Top Property Management Software (PMS) Platforms

Property managers wear many hats. Business, marketing, operations, and accounting functions are a critical part of the role, which is why finding the best property management software is so crucial! In addition to adhering to legal requirements and managing financial reporting for each property, top property managers also vet applications, forecast vacancies in rental homes, and maintain relationships with tenants. At the same time, these property managers also need to collect funds, pay taxes, and keep the books for each location. 

To keep on top of operations, property managers use a property management software (PMS). 

A property management software is a tool used to keep track of property manager’s daily tasks, automate them, or make the process easier. From operations to marketing, finances, and upkeep, a property management software should handle jobs such as collecting rents, responding to maintenance requests, calculating income, or paying tradespeople for repairs. Some of the best property management tools even handle other areas of the business, like vetting tenants or collecting late payments.

Property management software vs. accounting software

At the most basic level, many property management duties could be done in accounting software. For example, collecting rent each month (“$1500 in income”) and allocating it into the correct profit center (“1212 Fruit Street”). 

The best property management software can not only help collect this income, but also track expenses on a granular level. For example, a new dishwasher for 1212 Fruit Street is a cost related to the Fruit Street unit. The cost of a new set of locks used across all 50 properties is more correctly allocated to the rental company, Johnny Apple Capital LLC. These cost allocations are why the size of your property management business is critical to choosing the best property management software, but there are other factors as well, including: 

• Your existing accounting resources or knowledge 
• Marketing needs or listing methods 
• Tenant turnover rate or vacancy rate
• Number and age of properties/how frequently they need repair
• Age or expectations of tenants
• Budget and feasibility of software cost versus income

Will your tenants be looking for frequent maintenance? Will they use an app, or would your ideal property management platform send a mass email or text? How much help does your property management business need, and how much are you willing to pay? With these questions in mind, here are some of the best small, medium, and large property management software platforms.

Best property management software in 2024

The top property management software for small companies

TenantCloud

TenantCloud is ideal for small landlords or property managers. TenantCloud offers everything from tenant screening to online payments and maintenance management, and at $15-30 per month, is relatively inexpensive for how much the platform can do. However, administration can be cumbersome, and tax and communication features are only available on the more premium tiers. 

Hemlane

Hemlane is another option for landlords with a relatively small number of properties. Hemlane’s free plan integrates with QuickBooks, offers basic rental property accounting and cashflows, and even handles some marketing for sites like Zillow and apartments.com. However, for full financials, online payment features, and tenant screening, you’ll need to pay $30/month, $2 per unit plus a $28 base fee. 

Innago 

Innago is a free, cloud-based tool described as “great for first time landlords” - it’s a free software with customer support included, and can handle your payments, help with marketing, and remind you when leases are due for renewal or review. TrustPilot reviews suggest that the best part for Innago users is the customer service: a real person picks up the phone or responds to your email. 

Honorable mention: TurboTenant is a great free option for property management software that covers all your basics. At just $9.92 per month, it’s also an affordable option on the pro tier. 

Top property management software for medium to large companies

Rent Manager 

Founded in 1982, Rent Manager is a key player in the property management software industry. The company offers rent manager certification online, as well as regular phone support. Rent Manager is a software platform robust enough to handle accounting, financial reporting, maintenance, marketing, and more. With more than 150 integrations to real estate tools and listing services, Rent Manager is available on the cloud and as a standalone system. Plans start at $1 per unit, per month. 

Buildium

Buildium’s basic plan starts at $58 per month, to a maximum of 150 units. Larger property managers may want to seek out more customized options from Buildium’s parent company, Realpage, but property owners below this range may find Buildium both affordable and convenient. Buildium’s tenant screening is conducted via TransUnion credit reporting, and single family Buildium listings appear on sites like Zillow and Apartments.com. 

DoorLoop

Doorpoop is a cloud based, easy to use property management software that helps automate payments, send payment reminders, and track rent paid or overdue. The platform will integrate QuickBooks with DoorLoop for an additional fee, and is billed as “accounting for non-accountants” – making it easy to go from contract to cash. Starting at $59 per month, DoorLoop charges based on volume of properties, so users may want to compare pricing for their specific size and scale. 

Honorable mention: single family renters should look into Propertyware, a fully customizable platform with support and AI-powered tenant screening tools.   

Top property management software for larger enterprises

Appfolio

Appfolio offers landlord/tenant communication in a flash. Property managers can easily contact their tenants, share documents, and even financial accounting functions! AI tools help make your job easier when entering tenant charges or vendor invoices – for example, AppFolio’s can enter the vendor invoice automatically for the cost of dishwasher install on 1212 Fruit Street!

 Appfolio starts around $1.49 per month, but with a 50 unit minimum, property managers may want to wait until their business has scaled to get started. 

Yardi Breeze

Yardi is another property management software that got its start in the 1980s. Now one of the top options for residential property managers, condos, community organizations, and other large rental services, Yardi helps users take advantage of advanced features like past bank reconciliations, tenant billing, vendor payables, and photos of cheques for payment review. It even allows users the ability to change property types, such as property stalls or storage units. 

Yardi is rated highly enough for software review platforms like G2 to name it best in class for small businesses. However, with a minimum $100/month for residential and $200/month for commercial, it’s best suited to property management companies on a slightly larger scale. 

‍Honorable mention: While the lighter version of Rentec, Rentec Pro, is more suited to a smaller enterprise, the full version – Rentec PM – has commercial property managers covered. Parent company for Buildium, OneSite/Realpage also offers a robust, super-custom option.