11 Best Rental Property Management Software in 2024 | iGMS (2024)

Top real estate investors emphasize the importance of efficient property management in scaling their businesses. A good property manager is worth their weight in gold. And having the best property management software is like having a personal assistant to help you grow.

However, you might be overwhelmed by the options and unsure what to look for or which company to try, even for a trial period. That’s why we compiled a list to help you make a decision based on your needs, business goals, and preferences.

We based our list on a few key criteria:

• Software features and functionalities
• User reviews and common complaints
• Pricing tiers, property types, and portfolio sizes they ideally serve

Let’s dig in. Here are the best rental property management software options for 2024:

1. Best for Vacation Rentals and Short-Term Rentals: iGMS
2. Best Overall for Landlords and Residential Management: Buildium
3. Best Free Residential Property Management Software: Avail
4. Best for Single-Family Homes: Propertyware
5. Best User Experience: DoorLoop
6. Best Value for Managing Tenants: TenantCloud
7. Best for Small Portfolio Managers: SimplifyEm
8. Best for Commercial Properties: MRI Software
9. Best for Residential Buildings: Rentec Direct
10. Best for Large Portfolio Holders: AppFolio
11. Best for 100 Residential Units Minimum: Yardi Breeze

1. iGMS

Best for Vacation Rentals and Short-Term Rentals

iGMS is a property management tool designed specifically for vacation rental management. It streamlines daily operations for hosts and property managers, saving time on tedious, repetitive tasks. Its features include a channel manager, messaging and payment automation, scheduling cleaners, among many others.

Users of iGMS report growth and increased efficiency in their businesses since adopting this app. This growth is supported by flexible pricing with three tiers. Hosts can opt for the Flex plan, which charges a $1 fee per transaction, and upgrade to a higher plan to optimize expenses as their rental business grows.

Who Will Benefit the Most?

Individual hosts, property management companies, and real estate investors in vacation rentals

Key Features

• The channel manager enables synchronization with OTAs like Airbnb, Vrbo, and Booking.com
• A unified inbox provides a complete overview of guest communication.
• Automated messages include check-in/checkout instructions and other important templates.
• Integration with smart pricing management tools, with the option to adjust your pricing manually.
• Automated guest management includes scheduling cleaners, collecting damage deposits, guest invoicing, and more.
• A website builder allows you to design a direct booking website to promote your listings.
• Seamless payment processing is enabled by connecting your Stripe account with the iGMS app.
• Market insights with AI-powered analytics offer an in-depth understanding of your market.

Pricing

Host, Flex and Pro plan

Starting at $ 20/month

Pros & Cons

Pros

• Ideal for short-term to mid-term rental management
• Robust set of features to handle all daily management tasks
• Suitable for individual hosts and growing businesses

Cons

• Not built for long-term residential property management

2. Buildium

Best Overall for Landlords and Residential Management

Buildium is a reliable and user-friendly property management software, established as a leader for residential and association property managers. It is highly regarded for its ease of use, comprehensive property management features, and efficient automation capabilities.

Buildium covers everything from leasing and tenant payments to accounting and business performance reporting. Customers particularly praise how easy it is to collect payments, manage billing, and track all payments and costs in real time.

Who Will Benefit the Most?

Small to mid-sized property management companies

Key Features

• Can manage single-family or small multi-family homes, associations, or commercial properties.
• Automates many tasks such as rent collection, bill payments, and recurring transactions.
• Robust system for property management, tenant screening, lease management, accounting, payments, marketing, and reporting.
• Offers extensive reporting tools that help in keeping track of finances.
• Allows customization of checklists and tracking of application stages.
• Provides communication tools for interacting with applicants and tenants.
• Includes a ticket-based customer support system and phone support.

Pricing

Essential, Growth, and Premium plan

Staring at $55 per month

Pros & Cons

Pros

• Comprehensive software solution for landlords
• Rich feature set for tenant management, accounting, leasing, and financing
• Efficient automation

Cons

• Expensive pricing plans for a smaller number of units
• Some users report delayed responses from customer support
• Certain accounting features users find confusing or difficult to manage without additional training

3. Avail

Best Free Property Management Software

Avail, part of the Realtor.com network, is renowned for its comprehensive property management tools tailored to help landlords with smaller portfolios. Landlords just starting their real estate journey will find a comprehensive free tier available.

With Avail, you can screen tenants, request in-depth background checks, create and sign leases online, collect rent (with an option to get a money deposit in one day through a premium feature), and advertise rental property listings across a dozen sites. It’s a good solution for small landlords managing their properties independently. However, the accounting and reporting features are rather basic.

