Keep a track of your rental property and save time with the right tools
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We all know about accounting software that helps us to manage our business perfectly. In all types of business, Property management is one of the growing business. They need to maintain many types of details while renting their property.
Hence, for these simple and complex tasks, technology has introduced the best software for rental property accounting so all property manager can easily keep a track of all details without wasting any time.
From rental property accounting software, landlords will get many advanced tools and remarkable features so they can keep their tenants happy without creating any confusion.
This will help you to grow your property business much faster in an easier way. Landlords will get full security while using this best software for rental property accounting so all data will be safe and secure.
We have reviewed many best software for rental property accounting while checking their specifications, features, pros and cons and prepared a list for you. You will get the whole idea about the working process of these software.
Top 7 Best Software for rental property accounting
1. Buildium
Buildium is the best software for rental property accounting to give all power to landlords for managing their property. This software was founded by some landlords in Boston for managing their property. It is growing day by day with so many advanced features.
This software does not only offer tools to manage renting but also gives many other features to manage your property. You can also use this on App because it is a cloud-based platform. So you can do accounting from anywhere anytime.
Buildium is user friendly and very easy to use. It also offers tutorials for beginners so they can understand how this software works.
You don’t need any special qualification for an accountant. This best software for rental property accounting does all the work of an accountant so you can get access to everything in one place.
As for the pricing, this software provides three types of plans, which are-
• Essential – This plan starts at $50.00/month with basic features. You will not any support in this plan.
• Growth – It will cost you $160.00/month with some extra features and support.
• Premium – This plan starts at $460.00/month with many advanced features and full support.
Now, let’s talk about some advanced features of this best software for rental property accounting-
Features
• Buildium provides an owner portal on which you can easily access all the financial reports from anywhere.
• It provides renters insurance which will protect you and your tenants.
• In this software, you will get property inspection so you can inspect your property from your mobile device.
• It helps you to prepare 1099 e-fillings.
• You can easily track and manage all payments and accounts payable.
• Buildium provides you with the facility to collect rent and pay vendors on time.
• You can process, make, and receive all cash payments with a single click.
• In Buildium, you can track your all expenses like maintenances.
• It helps you to manage all rental listings with an organized interface.
• This software provides tenant screening so you can easily check criminal, eviction and credit reports of your tenants.
• You can simplify your rental process with a digital signature and store in the cloud.
• This software provides cloud storage so you can save your documents without losing them.
• Apart from these features, buildium also provides professional website, violations tracking, board communications, Analytical and insights.
• This best software for rental property accounting provides 30 days Free trial so you can experience their services.
• For any help or support, you can go to their help section.
Pros
• Easy to use
• Tenant screening
• Automated accounting
Cons
• Inexpensive
• Additional setup costs
2. AppFolio
AppFolio is one of the best software for rental property accounting. This software is cloud-based and available on the app. You can use it from anywhere anytime. It is best for landlords with residential properties as well as commercial. It fulfils all property’s accounting needs by its organized and multifunctional interface.
If you don’t have any experience with accounting don’t worry, this software provides tutorials and training so you can learn it way better.
This software gives you the ability to run your business without any hassles. You can do all tasks related to accounting in one place.
As for the pricing, This software comes with two types of plans and charges a $400 onboarding fees.
• AppFolio Property Manager – In this plan, you will get everything to modernize your business. The minimum monthly fee starts at $250.00 and unit price range starts from $0.80 to $1.50 per month.
• Plus – This plan is typically designed for large businesses managing 1000+ units. Minimum monthly fee starts at $1500 and unit price range starts from $0.85 to $3.00 per month.
Let’s talk about some important features of this best software for rental property accounting.
Features
• In Appfolio, Online owner portal is available on which you can get access to owner vendor e-check, owner contributions. You can also check performance insights in plus version.
• You can track your maintenance requests, in house maintenance. A mobile inspection is also available in this software.
• This software provides the best platform for marketing. You will get professional websites for listing your rental properties, vacancy listing and vacancy dashboard.
• You can compare rents with rent comparison tool in Appfolio.
• Tenants screening available for checking the authenticity of tenants. Online rent payments and schedule increase rents are also available for avoiding any confusion.
• Appfolio provides real-time flexible reporting for making your work easier.
• In this best software for rental property accounting, you will get automated accounts payable for saving your time.
• Apart from these features, this software has smart bill entry, security deposit holding, bulk tenant charges, utility management, automated late fees, quick bank reconciliations and many more.
• For experiencing the services and knowing the concept of this software, Free demo is available.
• You can contact their customer service for any type of help or support.
Pros
• User friendly
• Fully Secured
• Tenant screening
• Durable and value for money
Cons
• Some issues occur in licensing
• Less customer service hours
3. Tenant Cloud
The next best software for rental property accounting is Tenant cloud which was founded in 2014. It used for saving money and time for landlords and property manager. This software has also a free version for all users.
