10 Best Rental Property Management Software for 2024
As we have just spent the quarter of 2024! Still, the real estate market continues to expand here, and staying on top of your rental properties has never been more crucial. That’s where the best rental property management software comes in as your trusty sidekick, saving you time, hassle, and headaches.
With this efficient software for effortlessly tracking rent payments, swiftly communicating with tenants, and seamlessly managing maintenance requests—all at your fingertips isn’t a dream for property managers now.
As in this blog post, we’re diving deep into the top ten best rental property management software solutions of 2024, aiming to enhance your landlord experience. Let’s explore them – here we go!
Top 10 Best Rental Property Management Software For 2024
So, your query is about the best software to manage your rental properties in 2024. Check out our list of the Top 10 Best Rental Property Management Software for this year and ahead!
Landlord Studio is a user-friendly property management software tailored for landlords and property managers. It simplifies rental property management with a focus on real estate accounting. It can be used for collecting rent online, automating tasks, collecting, managing, and screening tenants, managing leases, maintenance requests, tenant communication, and more.
Pricing
Landlord Studio has two pricing plans. Its GO offers all the basic property management functionality. You need to upgrade your rental management and replace old and outdated systems like spreadsheets.
You can use its go version, which is free to use for up to 3 units. New users also get a free 14-day trial of the PRO plan, which comes with a range of cutting-edge automation tools. PRO plans start at $12 per month, with each additional unit costing $1 more.
Features
- Award-winning accounting tools, including bank feeds, receipt scanners, mileage trackers, recurring expenses, and more.
- Over 15+ advanced financial reports
- Find and screen tenants
- Manage maintenance requests
- Manage on the go via the native iOS or Android mobile app.
- Store important documents and receipts.
- Automated online rent collection and income tracking, late fees, and rent reminders.
PROS & CONS
Pros
- Free and affordable paid plan.
- Full-featured in-built accounting suite developed for property owners.
- Designed with a focus on ease of use.
- Mobile app for iOS and Android.
- Tenant app with auto-pay rent.
- Automate tenant communications, income tracking, and bank reconciliation.
- Quick and easy onboarding: simply upload your spreadsheet.
- Great customer service.
Cons
- Rent payments take 3-5 working days.
- It lacks some tenant communication features.
Buildium is an extensive cloud-based solution catered towards larger property portfolios, encompassing a wide array of high-quality features commonly found in property management software.
Its user-friendly mobile portal and acclaimed customer support, along with valuable analytical tools, empower users with crucial insights into their rental business performance.
WHO CAN BENEFIT?
Due to its higher price point and onboarding costs, Buildium is better suited for managing larger portfolios and property managers. Additionally, it provides tailored tools for community association and homeowners association (HOA) management.
Pricing
Buildium offers three pricing tiers: a basic plan starting at $52 per month with optional extras, a Growth plan starting at $166 per month, and a Premium plan starting at $479 per month.
PROS & CONS
Pros:
- Automated rent collection via a tenant portal.
- Online ticket support is available during business hours.
- Abundant training materials were provided.
Cons:
- Higher pricing plans.
- Some complaints regarding customer support.
- It is not ideal for single-home property managers.
AppFolio stands out as a top pick among real estate investors with sizable rental portfolios. While it offers standard property management features like handling maintenance requests, automating payments, and facilitating online leases, it distinguishes itself by catering to larger portfolios.
Who It’s Best For:
AppFolio offers comprehensive accounting and management features tailored to various users, but it shines especially for property managers overseeing at least 50 units, making it ideal for those working large-scale operations.
Pricing:
Starting at $280 per month for the Core plan and $900 per month for the Plus plan.
Pros & Cons:
Pros:
Offers plans for community associations and commercial real estate landlords.
Supports all unit types.
Comes with a mobile app.
Cons:
Lacks pricing plans for smaller residential landlords.
Imposes a high minimum monthly fee.
Not suitable for managing a small number of properties.
MRI Software is a specialized platform designed specifically for managing commercial properties, offering advanced features not commonly found in standard rental property management software. These features include investment management reports and strategic planning tools, enabling users to make informed decisions and optimize their commercial property ventures.
