advertise your properties across the web.
Pros and cons
Pros:
- Provides state-specific lease agreements
- Integrations with major property listing sites
- Excellent tenant sourcing capabilities
Cons:
- Customer support could be improved
- Limited customization options
- Does not offer full-suite property management features
Yardi Breeze is a comprehensive property management platform offering a wide range of functionalities. This tool is designed to streamline all property management tasks, making it a valuable asset for landlords, property managers, and real estate organizations, which aligns with the 'best for' statement as an all-in-one solution.
Why I Picked Yardi Breeze:
When selecting a tool for the list, I gave preference to comprehensive solutions that offer extensive features. Yardi Breeze stood out in this aspect, providing an all-in-one platform that covers almost every facet of property management. From tenant screening to financial reporting, its capabilities made a strong impression on me. This is why I believe Yardi Breeze is best for users seeking an encompassing property management platform.
What do you get for free?
Yardi Breeze does not offer a free tier or trial. Their focus is on delivering quality, premium services to their users.
Standout features and integrations:
Yardi Breeze boasts a multitude of features that make it a standout choice. It offers online leasing, tenant screening, marketing, maintenance management, and detailed financial reporting. As for integrations, Yardi Breeze provides compatibility with other Yardi products, promoting a uniform data flow between property management modules. It also integrates with financial systems and CRM platforms to provide more convenience to users.
Pros and cons
Pros:
- Includes tenant screening and online leasing capabilities
- Compatible with other Yardi products and various financial systems
- Comprehensive suite of property management features
Cons:
- The wide array of features can be overwhelming for newcomers
- Cost may be high for smaller property managers
- No free trial or tier offered
Smoobu is a versatile property management system that facilitates the multi-channel management of commercial properties. It brings together several platforms into one dashboard, making it an ideal tool for businesses managing properties across multiple online channels.
Why I Picked Smoobu:
As I was comparing various property management systems, I determined that Smoobu has an edge when it comes to multi-channel property management. Its seamless integration with multiple online rental platforms sets it apart and substantiates why it's best suited for managing properties across multiple channels.
Standout features and integrations:
Smoobu's most impressive features include reservation synchronization, communication templates, and a booking engine. The system integrates with numerous rental platforms, such as Airbnb, Booking.com, Expedia, and HomeAway, as well as with property management companies, which significantly streamlines multi-channel property management.
Pros and cons
Pros:
- Offers a unified communication module for ease of communication
- Excellent for managing multiple channels from one dashboard
- Integrates with a wide range of rental platforms
Cons:
- The availability of customer service can be improved
- Some users may find the interface a bit complex initially
- Pricing can add up for properties on multiple platforms
Tenant Cloud is a cloud-based property management platform that fosters communication between tenants and landlords. It offers a wide array of features, such as rent collection, maintenance request tracking, and, most notably, a built-in messaging system to facilitate clear communication.
Why I Picked Tenant Cloud:
When I was comparing tools, I selected Tenant Cloud primarily for its strong focus on tenant-landlord communication. It stands out for the inclusion of a built-in messaging system that enables real-time communication, making it easier to address concerns and maintain a positive landlord-tenant relationship. Therefore, in my opinion, Tenant Cloud is 'Best for excellent tenant-landlord communication.
Standout features and integrations:
Tenant Cloud offers features such as online rent payments via credit card, tenant tracking, and a robust reporting system. The built-in messaging feature is its most noteworthy offering, enabling direct communication between tenants and landlords. In terms of integrations, it connects with popular payment gateways like PayPal and Stripe, along with providing a smooth integration with QuickBooks for property accounting.
Pros and cons
Pros:
- Affordable pricing for smaller landlords or property managers
- Integration with popular payment gateways
- Built-in messaging system for enhanced communication
Cons:
- Some users report a steep learning curve for the interface
- May lack some advanced features found in other platforms
- The free tier is quite limited in functionality
Odoo is an open-source enterprise resource planning (ERP) and customer relationship management (CRM) software that offers a range of business applications. Its modular approach allows companies to choose and integrate the applications that best fit their operations.