It is a cloud-based software so you can also access it on a mobile app. This software comes with different types of features which performs every type of tasks. You can manage all your rental properties within this single software.
As for the pricing, this software comes with three types of plans-
• Basic – Free version for the smaller number of units up to 75.
• Standard – It starts at $9/month with units up to 150 and unlimited payment without any fees.
• Advanced – This will cost you $35/month with units up to 500 and For advanced features.
If you have opted for annual payment then you will get these plans free for the first two months. To know more about pricing, check the official website of this software.
Let’s look at some important features of this best software for rental property accounting –
Features
• TenantCloud provides rental management where you can easily collect rent, create rental applications, check maintenance requests e.t.c.
• You can track your income and expenses in this software.
• This software provides automatic invoicing, receipts and late fees without any hassles.
• You can also have a receipt for tax filings.
• Tenant Cloud comes with different types of property management tools like insurance reminders, lease templates, free listing and online application.
• It also provides tenant screening for checking the authenticity.
• This software comes with full integration with Quickbooks.
• It offers cloud storage for saving your important files and documents.
• Apart from these features, Tenant cloud provides full accounting, property analysis report, rental accounting, exporting of financial data, online vendor payment, market reports and many more.
• This best software for rental property accounting comes with the free version so you can experience their tools and features.
• For any help or support, their help section is available so you can find the answer to all of your questions.
Pros
• Free to use
• Automatic invoicing
• Tenant screening
• Affordable
Cons
• Poor customer support
4. Property Matrix
Property Matrix is the most user-friendly and best software for rental property accounting. It can customize everything and helps you to manage your business smartly. This software comes with 120+ features with great customer reviews.
Property Matrix is suitable for all sizes of property businesses. This software also provides free E-book in which you can learn about ways to manage your business or property. It was founded in 2001 and based on cloud technology.
No accounting experience is needed in this software, you can just download it and start your work. This comes with all types of accounting features with other property management tools.
As for the pricing, This software comes with three types of plans-
• Standard – This plan will cost you $400 per month with the capacity of 250 units and for an additional unit, they charge $1.50 per unit.
• Pro – It will cost you $475 per month with the same quantity of units and extra advanced features.
• Enterprise – In this plan, you will get 800 units and for each additional unit, they will charge $1.35. This plan will cost you $1200 per month.
Property Matrix offers 30 days of the money-back guarantee, in case you are not satisfied with their services.
Here are some remarkable features of this best software for rental property accounting-
Features
• Property Matrix comes with zero cost payments like ACH, check scanning and credit card processing.
• You can customize everything in this software like themes, searches, reports and templates.
• This software provides enterprise-class accounting in which you will get document scan, multipay, multiple lease and tenants, owner statements, transaction history and many more.
• In the property matrix, you will get comprehensive management of documents in which they will provide an audit trail, form creation, document signing and maintenance tickets.
• Their communication hub is amazing with templates and Email blasts.
• You can easily pay vendors and accept rents online without any hassles.
• This software also provides tenant screening for security purpose.
• You can build your website, flyers, online applications for promoting your property.
• This best software for rental property accounting also comes with owner portal, tenant portal to avoid any type of confusion.
• Before purchasing Property Matrix, you can take the free Demo for experiencing it.
• For any type of help or support, they provide help section.
Pros
• Easy to use and user-friendly
• Free Demo and 30 days money-back guarantee
• Flexible and advanced features
• Customer support is excellent
Cons
• The app doesn’t work properly
• Slow speed
5. Rent Manager
Rent manager which was founded in 1987 is one of the best software for rental property accounting. Residential and commercial both type of owners can use this software. It allows you to run your business on a single platform without any issues. It is recommendable for every size of property and customizable.
This software comes with different types of extra features which makes your work more efficient and perfect. Any beginner or experienced landlord can use this software. This software comes with an online version, standalone version and also available on App.
Rent Manager also provides training and webinars for beginners so they can understand the process of work.
For the pricing, they provide several options for your selected software. Every version of this software costs different. You can contact them directly to know the exact price of this software according to your requirements.
Let’s have a look at the advanced features of this best software for rental property accounting.
Features
• Rent Manager provides a complete system for accounting in which you can receive or pay amounts, manage account payables, create a budget with electronic reconciliations.
• In this software, there are 450+ reports available so you can create, export, download and email them.
• This software provides E-pay processing for collecting rents, vendor and owner payment.
• You can do Marketing and leasing easily for promoting your property in this software.
• It allows you to perform a different type of business operations like manage a project, communicate with admin and call centre features.
• Rent manager comes with maintenance features in which you can keep track of service issues. You can manage inspections, metered utilities, work orders and make ready boards.
