Finding software can be overwhelming. We've helped thousands of property managers choose the right rental property management software so they can manage reservations and payments.

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BuildiumFrontRunners 2021

Buildium is a cloud-based property management software that enables managers of residential and association properties to take control of every aspect of their business, whether in the office or fully remote, including online rent... Read more

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Recent recommendations: 124 recommendations

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Yardi Breeze

Yardi Breeze is property management software built exclusively for small to mid-size businesses. Yardi Breeze offers features such as autocomplete address lookups, data import utility, home screen dashboard, drill-down reporting a... Read more

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Recent recommendations: 104 recommendations

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SimplifyEm

SimplifyEm is a property management software designed to meet the requirements of small and mid-sized landlords and property managers. The web-based solution offers features like property accounting, tenant management, lease track... Read more

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Recent recommendations: 79 recommendations

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AppFolio Property ManagerFrontRunners 2021

AppFolio provides property management software that allows property managers and owners to market, automate and manage tasks related to their apartments, residential properties, commercial property, student housing or other proper... Read more

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Recent recommendations: 60 recommendations

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HemlaneFrontRunners 2021

Hemlane is a cloud-based property management solution that caters to small businesses. The key features of the solution include property marketing, applicant screening, lease tracking, rent collection and maintenance coordination.... Read more

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Recent recommendations: 37 recommendations

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Rentec DirectFrontRunners 2021

Rentec Direct serves as a web-based, full-featured management system for landlords and property managers that is designed to suit the needs of those managing properties between 25 and 5,000 units. Rentec has no startup fees, no te... Read more

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Recent recommendations: 27 recommendations

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RealPage

RealPage is a cloud-based property management solution suitable for businesses of any size. Key features include accounting, budgeting, facilities maintenance, purchasing, document management and reporting. RealPage enables u... Read more

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Recent recommendations: 21 recommendations

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PayHOA

Pay HOA is a cloud-based homeowner association (HOA) solution which assists property managers with rent collection, invoicing and e-filing. Its key features include online payments, survey collection, tenant engagement tracking an... Read more

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Recent recommendations: 19 recommendations

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Rent ManagerFrontRunners 2021

Rent Manager is a software system for both residential and commercial real estate entities with portfolios of any size. The accounting component of Rent Manager has full integration and includes everything from standard to advance... Read more

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Recent recommendations: 17 recommendations

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ApexLink

Designed for small, medium and large property management companies, ApexLink is a comprehensive business management solution that covers all aspects of residential and commercial rental properties with integrated communication, ma... Read more

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Recent recommendations: 16 recommendations

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Re-Leased

Re-Leased is a cloud-based commercial property management solution. Key features include accounting, portfolio management, tenant communication, inspections, document storage and compliance management. The solution integrates with... Read more

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Recent recommendations: 10 recommendations

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ResManFrontRunners 2021

ResMan is the industry-leading property management platform preferred by owners, operators and investors across the multifamily, affordable and commercial real estate marketplace. Our platform is built for the evolving needs of yo... Read more

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Recent recommendations: 9 recommendations

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Total Management

Total Management is a cloud-based property management solution suitable for midsize to large organizations that manage apartments, mixed portfolio, REITs and commercial or retail space. Total Management helps users multitask ... Read more

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Recent recommendations: 8 recommendations

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iRent

iRent is a cloud-based property management solution for small and midsize property managers. Key features include tenant management, billing and financial management, role-based system access and work order management. iRent ... Read more

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Recent recommendations: 7 recommendations

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Property Matrix

Property Matrix is a cloud-based property management solution for apartment complexes and multi-family unit properties. It offers applications for tenant and lease tracking, property accounting, building maintenance, CRM and onlin... Read more

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Recent recommendations: 5 recommendations

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RentPost

RentPost is a cloud-based property management solution that handles priorities faced by property managers including unit and tenant management, work orders, contact management, automatic rent collection, and accounting. The soluti... Read more

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Recent recommendations: 5 recommendations

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PayProp

PayProp is a cloud-based property management solution designed to help Florida’s property managers collect, reconcile and distribute rental payments for their properties under management – on time and to the right recipients. Key ... Read more

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Recent recommendations: 4 recommendations

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Innago FrontRunners 2021

Innago offers a cloud-based property management platform for landlords with small to midsize property portfolios. With Innago, users can collect rent, manage leases, collect signatures and manage tenants. Landlords can collec... Read more

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Recent recommendations: 3 recommendations

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Condo Control Central

Condo Control Central is a property management solution that provides an online communication and management platform for condos. It offers an online discussion forum, amenity booking, concierge management and more. An online... Read more

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Recent recommendations: 3 recommendations

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RentRedi

RentRedi is landlord-tenant software for landlords to easily manage their properties. RentRedi provides an all-in-one platform that enables landlords to collect mobile rent payments, send in-app notifications, prescreen tenan... Read more

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Recent recommendations: 3 recommendations

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Buyers guide


Last Updated: April 15, 2021

Here's what we'll cover:

What is rental property management software?
Common Features of Rental Property Software
Benefits
Market Trends to Understand

What is rental property management software?

 

A rental property management system is software that enables rental property owners and managers to execute a considerable number of essential daily tasks--including managing and tracking tenant information, accounting and billing, maintenance, and posting vacancies online--to help all operations run smoothly for a given property.

Rental property management software also generates reports on activity like monthly rent payments, income, and expenses, to help you monitor the financial health of your property.

