The property management industry is continuously changing and growing. For property management businesses to succeed, property managers need to stay updated with the latest trends to stay ahead. The property management industry in the US generates about $88.4 billion in revenue annually and is growing each year.  

With that much growth from property management and rentals, many software companies have emerged to help landlords, and property managers stay ahead and get organized. Including automation for daily tenant communication and management to help save time.

What is rental property management software?

A good rental property management software allows property mangers and owners to perform several essential daily tasks automatically. This includes responding to repetitive tenant inquiries, booking tours, posting vacancies online, accounting and billing and maintenance.  

A rental property management software should help all operations run smoothly for each rental property. A good rental property management software also generates reports like monthly rent payments, income, and expenses, to help you monitor the financial health of your property.

And even though a leasing team can perform all these tasks it takes much more time to perform everything manually. With all this extra time the team’s focus can be ok company growth.

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What features should you look for in rental property management software?

When deciding on a rental property management software, it is important to consider the type of property you manage. There are many factors that are the same for both residential and commercial properties, such as: Pre-screening renters, property maintenance requests, scheduling tours and collecting rent. However, there are always more specific concerns depending on what properties you manage and what exactly you need from a software.

Some essential features to look for in any rental property management software include:

• Tenant pre-screening
• Online rent collection
• Efficient communication with tenants
• Property reports
• Advertising your properties on listing sites
• Lead-to-lease automation

How much does property management software cost?

Different rental property management software have different prices and the most popular pricing models are pay-per-unit, a tiered model, pay per transaction or paying per feature you use.

Monthly prices for rental property management softwares can range from about $15 to upwards of $300, depending on the number of units you manage. Many advanced features like online bill payment and additional listing tools can usually cost a little extra. You often will also have to pay a one-time setup fee of up to $500.

Sometimes there are discounts available if you are a new user or sign a multi-year agreement. Monthly payments for a one-year agreement can go up to $200. However, each software will have a different price and to help you figure out what is the best fit for you we have listed the price of each rental property management software in this review!

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Rental Property Management Software 1: LetHub

LetHub provides an AI Leasing Platform to landlords and rental property managers. Their intelligent Leasing Assistant, River, responds to renter inquiries, pre-screens prospective tenants, and books tours, saving up to 75% of your time and your leasing team’s time.  

LetHub aims to help landlords and property managers grow their portfolio by automating communication between prospective renters and leasing agents.

Features

• Calendar sync feature
• AI leasing assistant that responds to renter inquiries 24/7
• Customizable pre-screening
• Generate property reports
• Manage your leasing team, listings, inquiries and more all in one place.
• Integrate LetHub with your property management software
• Automatically list vacant properties on marketplaces

Price

• You can pay based on your portfolio, the monthly plan costs $1/unit and $0.85/unit for the annual plan
• You can also pay as you go

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Rental Property Management Software 2: MRI software

MRI rental property management software is a comprehensive solution for property managers with commercial properties. The platform encompasses both front and back-end functions, integrating accounting and analytics with end-to-end tenant management.

Features

• Investment management
• Online rent collection
• Integrated accounting  
• Maintenance requests  
• Tenant screening insurances
• Resident communication

Price

• This rental property management does not provide its pricing online. To get a quote you have to call them and you get a price based on your specific usage.

Rental Property Management Software 3: Rent Manager

Rent Manager is a rental property management software for both residential and commercial real estate businesses with portfolios of more than 100 units. Rent Manager is an all-in-one rental management software for busy property managers. With the software’s tools, daily tasks can be simplified while focusing on growing your business. This rental property management software prioritizes integrations more than anyone else.

Features

• Vendor payments
• QuickBooks integration
• Accounting features such as online rent payments and reporting
• Owner portal

Price

• Rent Manager uses two pricing models: per unit, per month, as well as pricing tiers for each of its multiple software versions. The cost of this rental property management software is not available online. The company offers a free demo but doesn’t offer free trials.

Rental Property Management Software 4: Landlord Studio

Landlord Studio is a rental property management software that provides all the accounting and property management tools needed in one place. Providing the perfect solution for landlords who are self-managing their rental properties

Features

• Tenant screening
• Accounting features such as rent and expense tracking and reporting
• Commercial Property Management
• Contact Management
• Credit Check
• Maintenance Management
• Owner Portal

Pricing

• The rental property management software implements a monthly pricing model and an additional cost per unit. Their basic plan is $5.99 per month for 1 unit and each unit after the first being $1 per unit per month.
• The premium Scale plan starts at $19.99/month when paid annually for 1 unit, as well as the additional $1/unit/month.

Rental Property Management Software 5: DoorLoop

This is an all-in-one rental property management software designed by property managers, for property managers. Doorloop’s rental property management software deals with all types of properties no matter if you deal in rental properties or have a mixed portfolio.  

Features

• Custom reports
• Document storage
• Online advertising
• Access financial statements and collect rent via credit cards
• Receive maintenance requests
• Track progress across work orders

Pricing

• You can use this rental property management software for 50% off the first two months. After that pricing starts at just $49 per month and is billed annually for up to 20 properties.

Rental Property Management Software 6: Rentroom

Rentroom is a complete rental property management software with good accounting features and an intuitive interface.

The rental property management software also has unique community features and is a decent software for condos, multi-family, and HOA properties.

Features

• Tenant portal
• Maintenance management
• Online rent collection
• payment reminders
• Cash reconciliation

Pricing

• Free trial available
• Rentroom does not list their pricing publicly, and need to be contacted directly to find it out.

Rental Property Management Software 7: Hemlane

This rental property management software has a all-in-one rental management platform specifically built for landlords with 1 to 100 units. Hemlane has several unique features that make it different from many other rental property management softwares. Such as the agent match feature which matches you with local agents for showings and other leasing tools.

Features

• Maintenance management
• Online rent payments
• Leasing tools such as tenant screening
• Unique local support features such as agent match
• Advertising vacancies
• Track applicants
• Screen tenants
• Manage leases  
• Maintenance and accounting

Pricing

• This rental property management software has a 30-day free trial.
• Basic plan starts at $30 per month with $2 per unit per month after the first unit.
• Premium-level Complete plan starts at $60 per month and a whopping $32 per property per month for every property after the first.

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