Who Will Benefit the Most?

Independent landlords just starting out with smaller portfolios.

Key Features

• Tenant screening is made easy with the option to request in-depth background checks.
• Create, customize, and sign leases online.
• Automatically translates your answers and preferences into a legally binding document.
• CreditBoost, a feature by Avail, helps renters report their rent payments to TransUnion.
• Advertises rental properties across multiple sites, such as Zillow and Apartments.com, from a single platform.
• Tenants can pay rent and deposits via bank account, debit card, or credit card.
• Message tenants, schedule showings, and request applications within the platform.

Pricing

Free plan and Premium plan

Premium plan costs $7/unit per month

Pros & Cons

Pros

• Free tier.
• Rent payments are deposited in one day with the premium Fast Pay feature.
• The advanced CreditBoost helps report rent payments to TransUnion to build credit scores.

Cons

• Limited accounting and reporting capabilities for utilities, taxes, or insurance.
• Limited ability to customize features.
• Not scalable for larger portfolios.

4. Propertyware

Best for Single-Family Homes

Propertyware is a company that has been around for many years and has become well-known for catering to single-family property management companies. It offers a feature-rich platform with marketing, leasing, reporting, and accounting functionalities in a cloud-based environment.

If you’re seeking a scalable and integrated solution for managing a portfolio of at least 250 residential properties, Propertyware may be the right choice for you. They also provide an Open API for two-way data connections.

Who Will Benefit the Most?

Property management companies managing single-family homes

Key Features

• Automated notifications for rent due, late payments, lease renewals, and maintenance requests.
• Tenant Screening, providing background and credit checks for prospective tenants.
• Digital lease signing and ACH transactions for rent payments.
• Syndicates listings to multiple platforms.
• Allows the creation of custom fields and detailed reporting options.
• Open API enables seamless integration and data exchange with third-party systems.
• Facilitates communication between property managers, landlords, and tenants.
• Comprehensive property management accounting software includes features like accounts receivable, accounts payable, bank reconciliations, and integration with QuickBooks.

Pricing

Basic, Plus, and Premium plan

$250 monthly minimum

Pros & Cons

Pros

• Efficient system for large portfolios of residential properties.
• Fully customizable with a robust feature set.
• Responsive customer support with helpful onboarding, as reported by users.

Cons

• High minimum monthly fee.
• Not suitable for landlords with small portfolios.
• Some users find the interface not very intuitive.

5. DoorLoop

DoorLoop is an all-in-one property management software designed for residential, commercial, and community association properties. It boasts an extensive feature set and a user-friendly interface, including full-suite accounting capabilities.

Although DoorLoop additionally offers services for short-term and vacation rentals, it lacks key features and capabilities essential for hosts. For example, it does not integrate with platforms like Airbnb or VRBO.

Who Will Benefit the Most?

Small to medium-sized property management companies handling residential properties

Key Features

• Automated rent collection, fee payments, and automatic payment reminders.
• Built-in calendar for tracking maintenance requests and day-to-day tasks.
• Educational resources, including videos and checklists.
• Screen tenants, generate leases, and e-sign lease agreements.
• Full accounting suite with QuickBooks integration.
• Syndicates listings to multiple platforms.
• Property managers can create custom rental websites to promote listings online.

Pricing

Starter Pro and Premium plan

Starting from $59 per month

Pros & Cons

Pros

• User-friendly interface
• Extensive feature set
• Responsive customer support

Cons

• Not budget-friendly for small businesses
• Some users report longer processing times for payments
• Not suitable for short-term rentals

6. TenantCloud

Best Value for Managing Tenants

Tenant Cloud may not be the cheapest option in the market, but it is a budget-friendly choice for landlords managing small portfolios. Their focus is on efficient tenant management, offering features such as tenant screening, automated rent collection, a tenant portal, and maintenance request options.

The application provides an intuitive user interface, and as your portfolio grows, you can upgrade to higher tiers to meet your expanding needs.

Who Will Benefit the Most?

Landlords and property managers handling a smaller number of residential properties.

Key Features

• Track income and expenses and generate financial reports.
• Maintenance request feature allows tenants to include pictures and videos to help explain the problem, and landlords can assign service providers.
• Screen tenants, generate leases, and e-sign lease agreements online.
• Automated rent collection allows tenants to set up recurring monthly payments, a grace period, and late fees.
• Syndicates listings to multiple platforms.
• TenantCloud messenger facilitates communication with tenants.
• Accounting integrationswith QuickBooks.