Why I Picked Odoo:
In selecting a tool that stands out for modular business operations, I picked Odoo because of its adaptable and customizable nature. Users can select from a plethora of modules, each tailored to a different business need, which allows for flexibility in creating a tailored solution. Thus, Odoo is a tool that excels when it comes to modular business operations.
Standout features and integrations:
Odoo's key features include CRM, sales, invoicing, operations management, manufacturing, website building, e-commerce, and marketing tools. This comprehensive set makes it a one-stop shop for various business needs. As for integrations, Odoo can smoothly sync through its API with payment gateways such as PayPal and Ingenico, plus shipping carriers like DHL, UPS, and FedEx. This facilitates the e-commerce process from payment to delivery.
Pros and cons
Pros:
- Seamless integrations with payment gateways and shipping carriers
- Highly customizable and adaptable to specific needs
- Offers a wide range of business applications
Cons:
- Some users have reported occasional lags in the system
- Might have a learning curve for non-tech-savvy users
- Starting price excludes the cost of additional apps
Other Rental Property Management Software Tools
Below is a list of additional rental property management software that we shortlisted but did not make it to the top 10. Definitely worth checking them out.
- RMS Cloud
For scalability in the hospitality industry
- Showdigs
For flexible property viewing
- AppFolio
Good for landlords with large property portfolios
- Rentec Direct
Good for extensive tenant screening features
- Rentpost
Good for customizable rental agreement templates
- PropertyWare
Good for integrated maintenance management tools
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How I Picked The Best Rental Property Management Software
In my personal pursuit of the ideal property management software solution, I've tested dozens of tools. Through my experience, I've realized that the best software provides comprehensive solutions to challenges faced by landlords and property managers. Below, I'll delve into the specific criteria I found most valuable during my evaluations.
Core Functionality
- Tenant Management: Track and manage tenant information and leases efficiently.
- Maintenance Management: Track repair needs and manage maintenance tasks.
- Financial Management: Handle billing, rent collection, and expense tracking.
Key Features
- Automation: Automates various tasks such as lease renewals, rent collection, and notifications.
- Integration: Seamlessly integrates with other software like accounting tools and payment gateways.
- Reporting: Provides detailed financial and operational reports.
Usability
- Intuitive Interface: The tool should have a clean, easy-to-understand dashboard that allows users to navigate different functionalities without difficulty.
- Accessibility: Should be accessible on various devices, including mobile, to enable property management on the go.
- Customer Support: Fast and reliable customer support is essential for addressing any issues or queries that might arise during use.
Rental Property Management Software (FAQs)
What are the benefits of using rental property management software?
Rental property management software offers multiple benefits, including:
- Efficiency: Automates time-consuming tasks like rent collection, onboarding, lease renewals, and property maintenance tracking.
- Organization: Consolidates all tenant and property-related data in one place.
- Financial Management: Simplifies billing and expense tracking, improving financial accuracy.
- Reporting: Provides detailed reports, making it easier to analyze property performance and financial health.
- Accessibility: Most tools have a mobile app and are cloud-based, enabling management on the go.
How much does rental property management software cost?
The cost of rental property management software varies greatly based on the features offered, the number of properties managed, and whether it’s targeted at small businesses or large enterprises.
What are the pricing models for rental property management software?
Most software uses a subscription-based pricing model, which could be charged monthly or annually. Some providers may also offer pricing per unit, where you’re charged based on the number of properties you manage.
What is the typical range of pricing for rental property management software?
Pricing can range from around $20 per month for basic software managing a small number of properties to several hundreds of dollars for more comprehensive solutions designed to manage large portfolios.
Which is the cheapest rental property management software?
While exact prices can change, Rentec Direct has been known to offer competitive pricing, with plans starting at $35 per month.
Which is the most expensive rental property management software?
High-end tools like Propertyware can cost several hundreds of dollars a month, especially when managing a large number of properties.
Are there any free rental property management software options?
Yes, some providers offer limited-feature versions of their software for free. However, these are usually quite basic and might not include key features like automation or comprehensive reporting.
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