Multifamily property management software is a must-have for any landlord or rental property owner. It can help you keep track of your tenants and their payments, as well as manage your expenses and other aspects of your property business.
With so many different multifamily management software programs available, it can be tough to know which one is right for you. In this blog post, we’ll take a look at 12 property management software options for multifamily landlords and managers to help you choose the right option for your needs.
Key takeaways
- Multifamily investors have unique property management needs, including managing multiple units efficiently, tracking rent payments from multiple tenants, and generating financial reports at the property and portfolio levels.
- Many different software programs are available, so it is important to compare features and prices before deciding.
- Some of the most popular property management software programs used by landlords include AppFolio, Buildium, LeaseHawk, Rentec Direct, and Stessa.
- Remember that the needs of independent landlords with small and midsize portfolios differ from those of large property management companies.
- Landlords of small multifamily properties look for user-friendly, easy-to-learn, and cost-effective property management software.
- Of the 12 software options reviewed in this blog post, Stessa is the only multifamily property management software that is 100% free.
What to look for in software for multifamily property management
Managing multifamily property differs from managing single-family rentals in a few key ways. For one, with multifamily properties, you typically have multiple units to keep track of, which can be a lot more work. Additionally, you often have common areas that need to be maintained, like laundry facilities or a playground. Finally, you may have to deal with commercial and residential tenants if you own a mixed-use property.
When choosing a software system for multifamily property management, there are a few key things to look for:
- Easy to use and intuitive—the last thing you want is a complicated system that takes forever to learn
- Has robust features that cover all your needs, from keeping track of units and tenants to accounting and maintenance
- Affordable – remember, you’re running a business, so you must be mindful of your bottom line
- Scalable, so it can grow with you as your business expands
- Great customer support, in case you ever run into any problems
These are just a few things to look for in a software system for multifamily property management. With the right system in place, you’ll be able to streamline your operations and keep your properties running like clockwork.
12 multifamily property software systems for landlords
When it comes to property management, there is a lot of software out there that can make your life as a landlord easier. In this section, we will review some of the best multifamily property software systems that are available. We’ll discuss their features, benefits, and pricing so that you can decide which one is right for you.
1. Stessa
Stessa is free, cloud-based software that helps landlords of small property portfolios maximize profits through automated income and expense tracking, personalized reporting, and smart money management. Over 100,000 investors already use Stessa to track more than 250,000 properties with a total asset value of over $60 billion.
Here are a few of the many things you can do with Stessa:
- Track unlimited properties and portfolios of single-family rents, residential multifamily, and short-term rentals.
- Collect rent online for free with automated ACH payments from tenants and convenient automatic reminders with Stessa’s online rent collection tool.
- Automate income and expense tracking by linking bank, credit card, and mortgage accounts.
- View comprehensive property performance at the portfolio and property levels from anywhere at any time with your personal online dashboard.
- Generate unlimited reports, including income statement, net cash flow, capital expenses, tenant rent roll, and more.
- Streamline year-end tax reporting with a rental property chart of accounts that assigns income and expenses according to Schedule E.
- Get periodic updates to property values, mortgage balances, and owner’s equity in a real estate balance sheet.
- Scan and track expenses on the go with the iOS and Android apps.
- Organize and store all your real estate documents, invoices, and payment receipts to create the required records that all landlords need.
- Export tax-ready financials and access the Stessa Tax Center to make tax time a breeze.
Best for: Independent landlords with small to midsize portfolios
Price: Free
2. AppFolio
AppFolio offers robust features, including leasing and marketing tools, maintenance and operations, communication and service, accounting, and reporting. However, it may not be a good fit for investors or property managers with a small number of properties due to the minimum size requirements.
Best for: Landlords and property managers with large portfolios of residential apartments, commercial properties, and community associations
Price: Minimum of $250/month with a minimum of 50 units (80 cents – $1.50 for each additional unit), plus a one-time onboarding fee based on portfolio size
3. Buildium
Buildium is a property management software solution ideal for real estate investors and property managers with one to 5,000 units or more. The software can be used for all types of residential property, including rental properties, affordable housing, student housing, and community associations. Features include accounting, maintenance, task tracking, violations, resident and board member communications, and online portals for owners and tenants.