• You can customize your software as per your preference so it will make all the work easy for you.
• It also gives you property website, webchat and virtual post office.
• Custom training, data migration is available on this best software for rental property accounting.
• They provide a free demo so you can learn about the process of this software.
• For any help or support, customer support is available through many mediums.
Pros
• Versatile software
• Ease of use
• Extra features
• Great customer support
Cons
• Simple interface
6. Yardi Breeze
Yardi Breeze is the simple and best software for rental property accounting which is available on web and App both. It was established in 1984 and created for Small to medium size of landlords and property managers. You will get a variety of tools and features for easier work.
This software offers webinars and tutorials for their users so you can attend it to experiencing the services. Yardi Breeze can be used for residential and commercial type of properties.
It is beneficial for both beginners and experienced users. If you are starting any new property business, this software is highly recommended.
As for the pricing, it varies by type of property. Generally, it starts at $1 unit per month and doesn’t cost any setup fees. If we talk about residential properties, price starts from $100 and for commercial properties, price is $200.
Let’s see some valuable features of this best software for rental property accounting-\
Features
• Yardi Breeze provides great accounting management so you can manage all the accounts from one place.
• It provides one-click data importing from excel sheets.
• This software comes with organized payment portals where you can easily collect rents online.
• In this software, you can do billing and invoicing easily without wasting any time.
• Yardi Breeze is a great platform for managing documents without losing them.
• With Owner reports, you can create and manage it without any confusion or hassles.
• This software also provides integration with many accounting software like QuickBooks.
• It comes with property management features where you can use marketing listings, maintenance requests and manage insurance of renters, tenant and vendor communication, e.t.c.
• This best software for rental property accounting gives free training and demo for its users so you can see the process without any charge and learn something better.
• For any help or support, They provide FAQs and customer support.
Pros
• Free training and demo
• Online payments
• Great customer support
Cons
• Limited features are available
• Some users find it expensive than other available software with a comparison of features.
7. MRI
MRI is one of the best software for rental property accounting. This real-estate property management software was founded in 1972. It is an organized and featured software for landlords and property managers.
It serves many types of properties like residential, commercial, public housing and international. No experience of accounting is needed for the use of this software. This was specifically designed for commercial properties. It also provides an App so you can use this software from anywhere anytime.
They provide many articles and blogs for knowledge of property business. You can go through their tutorials for more knowledge.
If we talk about the pricing of this software, they haven’t included that on their website. You can directly contact them for the exact price of your solution. They will provide you with the best solution according to your business, budget and requirements.
Now, let’s look upon some advanced features of this best software for rental property accounting.
Features
• In MRI, you will get a budget and forecasting feature so you can create a budget and know forecasts about your business.
• This software comes with automated accounts payable for making you accounting smooth and easier.
• It provides online rent collections and vendor payments without wasting time.
• They will give you general ledger to maintain your work and data.
• MRI includes corporate accounts receivable and debt management so you can organize all these things perfectly.
• In accounting, they have more features like fixed assets accounting and investor reporting.
• This best software for rental property accounting provides customizable reports so you can choose them according to your preference.
• MRI comes with many types of property management features like manager compliance, lease templates, maintenance requests and many more.
• Before purchasing any product from MRI, you can chat with their expert on the website for clearing your confusion or doubts.
• For any help or support, you can contact them or read their FAQs.
Pros
• Easy to use
• User friendly
• Budgeting and forecasting
• Good customer support
Cons
• Expensive
• Only good for real estate properties
Best Software for Rental property accounting FAQs (Frequently asked questions)
Q1.What is rental property accounting software?
Answer – Rental property accounting software helps you to maintain all details of your rental property like online rent payment, accounting records, e.t.c. at one place. It also includes other features like marketing, leasing, bank reconciliations, owner reports, cloud storage, e.t.c. to manage your property business properly.
Q2. How much these software cost?
Answer – Cost of these software depends on their features and services. Every software comes with different prices, some are affordable where some are expensive. The average range of price lies between $50 to $1500. You can check features before purchasing any software.
Q3. Why do landlords or rental property manager need this software?
Answer – Managing property without wasting time and confusion is a difficult task. You cannot maintain everything in one place without delay. These software provides a platform to do everything in one place. You can easily manage everything from anywhere anytime because these software is based on a cloud platform.
Q4. Is using these software can be risky?
Answer – No, Not at all. Each data or file will be safe and secure in these software. You don’t need to worry about any risk or issue.
Q5. How to choose the best software for rental property accounting?
Answer – Before choosing any software, you need to know your requirements and the size of your business. Check every software features to know what will be the best fit for your business.
We have researched some software for you according to their features, ease of use, price. You can check our recommendations of the best software for rental property accounting to get a better idea.
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