When you own multiple rental units in one building or across several properties, collecting rent and managing maintenance requests can quickly become a headache. Multifamily property management software can automate manual tasks for your entire portfolio, saving you time and money.
In this article, we will discuss the top property management software for multifamily homes and how to select the best one.
Best Multifamily Property Management Software: Top Picks
| Baselane | Stessa | Buildium |
|---|---|---|
| Best free multifamily property management software | Best for small to medium-sized multifamily owners | Best for larger real estate portfolios |
| • Free online rent collection • Lease creation • Banking built for both landlords and real estate investors • No monthly fees | • Online rent collection • No lease creation • Old UI/IX • Free basic version with limited features • Pro version at $20/month | • Full suite of property management features • Must have 50+ units • It is expensive if you need back data imported and faster payments |
Multifamily Property Software: How to Choose the Right One
Selecting the right multifamily property management software can significantly impact your success as a landlord. Let’s break down the key factors to consider:
Portfolio Size: Commercial or residential landlords with a significant number of units under management will need a flexible platform that can scale. If you only have a few rental properties, extensive features could be overwhelming.
Accounting Features: Your chosen software should include rental property accounting features for rental income and expense tracking, financial reporting, and bank account integrations.
Learning Curve: Find a solution that has an intuitive and user-friendly interface. Can you understand the software without tutorials or training? The ideal software should make your life easier, not more complicated.
Budget: Some software plans are free or have a trial to test it out first. Others have pricing tiers based on features or portfolio size. It’s better to compare costs upfront rather than switching to a different platform later.
Security: Make sure your data is safe and backed up. You don’t want anyone interfering with your sensitive property and financial information.
What is the Best Multifamily Property Management Software?
- Baselane
- Stessa
- Buildium
- TurboTenant
- AppFolio
- Entrata
- SimplifyEm
- MRI Software
- Yardi Breeze
Finding the best option for multifamily asset management software can be difficult. We have made your job easier by comparing the top platforms below.
Baselane: Best Multifamily Property Management Software
Overview
Baselane is an all-in-one multifamily property management platform. It offers premium features for landlord banking, integrated bookkeeping, online rent payments, and more. You’ll also get in-depth financial reporting and analytics to make informed investment decisions. Best of all, it’s completely free without any hidden fees.
Key Features
Baselane features include:
- Rent payments via ACH, debit, or credit
- Option for tenants to set up auto-pay
- Online payments are deposited straight into your bank account
- Automated payment reminders and late fee notifications
- Automatic payment history tracking
- Advanced bookkeeping and accounting features
- Real-time cash flow analytics and financial reports
- Quick and easy sign-up process for both tenants and landlords
- Landlord banking with no minimum deposits, monthly fees, or overdraft charges
Pricing
Pros
- Free online rent collection for all property types
- Fast rent payments within 2-3 days
- Free ACH payments for tenants and a low 2.99% fee for debit and credit card payments
- Easy-to-use modern interface
- Simplifies tax season with automated bookkeeping
- Allows unit-level revenue tracking
Cons
- No mobile app, but mobile web-enabled (coming soon in 2023)
- No tenant screening (coming soon)
Stessa: Best for Expense Tracking and Property Accounting
Overview
Stessa is a software solution for managing rental property accounting and finances. Core features include financial reporting, tax reports, online rent collection, and expense tracking by linking a bank account, credit card, or mortgage account. Multifamily property managers can also screen tenants and manage rental applications online.
The free plan only offers basic accounting features and reports, plus it limits receipt scanning to 5 per month. You will have to opt for the paid plan to get advanced reporting and metrics, CapEx and Schedule E tax reports, and unlimited receipt scanning.
Key Features and Pricing for Stessa
Pros
- Free version available with limited features
- Integration with popular accounting and property management software
- Organized record of all property expenses
- Generates tax reports
- Transactions can be automated or entered manually
Cons
- Outdated user interface
- Reporting lacks customization
- No in-app lease management
- Users can’t add or modify expense categories
- Customer support complaints
Buildium: Best for Large Rental Portfolios (Property Management Companies)
Overview
Buildium is a popular property management software platform for large and mixed portfolios. It has operational tools for maintenance request management, lease renewals, violation tracking, property inspections, marketing services, and more. Additional features include online portals for tenants and owners, payment processing, and accounting.
However, Buildium’s pricing structure varies significantly. Plans start at $55 and go up to $375, depending on the number of units. Essential services like live phone support and onboarding are restricted to higher-priced tiers.
Key Features
Pricing
- 1 – 20 Units – $55/month
- 21 – 40 Units – $71/month
- 41 – 50 Units – $87/month
- 51+ Check the Buildium website for details
Pros
- User-friendly, intuitive interface
- Rent payments can be processed in 1-2 days
- Tenant screening, business operations, and leasing tools
- Low-cost or free property inspections
- Financial features like accounting and 1099 filing
Cons
- Premium and growth plans are pricey (no free plans available)
- Lacking robust data security
- No 24/7 support line
- Charges $99 for each landlord bank account
- Common features cost extra
TurboTenant: Best for Fast Tenant Screening
Overview
TurboTenant is a free property management software option ideal for independent landlords with a few multifamily buildings. It takes less than 5 minutes to get a potential tenant’s financial, criminal, and eviction history, which is $0 for landlords. Other features include online leasing, rent collection, and rental listings.