Who Benefits Most From MRI Software?
While it serves a diverse range of real estate professionals, it excels when used by commercial entities and corporations with extensive portfolios. However, its comprehensive features might not be fully utilized by smaller ventures, potentially making its higher price point less justified. For individual landlords, exploring more tailored and cost-effective property management solutions may be more suitable.
How Much Does It Cost?
Pricing for MRI Software isn’t readily available; you’ll need to contact the company directly. Expect it to be comparable to other platforms like Buildium and Appfolio.
Cons&Pros
Pros:
- Easy to use interface.
- Provides access to valuable market data.
- Compatible with various types of properties.
- Includes advanced features for strategic planning and analysis.
Cons:
- Pricing information is not readily available; it requires reaching out to the company.
- Lacks a free trial option.
- Involves a more extensive sales and onboarding process.
- Primarily suited for large portfolio multifamily managers rather than single-family landlords.
Here’s how Goyzer can transform your property management experience:
Goyzer is a comprehensive software program that automates and streamlines all the tedious tasks that come with property management. It’s like having a trusty assistant by your side, always ready to take care of the nitty-gritty details.
- Effortless Lead Management: Never miss out on a potential tenant again. Goyzer helps you capture leads, track their inquiries, and nurture them into paying customers.
- Streamlined Communication: Keep everyone in the loop with ease. Goyzer facilitates seamless communication between landlords, tenants, and brokers through a centralized platform.
- Automated Tasks: Say goodbye to repetitive tasks. Goyzer automates everything from generating contracts to tracking upkeep requests, freeing up your time to focus on what matters most.
- Financial Clarity: Gain complete control over your finances. Goyzer provides comprehensive financial reporting and keeps you on top of your bills and rent payments.
- Mobile App Convenience: Manage your properties on the go. The Goyzer mobile app gives landlords, tenants, and brokers the flexibility to access important information and complete tasks from anywhere, anytime.
Who Can Benefit from Goyzer?
Goyzer is a perfect solution for anyone involved in property management, including:
- Property developers
- Property managers
- Real estate brokers
- Landlords
The Goyzer Advantage: Weighing the Pros and Cons
Pros:
- This removes the need for multiple software programs by offering a dependable and detailed suite of property management tools.
- Free up your valuable time and resources by automating repetitive tasks.
- Foster better communication and collaboration between all parties involved.
- Gain a clear picture of your finances and make informed decisions.
- Manage your properties from anywhere with the convenient mobile app.
Cons:
- There might be a slight learning curve as you get accustomed to the software’s features.
- Goyzer’s pricing plans may not be suitable for all budgets..
TurboTenant offers valuable tools for landlords without charging them directly. Their software facilitates various tasks such as property advertising, online applications, tenant screening, and rent collection. Landlords benefit from these basic features at no cost, as TurboTenant earns revenue through fees collected from tenants during application and rent processes.
However, it’s worth mentioning that neither their free nor premium plans include accounting tools, which must be purchased separately. For full access to all features, upgrading to the premium plan is necessary.
TurboTenant suits various property owners, especially those with single-family or multifamily properties, particularly those with budget constraints.
Yet, it might not be the best fit for property managers with extensive or complex portfolios, as it may lack some advanced features found in other property management software.
Pricing Plans
When it comes to pricing, TurboTenant offers a free tier, while its premium plan starts at $8.25 per month.
However, for accounting tools, an additional add-on starting at $15 per month for the first unit and $5 per unit per month thereafter is required.
Pros and Cons
Pros:
- Free plan available.
- 24/7 customer support via phone and online.
Cons:
- Tenants are charged for certain services.
- Limited availability of advanced features.
- Additional fees for extra services.
- The accounting add-on is relatively expensive and not included in the base price.
Rentec Direct offers a comprehensive property management software solution aimed at simplifying rental property operations. Designed with intuitive interfaces and customizable features, it provides efficient tools for managing rental properties of various sizes and complexities.
