Best Rental Property Management Apps

Best Rental Property Management Apps
16 July 2022
24 min
1

Property management is a process that requires integrity and precision. This task is greatly simplified if people use digital products. By installing apartment apps, agents and brokers can effectively manage as many properties as possible. The same applies to landlords and tenants. Most of the advanced tools allow people to track various renting activities, including utility services. Let’s take a look at the top 5 products in this category.

How to Organize and Centralize your Property Management

the best rental application

Residential, multifamily, commercial, and multi-functional properties are all types of investment funds that can be managed with digital solutions. In each of such cases, mobile applications and online platforms will be essential. But that doesn’t mean you can find a one-stop rental ecosystem. Ordinary residents and shop owners have their own preferences. This is important for homeowners to consider.

Property management, increasingly trusted by professionals is about the maintenance and control of all processes for the commercial and residential real estate. Most entrepreneurs who want to increase the efficiency of their work prefer flexibility. This applies to communication methods, file formats for saving reports and other nuances. In most cases, people pay attention to the following:

  • Maintenance of the utility systems of the building (heat, energy, gas supply, water),
  • Repair work, ensuring reliability and safety
  • Maintaining comfortable conditions on the premises
  • Keeping records of energy resources

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Property management is an important process as it ensures the estate is maintained properly. Homeowners try to do their best to prevent liability due to a lack of repair. It is also important as it ensures that tenants are able to pay their rent on time, which increases the return on investment. So, when choosing a rental app, it is important to consider the functionality.

The Best 10 Rental Property Management Software

The US property management and interdependent industries generate $100+ billion in annual revenue. In the EU, investment in this area is not lower. With so much volume in the real estate rental industry, it’s no wonder there are so many software solutions to look for apartments, communicate with tenants, and monitor the payment of utility bills for a specific property. Here are the top-10 products that are worth your attention:

Rental App

The best app for renting apartments and monitoring the process. It’s a new software that helps people respond to inquiries, attract and manage tenants, and keep track of all related costs and revenues. An ideal product for customer listings and property management. It runs on different platforms and devices and has an intuitive user interface

Buildium

The Buildium platform allows residential and co-op property managers to take full control of all aspects of their business. In the digital age, people cannot do without such solutions. A new app for apartment search has many features — from managing operations to making residents feel at home. It is because of such variety that people prefer this particular product. A monthly or annual subscription that changes every year includes 24/7 award-winning support from a dedicated team and on-demand assistance. Here are other benefits of the rental property management app:

  • Quickly add leases, real estate, folders, files, and residents data
  • Settlement and proper application of the existing margin
  • Verification of tenants and real estate
  • Quick reports

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Buildium provides a full cycle from strategic plans to direct control of the lease with the rental app. Residents and owners can apply for property maintenance. This ecosystem includes a lease renewal button, online payment, and other functions. Furthermore, Buildium will send automatic reminders upon request. After installing the application, users will have access to business analytics and insights to help property managers track the performance of their businesses.

Rates

Buildium pricing is the main indicator that confirms the prospects of the rental app. It starts at $ 47/month but each feature is an additional cost. Given that this product was created by professionals, you will have no reason to complain. When people add more than 100 units — then they can customize their plan. Here is the pricing policy of the creators of this rental app:

Base Professional
  • Tenant screening for $15
  • $0.50 per unit (online payments)
  • $47 per month (20 units)
  • $5 for electronic signing of the rental agreement
  • All major features included
  • Free lease signing
  • $156 per month
  • People can fully customize their plan for 100+ units

If you prefer to look for apartments in comfort, use the ecosystem created by a reputable brand. Buildium was founded in 2004 and is based in Boston. Over the years, this team has implemented thousands of successful projects and created hundreds of digital products. The far-famed company is primarily focused on the customer’s needs and understands property managers.

TurboTenant

Many enthusiasts who are looking for a rental app do not want to overpay. This is one of the reasons for the popularity of TurboTenant. It’s a property management software that provides tenant verification services, cloud storage, and free user notification. Owners of houses and apartments who want to earn extra income can use this service without overpayments. Rental applicants pay fees for the TurboTenant app only with background checks. Such conditions are acceptable for many start-up entrepreneurs. When people install this apartment app, they can check the following details:

  • Public records
  • Bankruptcies
  • Credit score
  • Evictions
  • Employment
  • Credit report
  • Collections
  • Criminal records

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Pros & Cons

This company pays special attention to analytics. In the first half of 2022, TurboTenant launched 8 landlord and tenant surveys, collecting over 4,000 completed responses. Their four-part report provides insight into why people become owners of large shopping centers and country cottages, relationships between landlords and tenants, financial challenges, and respondent demographics. When talking about the advantages and disadvantages of the rental app, you should consider the following:

Advantages Disadvantages
  • TurboTenant is free and ideal for independent owners
  • With automatic SMS and email notifications, users will not miss a payment and important news
  • The preliminary questionnaire helps to narrow down the results to the best candidates
  • Does not support outgoing payments to merchants
  • No ability to reply to your SMS messages instantly

Propertyware

This rental app has been the leading platform for entrepreneurs and agents for 20+ years. This is confirmed not only by product reviews, but also by the hundreds of thousands of file downloads. A world-famous company that delivers powerful, customizable all-in-one software. Propertyware develops open-source digital products to help different companies with property management. A new rental app provides unprecedented personalization. Here are other benefits of this product:

  1. This cloud-based platform allows users to list their properties online via a web interface or with accounting.
  2. This website allows people to organize and share information about the property. The same goes for the contact details.
  3. A new rental app is well suited for small and medium-sized enterprises. A digital product was chosen by managers of private or low-density houses and small residential buildings.

Propertyware Prices

This company was founded in 1998 in Richardson, Texas. For more than 20 years, Propertyware has gained a well-deserved reputation in the market. This team focuses on single-family home portfolios and targets property owners. Once you download and install the rental app, you will immediately understand it. The functionality is thought out to the smallest detail.

This company has offices in North America, EU, and Asia. Propertyware offers 3 tiers of pricing with minimal monthly costs for each. Although people won’t find the exact tariff anywhere. They must contact Propertyware directly to customize the plan to suit specific needs. Here are ready-made solutions for this rental app:

Basic
  • The deployment fee is twice the monthly subscription cost
  • People pay $1 per unit with a minimum monthly cost of $250
  • The service includes tenant verification, marketing, unlimited storage, online payment, and accounting
Plus
  • Implementation fee is mandatory
  • People pay $1.50 per unit with a minimum monthly cost of $ 350
  • It includes all the basic functions — verification and digital signature
Premium
  • Implementation fee is mandatory
  • People pay $2 per unit with a minimum monthly cost of $450
  • Include all Plus features, vendor portals, and service project management

SimplifyEm

Monitoring and reporting is the backbone of any successful business. Without the right tools, it is difficult to get coordinated, correct, and up-to-date information. The same goes for details regarding real estate. It is for such tasks that the SimplifyEm platform was created. This company is constantly innovating to improve its cloud solutions. Here are the main features and clear benefits of the rental app:

Tenant screening People can start the process of checking the lease agreement in 2-3 clicks. The same goes for the compliance of a potential tenant with the terms. Thanks to the user-friendly interface and tooltips for this rental app, entrepreneurs who are involved in the rental business will not have any misunderstandings.

SimplifyEm cooperates with TransUnion — a well-known company that provides legal services — offering comprehensive services. By creating an account for this product, you can activate 5+ features. The inspection reports include information about loans, crimes, evictions, and income.

Lease expiration notices This software notifies the owner of the apartment or house about the need to accept new conditions. With such a function, both parties to the contract will not have misunderstandings. But you should schedule the mailing in advance.
Online rental forms It can be tailored to suit your needs. Once the forms are ready, potential tenants fill in the fields to quickly sort applicant information. The more data you get, the more informed your choice will be. Although, you should not overdo it, as potential renters can be deterred by numerous questions.
Manage tenants and rental information You can receive alerts about late payments by tenants to quickly take action. It is better not to delay and aggravate the situation. Immediately clarify for what reasons the tenants do not fulfill their obligations.
Storage of documents For most entrepreneurs, document management is considered a headache. That is why the developers have done everything possible to eliminate any problems in this regard. For SimplifyEm users, organization of work is essential. With this rental app, people can save a lot of time and money. SimplifyEm allows them to track and securely store notes, leases, questionnaires, and other documents online.

SimplifyEm Costs

This rental app pricing starts at $25/month. It is based on the number of units people manage. This means that costs may increase for those entrepreneurs who own property in different cities. If people manage 11 to 20 units, they will pay $35 per month. Just use the online calculator to enter parameters and clarify an individual quote.

MRI Software

The MRI software was first released by a team founded in 1971. The developers’ original vision was to provide different reports. In those years, this was a popular service for the global property management industry. Over the years, the situation has changed significantly. Today it is no longer enough to focus on being timely and accurate. Most people want visualization and prefer AI and Big Data solutions. Here are the main reasons for choosing this particular company:

  • MRI focuses on the global multi-family and commercial area
  • It draws on its 40 years of experience
  • People can maximize profits from their diverse business portfolios.

Best for Commercial Property: MRI Software

MRI is a global organization with hundreds of thousands of clients on 5 continents. Not every team can boast of such authority. Providing business management software solutions and the rental app MRI has managed to focus on innovation. They create the best platforms and online calculators.