The costs are often shifted to tenants on this platform. Bookkeeping and accounting are also priced separately from the available plans. These features can add another $15-$85 on to monthly costs.
Key Features
Pricing
Pros
- Free basic plan suitable for landlords with few properties
- Options for managing leads and tenant screening
- Tenant messaging
- Property listing review within 48 hours
Cons
- $55 fee for online applications
- Paid phone support only on premium plans
- Extra costs for faster payouts and multiple bank accounts
- Rent reminders keep going even after payment
- An outdated interface may be hard to use
AppFolio: Best for Mixed Portfolios
Overview
Appfolio is a property management software solution designed for larger portfolios with mixed property types, including multifamily and single-family homes, commercial buildings, community associations, and more. It offers a comprehensive feature set for marketing, lease tracking, work order management, and uses AI to automate bookkeeping, communications, and insights.
Appfolio’s pricing model is based on a cost per unit, which can get pretty pricey. The minimum monthly fee starts at $280 and requires at least 50 properties. Monthly pricing for larger real estate portfolios can go up to $900 or $7,500. According to customers, AppFolio is also known for having long response times and bad support.
Key Features and Pricing for AppFolio
For residential properties:
For commercial properties:
Pros
- Cloud-based system, no software installation required
- Customizable interface tailored to your needs
- Rental price analysis tool available
- 24/7 customer support
- Multiple customer service channels: chat, phone, email
Cons
- Too expensive for smaller landlords
- Limited options for basic software integrations
- Steep learning curve
- Reports of advertising vacant units
- Additional onboarding fee
- Bad customer support
Rentec Direct: Best for Rental Listing and Marketing Tools
Overview
Rentec Direct is a cloud-based software for managing multifamily properties that serves over 15,000 landlords with features like customizable property listings, automatic syndication to major rental sites, and marketing tools. Key features include tenant screening, lease management tools, tenant portals for rent payments, and maintenance management.
Rentec Direct is considered affordable among paid tools, with pricing starting at $45 per month. There are some hidden fees to watch out for, like a $0.50 charge for outgoing ACH payments and a $200 setup fee for setting up electronic cash payments.
Key Features
Pricing
Pros
- Accepts electronic cash payments
- Optional same-day ACH deposits
- Built-in marketing tools available
- User-friendly interface
- Mobile apps for tenants and landlords
Cons
- No free plans are available
- Pricing increases per unit ($45-$2,750+)
- Monthly fee for multiple merchant accounts ($15 each)
- Difficult to setup account for the first time
- Complex accounting features
SimplifyEm: Best for Landlords With Small Portfolios
Overview
SimplifyEm property management software has some unique features like an automatic tax deduction tracker, which identifies potential tax savings, and an income and expense optimization tool that provides financial efficiency suggestions. All subscriptions also include renters insurance, unlimited document storage, plus email, text message, and live phone support.
The software can be expensive at higher tiers, and certain features aren’t available on the starter plan, like automatic late fees and bank account management. Additional costs also apply to every online lease ($5-$10 each) and online payment (starting at $1 per transaction).
Key Features
Pricing
Pros
- Automated tracking for finances, work orders, and leases
- Integrates with existing property management systems
- Tracks Common Area Maintenance (CAM) costs
- Suitable for landlords with fewer properties
- Rent reminders and maintenance tracking
Cons
- No mobile app available
- Reports of canceled payments and refunds
- Long wait times for customer support
- Limited reporting features
- Difficult for the tenants to set up
MRI Software: Best Customizable Property Management Software
Overview
MRI property management software features can be mixed and matched for residential and commercial portfolios. Options include integrated accounting with modules for general ledger and balance sheets, mobile apps, and comprehensive asset and facility management. Additionally, it incorporates AI-powered lease management and utility management tools.
Customizable features add flexibility, but it’s not easy to find details about features and solutions on the website. You also have to contact MRI directly to get pricing.
Key Features
Pricing
Contact MRI software for custom quotes.
Pros
- Quick onboarding for new multifamily property owners
- Customizable features for reports
- Seamless integration with vendor software
- Central overview of performance metrics
- Automated answering service
Cons
- Web-based training can be difficult
- Reports of large unexpected bills
- Complicated invoicing process
- Bugs in the vendor search tool
- Slow report processing
Yardi Breeze: Best for Mid-Sized Property Managers
Overview
Yardi Breeze is a software solution for midsized multifamily property managers, offering marketing and automated leasing workflows, online rent collection, and an advanced accounting suite. It also has additional features for professional websites and vendor payments.
Yardi Breeze does not provide a free trial. The Yardi Breeze Premier plan is also necessary for certain property types like affordable housing ($3 per unit per month).
Key Features
Pricing
Pros
- Simple onboarding and setup
- Detailed financial reports
- Simplifies 1099 filing during tax season, including e-filing options
- Mobile app available
- Live training webinars available
Cons
- Steep learning curve for new users
- Building leases is complex
- Doesn’t sync with Quickbooks
- Reports aren’t customizable
- Additional charges for extra support
Final Thoughts
Among the various options presented, Baselane emerges as a particularly strong candidate for multifamily property management.
With features like online rent payments, automated accounting and bookkeeping, and landlord banking without monthly fees or overdraft charges, Baselane is a comprehensive, budget-friendly solution for real estate investors, landlords, property owners, and managers.
Ready to take your property management to the next level? Book a demo today and see what Baselane can do for your multifamily property business.