Pricing

Starter, Growth, and Pro plan

Starting from $15.60/month

Pros & Cons

Pros

• Value for money, especially for DIY landlords
• A solid feature set with a focus on tenant management
• Good customer service, according to many user reviews

Cons

• Certain features are not as intuitive as they could be
• Some users report delays in rent payments reaching bank accounts

7. SimplifyEm

Best for Small Portfolio Managers

SimplifyEM, like many competitors, offers automated rent collection, tenant background checks, and access to a vast library of state-specific property management forms, including lease agreements and eviction notices.

However, their pricing is structured into eight different tiers based on the number of units: 10, 20, 30, 50, 75, 100, 100+, and 2000 units. This makes SimplifyEM suitable for landlords and property managers with smaller to medium-sized portfolios.

Who Will Benefit the Most?

Residential property managers handling small to medium-sized properties.

Key Features

• Screen tenants, generate leases, and sign them online.
• Automate rent collection and various other property management tasks.
• Generate and analyze owner reports, track maintenance requests, and store documents.
• Syndicate listings to multiple platforms.
• Income and expense tracking, with the ability to generate reports.
• Each pricing tier specifies a maximum number of units
• Includes a full CRM with customizable workflows to track all tenant data in one place.

Pricing

8 pricing tiers

Starting from $40/month

Pros & Cons

Pros

• Cost-effective solution for landlords handling small or medium-sized portfolios
• Intuitive and user-friendly interface
• Available tutorials and training sessions to get started

Cons

• Not supporting portfolios with over 2000 units
• Limited reporting capabilities

8. MRI Software

Best for Commercial Properties

MRI Software has a long history, founded in 1971, as a real estate solution provider catering to residential property management, multifamily housing, affordable and public housing, commercial properties, and corporate occupiers.

With a wide range of modules and functionalities, MRI Software is not tailored for small portfolio owners. However, it is an excellent choice for scaling commercial real estate businesses.

Who Will Benefit the Most?

Medium to large companies, especially those managing commercial properties, or multifamily housing.

Key Features

• Comprehensive property management and accounting tools
• Customizable modules for different property types
• AI-powered lease abstraction: extracts and analyzes data from commercial leases
• Fully integrated tenant and lease management
• Extensive reporting capabilities
• Automated online rent payments.
• Flexible data management and user customization

Pricing

Must ask for a quote

Pros & Cons

Pros

• A company with a long tradition in real estate
• Highly customizable to meet specific business needs
• Constant updates and new features

Cons

• Not suitable for smaller real estate companies
• Pricing is not disclosed publicly
• Complex software that requires proper training

9. Rentec Direct

Best for Residential Buildings

Rentec Direct serves landlords and residential property managers, typically small to medium-sized companies. It is highly regarded for its user-friendliness and ease of use.

While additional features may incur extra charges, the base plan includes all necessary capabilities to manage up to 10 properties. Beyond that, pricing increases based on the number of units. Rentrec Direct also offers the ability to create custom websites using provided templates for promoting listings or listing units directly on multiple portals.

Who Will Benefit the Most?

Landlords and residential property managers handling small to medium-sized portfolios.

Key Features

• Automated rent collection, late fees, and rent increases.
• Screen tenants, store, and share important documents.
• Accounting and extensive reporting system.
• Provides portals for both tenants and property owners.
• Syndicates listings to multiple platforms.
• Property managers can create custom rental websites to promote listings online.
• Integrated options for renters insurance, landlord insurance, and security deposit insurance.

Pricing

Starting from $45/month

Pros & Cons

Pros

• Seen as cost-effective, with a good quality-price ratio
• Possibility to create your own website through the software for promotion
• Responsive customer support, according to many users

Cons

• Fees for certain extra services
• Not the best solution for large portfolios

10. AppFolio

Best for Large Portfolio Holders

AppFolio, with a minimum spend of $298 per month, is designed for large property management companies and real estate investors. The tool is utilized for single-family homes, multi-family residences, community associations, student housing, and commercial properties.

In addition to basic features, they offer training assistance for new staff, an AI leasing assistant, and 3D virtual tours for prospective tenants. These advanced features and robust capabilities make it a suitable choice.

Who Will Benefit the Most?

Larger property management businesses that require advanced features

Key Features

• Screening applicants and payment automation.
• Centralized communication and online portals for owners, tenants, and vendors.
• Smart property management and automated workflows.
• Customizable reports and robust accounting.
• AppFolio’s AI leasing assistant responds to customer inquiries.
• Update pricing across units, unit types, and campaigns in a single workflow.
• Tailored training for onboarding new staff members.