Key Benefits

People can use MRI software and online tools to manage investments, space, participate in strategic planning, and enforce local regulations on affordable and community housing. Legal nuances are very important for those whose cash turnover amounts to tens of thousands of dollars. It is not easy for such entrepreneurs to keep records on paper. That is why people use this rental app.

It’s primarily intended for commercial properties such as large apartment buildings that are usually owned by groups of investors. This app has many features that people won’t find in other similar software. In addition to uploading files to cloud storage and rental management bar, it also includes scheduling tools.

There is no free trial and you must call MRI staff to agree on a monthly payment and other conditions. It can also be purchased in 2 ways: an installed program or a cloud service. This rental app has generally good reviews on many owners’ websites, where investors rate its value highly.

Innago

This company offers free tools for tenants and managers. This team built a vast ecosystem with different requests. With this rental property management app, users can keep records of the people living on the premises and track utility bills. Innago is for all types of real estate — student, residential or commercial premises.

AppFolio

Available as software and as a service (SaaS), AppFolio is a cloud-based property tool. People who were looking for rental apps and opted for this digital product can manage all their objects at once without incidents and misunderstandings, even if they have more than 1000 on the list. Like other apps for apartment search, the AppFolio interface is intuitive for both residents and staff.  With this AI-based product, you have more time to focus on other important aspects of your business.

Yardy

As a software development company, Yardi has been around for decades. This company was founded in the 1980s. Yardi Systems is a property management solution for different people — managers, agents, property owners, and brokers. This team is sure that apps to find an apartment must efficiently perform different operations — market research, property management, leasing, asset performance,  risk management, and more.

RealPage

This digital product delivers a wide range of solutions for a multi-family property, retirement, commercial, single-family, and other real estate investments. One of the unique features is a business intelligence tool. It allows people to take control of accounting, and change the way they streamline operations.

Best Rental Property Management Apps

Final Verdict

Any advanced software makes it easy for the owner or manager to control all processes — utility bills, renegotiation of contracts, notification of residents, etc. It is for such purposes that people download the rental app. Most systems make it easy to keep all records related to real estate in one easily accessible tool. This applies to the Renta App and other similar products.

With digital solutions, people can streamline the management process — negotiating, sending letters, discussing conditions and keeping records — having more time for other tasks and possibly faster renting out. Advanced platforms are used by landlords, people involved in a retail organization, property and facility managers, shopping center owners, and homeowners’ associations. Each of such users has their own requests for functionality. This is why the customization flexibility that most developers offer is so important. If you choose the Renta App, you are unlikely to have problems in this regard.

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Compare Best Rental Property Management Software

Free Trial Tenant screening Payment
Renta App Yes Yes Free
Buildium Yes Yes Monthly
TurboTenant Yes Yes Monthly
Propertyware Yes Yes Monthly+One-time payment
SimplifyEm Yes Yes One-time payment
MRI Software No Yes One-time payment
AppFolio Yes Yes Monthly
Yardy Yes Yes O/R
RealPage Yes Yes O/R
Innago Yes Yes Monthly

What Is Rental Property Management Software?

Most software stores all relevant data once downloaded and has secure dashboards where people can log in and pay rent, request maintenance, and communicate with the owner or manager. Typically, the best app for renting includes charging rentals, templates, service requests, and more. This is usually done in a cloud-based system or application, so you can access them from anywhere in the world.

Who Should Use Rental Property Management Software?

When you own a rental property, keeping records is not easy. This is understood by both parties that have entered into a contract. Even small things like forgetting to schedule repairs or not paying rent can lead to unhappy tenants. So, using the rental app is a good idea. Such a step was taken by millions of start-up entrepreneurs. This is the best way to avoid misunderstanding. For those who have installed the app to find an apartment, the following features will become available:

  • Online processing of rental payments
  • Checking people in real-time and managing tenants with the rental app
  • Scheduling periodic property inspections
  • Responding to the requests
  • Generation of monthly income and cash flow reports
  • Track your operating costs
  • Prepare taxable financial statements at the end of the year

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How Much Does Rental Property Management Software Cost?

The cost of the rental app varies. You are unlikely to find users who have the same requests regarding their business. It depends on the properties being managed. These are the principles that most developers take into account. Some systems are free, while others cost $ 450 or more per month. If you are not sure which option is right for you, we will help you find the best product. Just follow our recommendations.

Overall, if people only have a few properties and need a basic solution. For commercial real estate, entrepreneurs can expect to pay at least a few hundred dollars a month for good real estate management software. Typically, fees are charged monthly per unit, and some companies charge a setup fee. With each additional tool, rental app will become more expensive.

How We Chose the Best Rental Property Management Software

To find the software for our listing, we checked each program for its features, ease of use, technology strength, and price. We also consider customer ratings, reputation, and the types of properties. Due to the hard work we have done, people can find top property management solutions. With our rental app, you will definitely not be disappointed.

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