Best for: Landlords with medium to large portfolios
Price: $50/month – $460/month based on the features, reporting, and support options selected
4. DoorLoop
DoorLoop is an all-in-one property management solution built to handle the needs of multifamily property management, affordable housing, student housing, mobile homes, community associations, commercial properties, and self-storage. Features include marketing and leasing tools, online rent collection, accounting, maintenance management, and CRM with a tenant portal.
Best for: Landlords with medium to large portfolios and owners of real estate in various asset classes
Price: $59/month – $139/month and up, based on the number of units under management and features selected. Discounts are available for the first 2 months and annual billing.
5. Entrata
Entrata boasts the industry’s first open platform for property owners, managers, and residents. The company provides software options for multifamily property, student housing, affordable housing, commercial properties, and military housing. Features include lead generation, accounting, and maintenance management.
Best for: Landlords and managers with a large number of properties and diverse real estate holdings
Price: Contact company for information
6. LeaseHawk
LeaseHawk specializes in software for the apartment industry. The company leverages the power of artificial intelligence (AI), predictive analysis, and big data to help multifamily property managers manage residents more effectively. Features include marketing, prospect tracking, automated leasing, AI chatbot, and basic accounting.
Best for: Large apartment management companies
Price: Contact company for information
7. MRI Living
MRI Living offers software solutions for the multifamily, public and affordable housing, and condo and HOA management sectors. Features include leasing templates, online rent payments, maintenance management, data management, fee accounting, asset management, and lease administration.
Best for: Large multifamily property managers
Price: Contact company for information
8. RealPage
RealPage’s open and flexible platform offers real-time transparency to help large multifamily owners, operators, property managers, and investors rapidly unlock value and achieve optimal performance. Features include software modules for accounting, business intelligence, online payments, renters insurance, resident portals, revenue management, spend management, sustainability, and utility management.
Best for: Large property management companies
Price: Contact company for information
9. Rent Manager
Rent Manager has the tools and features you need to manage your real estate portfolio, big or small. The software is flexible and customizable and can be tailored to meet your specific needs. Features include accounting, reporting, marketing and leasing, business operations, and maintenance.
Best for: Landlords and property managers with medium to large portfolios
Price: Contact company for information
10. Rentec Direct
Rentec Direct is an online property management software system for landlords, apartment owners, and property managers with one to 2,500 units or more. Features include rental listings, tenant screening, online rent payments, work order and maintenance tracking, income, and expense tracking, and accounting.
Best for: Owners and property managers with small, medium, and large portfolios
Price: Pricing begins at $35/month and increases with the number of units under management and features selected. Subscribers can save 10% with annual billing.
11. ResMan
ResMan provides a property management platform designed for multifamily and affordable housing managers. The company provides solutions for marketing, resident screening, online leasing, accounting and reporting, payments and utilities, property maintenance, and more.
Best for: Large property management companies
Price: Contact company for information
12. Yardi Breeze
Yardi Breeze is property management software for residential, commercial, affordable, self-storage, HOA/condo, and manufactured housing properties. The software offers a full suite of robust features, including vacancy and prospect tracking, online applications and rent payments, property accounting, online maintenance, vendor payments, and owner payments and reports.
Best for: Property management companies with midsize to large portfolios and owners of real estate in various asset classes
Price: Minimum monthly charge of $100/month for residential portfolios and $200/month minimum charge for commercial or mixed portfolios
Closing thoughts
There are a few key things to consider when choosing multifamily property management software. For example, you’ll need to consider the size of your portfolio and the number of units you manage. If you have a large portfolio, you’ll need software that can handle a high volume of data.
On the other hand, it’s important for independent owners of small and medium-sized portfolios to find user-friendly, easy-to-learn, and cost-effective software. For many multifamily real estate investors, Stessa ticks all of the boxes. More than 100,000 investors already use Stessa to track over 250,000 properties with over $60 billion in asset value.