Common Features of Rental Property Software

Software for rental properties manages one or more of five general functions:

1. Applications and tenant information

  • Tenant portals enable online rent payment, maintenance request submissions and even community forums for events or public notices to improve communication.
  • Customizable lease forms and easy document distribution help standardize the leasing process and make sure all required documentation is completed and archived.  
  • Resident screening lets you evaluate applicants’ credit history, criminal activity, rent history and income by initiating these checks from within your software.
  • Store vital tenant information, such as resident contact information, late fee reminders and work order history.

2. Rent roll and payments

  • Online rent payments eliminate the hassle of paper checks and trips to the bank.
  • Utility metering calculates and bills for tenant consumption of metered utilities so you don’t have to check and record manually.
  • Automatic alerts inform landlords and tenants of delinquent rent payments.
Sample Electronic Rent Payment

3. Vacancy management

  • Automated vacancy postings allow new properties to be listed faster and more easily, reducing the time it takes to fill vacant units. 
  • Automated notifications inform you about upcoming lease expirations.
  • Vacancy planning provides proactive identification of vacancies and under-utilized locations.
  • Space tracking helps manage the configuration of available space for move-ins and move-outs.
Sample Automatic Vacancy Post

4. Maintenance record keeping

  • Maintenance request alerts ensure all maintenance issues are taken care of promptly.
  • The ability to prioritize issues, work assignments, requests and other objectives that require immediate attention helps increase efficiency.
  • Maintenance staff management allows you to easily delegate tasks.
  • Service contract storage lets you easily reference records.

5. Financial accounting and reporting.

  • General ledger, income statements, balance sheets and accounts payable and receivable help you keep tabs on revenue, expenses and the overall financial health of your portfolio.
  • Payroll management allows you to calculate withholdings for state and local income taxes.
  • Tracking budgets against actuals allows you to view current revenue and forecast future cash flow.

Benefits

Rental property software offers benefits such as cost and time savings, real-time data access, security and scalability. Landlords who are busy or reside at a different location can use these systems to manage multiple properties from their smartphones or laptops.

The software can be installed on-premise, hosted in the cloud or used on a mobile application. Cloud-based solutions and mobile applications enable owners to monitor their properties from any location. Using a single application, owners can check on multiple properties, review tenant complaints, accept payments and receive property alerts online.

Rental property software keeps a record of all communication and transactions made through the application. This can help prevent disputes between tenants and owners in situations when property owners forget to keep records about payments due, excess amounts paid previously and lease termination dates.

Rental property software also enables tenants to submit requests and track their status online. They can print and download documents, such as lease agreements, rent receipts and other account information by logging in to the client web portal. The online payment processing feature saves time and effort, both for tenants and landlords. Users can also add notes and details about offline transactions.

Finally, these systems can alert owners about issues such as pending tax and insurance payments, incomplete maintenance jobs and document renewal. This helps landlords remain compliant with all federal regulations and standards.

What Type of Buyer are You?

Before deciding on purchasing a solution, you should determine what type of buyer you are, as this will help you narrow down your requirements.

Property owners (1 - 9 units): Though managing a smaller number of properties can be done using the traditional methods, an automated system will help ensure accuracy, standardization and better maintenance of records and documents. It will also be scalable in case you plan to increase the number of units you manage in the future.

Owners and property managers (10+ units): If you are a solo owner or property manager in charge of multiple sites, rental software can help you monitor all of your properties from a centralized location, without having to visit the locations frequently. A rental management solution that supports electronic payments helps minimize difficulties related to rent collection, check processing, repair work tracking and documentation.

Property management companies/enterprise owners (50+ units): If you own a rental business and have to manage multiple residential or commercial properties, your best bet is a solution that offers a wide range of features and integrates with third-party software, such as QuickBooks or other accounting and CRM software. Such a solution will help automate important property management tasks such as screening tenants, collecting rent and managing your finances. It can also help track vacancies, manage renewals, create reports and maintain regulatory compliance.

Long-distance property owners: Rental software is especially helpful for owners who reside in foreign countries and rent out their properties. Such buyers should seek a solution that enables them to manage and track rentals, send notifications to tenants and receive payments without incurring additional travel or communication costs.

Market Trends to Understand

Integrated suite vs. point solutions. Integrated suite rental management software combines a range of applications such as accounting, record-keeping and maintenance tracking into one system. In contrast, rental property manager software point solutions serve one specific function (such as processing online rent payments) and are either used in conjunction with other software or in a standalone capacity.

Size and number of properties. Certain rental tracking software systems are better suited for a large number of units or properties with mixed portfolios, whereas others are best for single properties with only a small number of units.

Web-based vs. on-premise deployment. Web-based (or “cloud”) rental property management systems store the application and all associated data online and are accessible from anywhere with Internet access. On-premise systems require software to be installed on a computer or server in your facility.

Mobile-optimized. Some rental property manager systems are accessible via tablet or smartphone, making it easy to view, enter and track data on-the-go.

FrontRunners

Your Guide to Top Rental Property Software, March 2021

Software Advice uses reviews from real software users to highlight the top-rated Rental Property Management Software products in North America.

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“Usability” includes user ratings for Functionality and Ease of Use.“Customer Satisfaction” includes user ratings for Customer Support, Likelihood to Recommend and Value for Money.Reviews analysis period: The reviews analysis period spans two years and ends on the 15th of the month prior to publication.