Who It’s For
Rentec Direct is tailored for landlords, property managers, and associations, providing a range of features like tenant screening, online rent collection, accounting, keeping tracking, and more. It’s particularly well-suited for property managers and self-managing landlords with medium-sized portfolios.
Pricing
The service offers a two-week free trial period, followed by pricing starting at $45 per month for landlords, which includes the first ten units. Additional units incur extra charges on top of this base price.
Pros & Cons
Pros:
- Includes accounting features like general ledger accounting.
- Automatically publishes listings to over 20 popular rental websites.
Cons:
- No free plan is available.
- Additional fees may apply for certain features.
- It may not be ideal for smaller portfolios.
Avail provides comprehensive rental property management software, focusing primarily on tenant acquisition and management through features like listing syndication, e-sign leases, and tenant screening.
Additionally, it offers basic accounting and reporting tools, online rent collection, and property maintenance features. It is particularly suitable for smaller portfolio landlords due to its affordability, but it may become relatively expensive as your portfolio expands.
What is It’s Pricing Plans?
In terms of pricing, Avail offers a free tier with revenue generated from fees on services such as online rent collection. Their more extensive service, priced at $7 per unit per month, includes certain fees like rent collection fees.
Cons & Pros
Pros:
- Easy-to-use listing syndication for finding tenants
- Next-day rent prices for paying users
Cons:
- The accounting and reporting module isn’t as good as others on this list
- Pricing doesn’t scale for higher units
- The lease generator is a bit clunky
Propertyware specializes in managing single-family home properties and a comprehensive forum tailored to the needs of property managers. Unlike certain commercial real estate management software, Propertyware prioritizes a user-friendly experience, which is particularly beneficial for those new to the field.
Who May Use It?
Propertyware caters primarily to single-family property management firms, providing robust tools for effectively handling sizable portfolios. However, it’s worth noting that the software entails a minimum monthly fee, which may deter property managers overseeing fewer than 250 units.
Pricing
Propertyware offers three pricing tiers. The Basic plan charges $1 per unit per month, with a $250 minimum and a $500 onboarding fee. The Plus option costs $1.50 per unit monthly, with a $350 minimum and a $700 onboarding fee. The Premium tier is priced at $2.00 per unit per month, with a $450 minimum and a $900 onboarding fee.
Pros & Cros
Pros:
- Efficient management of large portfolios.
- Includes a mobile app for added convenience.
Cons:
- Reports of subpar customer support.
- Not suitable for managing smaller portfolios.
- High onboarding fees.
Yardi Breeze has established itself as a top choice among rental property management software in its category over time.
Target Audience:
Yardi Breeze offers two cost-effective service tiers, catering to both residential and commercial investors, with premium features available in both options. While it serves investors of all kinds, it is especially beneficial for newer investors seeking rapid growth with advanced features.
Versatility:
Yardi Breeze accommodates various property types, such as residential and commercial properties, inexpensive housing, self-storage, community associations, manufactured housing, and public housing agencies. This broad compatibility makes it suitable for a diverse range of real estate ventures.
Pricing:
Yardi Breeze provides multiple pricing plans. For residential portfolios, the basic plan starts at a minimum monthly fee of $100, with additional units priced at $1 each per month. The premier plan is priced at $400 per month, with additional units costing $2 each per month.
Commercial property pricing begins at $200, with additional units priced at $2 each per month. Additionally, they offer pricing plans tailored for portfolios containing affordable housing, storage units, and associations.
Pros & Cons:
Pros:
- Comprehensive feature set.
- Supports various asset classes.
- Includes free training and customer support.
Cons:
- Lacks a mobile app.
- Some complaints regarding customer service.
also read: Bring Efficiency to Your Property Management with Goyzer
Conclusion:
So, in this blog post, we discussed the Best Rental Property Management Software options that represent the pinnacle of innovation in 2024, offering comprehensive solutions to streamline your operations, enhance tenant experiences, and maximize profitability. No matter if you’re a renowned property manager or just starting out, investing in suitable property software can help you achieve your goals efficiently and effectively.