Top Property Management Software for Landlords: A Comprehensive Guide
As a landlord, managing properties can be time-consuming and challenging, especially if you have multiple units. To make your life easier, property management software can help streamline daily tasks, from handling payments to tracking maintenance requests. The right software can save you time, increase efficiency, and help you stay organized. Here’s a list of the top property management software options for landlords:
1. Buildium
Best for: Landlords with multiple properties or large portfolios.
Overview: Buildium is one of the most popular property management software platforms and offers a comprehensive set of features for residential and commercial property management. It’s suitable for landlords managing a few units or large property portfolios.
Key Features:
- Tenant & Lease Tracking: Manage leases, renewals, and tenant details.
- Online Payments: Tenants can pay rent online, and landlords can automate late fees.
- Accounting: Track expenses, income, and generate tax-ready financial reports.
- Maintenance Requests: Tenants can submit requests, and landlords can track their progress.
- Applicant Tracking: Use Buildium’s screening tools to vet potential tenants.
- Mobile App: Landlords can manage properties on the go with a mobile app.
Pricing: Buildium offers three pricing tiers:
- Core: Starts at $50/month for up to 150 units.
- Pro: Starts at $175/month for up to 150 units.
- Premium: Starts at $250/month for up to 150 units.
2. AppFolio
Best for: Landlords with multiple units, especially those with a mix of residential and commercial properties.
Overview: AppFolio is known for its user-friendly interface and robust features. It’s a cloud-based platform that’s perfect for landlords who want to manage multiple properties and units efficiently. It’s especially well-suited for property managers with both residential and commercial properties.
Key Features:
- Online Rent Payments: Set up recurring payments and automatic reminders for tenants.
- Tenant Portal: Tenants can submit maintenance requests, pay rent, and communicate with you.
- Accounting Tools: Generate reports, manage expenses, and create tax-ready financial reports.
- Document Storage: Store lease agreements, tax records, and more securely online.
- Mobile App: Access your account on the go with the AppFolio mobile app.
- Maintenance Management: Track and resolve tenant maintenance issues quickly.
Pricing: AppFolio charges a monthly fee based on the number of units you manage:
- Pricing: Starts at $1.25 per unit per month with a $250 minimum.
3. TenantCloud
Best for: Landlords with a small to medium-sized property portfolio, offering a free option.
Overview: TenantCloud is a versatile property management tool that provides landlords with a range of features without breaking the bank. It’s ideal for small and medium-sized landlords, with a free version available for managing up to 75 units.
Key Features:
- Free Version: Includes basic property management features, including online rent payments, accounting, and a tenant portal.
- Tenant & Lease Tracking: Track lease dates, rent prices, and payment status.
- Online Payments: Accept rent payments via ACH, debit/credit cards, and more.
- Maintenance Management: Tenants can submit maintenance requests that you can track.
- Accounting Tools: Record income, expenses, and generate financial reports.
- Document Storage: Keep important documents like leases and receipts.
Pricing:
- Free: For landlords with up to 75 units.
- Paid plans: Start at $12 per month for 1–5 units and increase based on the number of units.
4. Rentec Direct
Best for: Landlords who need advanced accounting features and robust reporting tools.
Overview: Rentec Direct is a property management software focused on providing detailed accounting and financial reporting. It’s a great option for landlords who need more robust accounting features for tax reporting or managing larger portfolios.
Key Features:
- Accounting & Financial Tools: Includes double-entry accounting, financial reporting, and tax-ready statements.
- Tenant & Lease Tracking: Keep detailed records of tenants, leases, and payments.
- Online Payments: Tenants can pay rent online with ease.
- Maintenance Tracking: Manage maintenance requests and track their status.
- Mobile Access: Access your property details on the go through Rentec Direct’s mobile app.
- Tenant Screening: Built-in tenant screening features, including credit and background checks.
Pricing:
- Pro Plan: Starts at $35/month for up to 10 properties.
- PM Plan: Starts at $50/month for unlimited properties.
- Enterprise Plan: Custom pricing based on your portfolio size.
5. Yardi Breeze
Best for: Small to medium-sized landlords who want an affordable and easy-to-use solution.
Overview: Yardi Breeze is a simplified version of Yardi’s full property management software, designed for small to medium-sized landlords. It offers a solid set of tools, including accounting, payment processing, and tenant communication features.
Key Features:
- Tenant & Lease Tracking: Keep track of lease details, payment history, and tenant information.
- Online Rent Payments: Accept payments through bank transfers, debit, and credit cards.
- Accounting Tools: Generate income and expense reports, including year-end tax statements.
- Maintenance Requests: Tenants can submit requests, and landlords can track progress.
- Mobile App: Manage properties from anywhere using the mobile app.
- Tenant Screening: Conduct credit checks on potential tenants.
Pricing:
- Essentials Plan: Starts at $1 per unit per month (minimum $12/month).
- Premium Plan: Starts at $2 per unit per month (minimum $24/month).
6. Rentec Professional
Best for: Experienced landlords or property managers with large portfolios.
Overview: Rentec Professional is a comprehensive property management software tailored for landlords and property managers who handle a significant number of units. It includes tools for accounting, reporting, tenant management, and more.
Key Features:
- Accounting & Reporting: Advanced accounting tools, including balance sheets, tax reports, and custom financial reports.
- Tenant & Lease Tracking: Organize tenant information, lease dates, and payment histories.
- Online Rent Payments: Tenants can pay rent online, and you can automate late fee assessments.
- Maintenance Management: Create work orders and track maintenance requests efficiently.
- Mobile App: Manage properties on the go with the Rentec Professional mobile app.
- Tenant Screening: Run credit, eviction, and background checks.
Pricing:
- Starting at $35/month for up to 10 properties.
- Custom pricing for larger portfolios.
7. Cozy (now part of Apartments.com)
Best for: Landlords with a small portfolio looking for a free or low-cost solution.
Overview: Cozy is a straightforward and easy-to-use property management platform that’s perfect for landlords with a small portfolio. It’s known for its free options and simple features.
Key Features:
- Online Rent Payments: Tenants can pay rent online via ACH transfer, credit card, or debit card.
- Tenant Screening: Run background and credit checks on prospective tenants.
- Maintenance Requests: Tenants can submit maintenance requests and track their status.
- Expense Tracking: Track your income and expenses easily to keep your financials organized.
- Mobile App: Manage your properties via the Cozy mobile app.
Pricing:
- Free for landlords with up to 10 units (basic features).
- Premium features: Available for a fee (tenant screening, ACH payment processing).
Conclusion
Choosing the right property management software depends on your needs as a landlord. If you’re managing a large portfolio, Buildium, AppFolio, or Rentec Direct may be the best fit for you, offering comprehensive tools for managing multiple properties. For smaller landlords or those just getting started, software like TenantCloud, Cozy, or Yardi Breeze might be more affordable while still providing essential features.
Ultimately, the best property management software will help you streamline operations, improve communication with tenants, and ensure that your rental properties are running smoothly. Consider factors like ease of use, scalability, and customer support when making your choice.