Pricing

Core, Plus and Max plan

Starting at $1.49 per unit per month

$298 minimum spend per month, and 50 unit minimum

Pros & Cons

Pros

• Numerous advanced features
• High performance for scaling businesses
• Continuous upgrades and releases

Cons

• Expensive tiers and large monthly minimum fee
• Not suitable for smaller portfolios

11. Yardi Breeze

For those familiar with the enterprise solution Yardi Voyager, this is their streamlined, slimmed down, and more cost-effective option tailored for medium-sized businesses.

They offer a pricing system based on property type, where fees vary between residential and commercial properties. Residential units are charged at $1 per unit with a $100 monthly minimum, while commercial units are charged double.

Who Will Benefit the Most?

They serve a wide range of clients: residential, commercial, HOA/condo, affordable housing, manufactured housing, self storage and mixed portfolios.

Key Features

• Tenant screening and online lease creation.
• Creating recurring payables and automating invoice processing.
• Centralizing communications with prospects, residents, and owners.
• Limiting data access for maintenance staff at the property level.
• Tracking maintenance requests, adding photos and videos, attaching supporting documents, and assigning tasks.
• Comprehensive owner management and reporting capabilities.
• Robust accounting module integrated with management features.

Pricing

Starting from $100/month

Pros & Cons

Pros

• Pricing system based on property type
• Premium advanced features
• Robust yet fairly intuitive program

Cons

• Not suitable for portfolios under 100 units
• Some user complaints about confusing features

How to Choose the Best Software for Property Management?

Here are six things to think about when making this decision:

Property Type – What will the software be used for? The answer varies depending on whether you manage residential, single-family, multi-family, commercial, or vacation rentals.

Features and Functionality – Assess the software’s core features such as lease management, rent collection, maintenance tracking, and tenant communication.

Business Size and Scalability – Consider the size of your business and whether the software can scale with your business as it grows.

User Friendliness – Ensure the software offers intuitive navigation, and clear reporting to minimize training time and maximize productivity.

Value-to-Cost Ratio – Compare pricing structures, including setup fees, monthly subscriptions, and additional charges for extra features or units.

Customer Support – Look for reviews and testimonials from current users to gauge customer satisfaction.

FAQ

What Software Does Property Management Use?

Property management software (PMS) is designed to help property managers, landlords, and real estate professionals manage properties more efficiently. Software typically includes various features and tools to streamline operations, automate tasks, and enhance communication. These tools are categorized based on the industry, its subdivisions, and the type of properties they manage.

To name a few examples, we have hotel property management, residential property management, commercial property management, and vacation rental property management software (such as iGMS). The specific software you need depends on the nature of your business and the property type.

Is QuickBooks Good for Landlords?

QuickBooks is accounting software primarily used by small and medium-sized businesses to manage financial transactions, payroll, invoicing, tax preparation, and related tasks. While it excels in accounting, payroll management, and company overhead, it is not specifically designed for property management. This can make it overly complex, costly, and inefficient for landlords. Nevertheless, many property management software solutions offer integration with QuickBooks for accounting purposes.

Is Buildium Worth It?

Buildium is software for property managers that is undoubtedly popular among residential and association property managers. It’s a comprehensive tool that includes everything landlords need: collecting payments, screening tenants, leasing and marketing their listings. If you’re renting homes for the long term, it’s a solid option. However, there are various alternatives in the market, so you can compare them to ensure you get the best fit for your specific requirements.

What Is the Best Software for Short Term Rentals?

We recommend iGMS, a software solution designed for hosts and short-term rental managers. Managing short-term rentals requires specialized features for efficient guest turnover, such as automated messaging, cleaning schedules, and a channel manager that integrates with Airbnb, VRBO, and Booking.com to prevent double reservations.

iGMS meets these requirements and more, saving hosts and managers countless hours by automating guest responses, scheduling cleaners, and updating availability across platforms with each booking. Having this work automated allows you to focus on strategic business decisions. Book a Free Trial today to experience the value firsthand.

What Is a Tenant Management System?

Tenant Management System (TMS) is a subset of a Property Management System (PMS) with a specific focus on tenant-related tasks, while a PMS provides a more comprehensive suite of tools for managing all aspects of property operations.

In reality, tenant management systems are part of PMS software, as companies expand their suites to address all tasks landlords face on their journey beyond just tenant interactions.

Who Is the Largest Property Management Company?

There are many large and medium-sized property management companies, but here are some of the biggest players in the industry:

• Greystar Real Estate Partners, known for managing hundreds of thousands of units globally;
• Lincoln Property Company, which oversees numerous units including residential, military, student, commercial, office, and hotel properties;
• and Pinnacle Property Management Services, are some of them.

June 13, 2024