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How much does property management software cost in 2024?

117 views March 2, 2024 Karina Jugo 1

The cost of property management software can vary quite a bit depending on the size of your portfolio and specific functionality needs.

Software Tier Price Range Features
Basic entry-level Around $50/month Essential features like listing management, task tracking, e-signing
Mid-range $100-$250/month More advanced functionality like integrated payments, screening tools, custom reports, mobile apps
Enterprise $500+/month Fullest array of built-in features and customizations for large-scale property management

With such variability, it’s critical managers outline must-have capabilities for day-to-day operations and budget accordingly before selecting PMS systems for their specific portfolio.

Property management software cost comparison table

property management software pricing table

Property management software features

Here are some of the key features commonly found in property management software platforms:

1. Online Payments

Online payment functionality allows property managers to securely accept and process rents, fees, and other charges electronically through integrated payment gateways within the software platform itself.

This simplifies accounting by automatically recording tenant transactions into owner proceeds for reconciliations, eliminating most physical checks.

2. Accounting

Property management systems contain specialized trust accounting modules to handle key escrow activities like recording owner incomes separately, reconciling security deposits, and producing monthly owner statements.

Automating accounting tasks alleviates the burden while enhancing transparency through detailed tracking for improved fiduciary oversight across managed properties.

3. Maintenance

The maintenance module within property management systems provides a centralized portal for tracking repair requests, assigning tasks to technicians, and monitoring vendor invoices for managed properties.

This simplifies coordination and communication between tenants, property managers, and contractors with all details logged securely online for improved issue resolution oversight.

4. Leasing

The leasing capabilities within property management software centralize listing management, applicant screening tools, and e-signing of leases/documents into one system for a seamless rental process. This enables secure handling of sensitive applicant data while optimizing leasing workflows through templates and analytics.

5. Communications

 Property management communication tools facilitate direct messaging with tenants through integrated email and SMS platforms linked to tenant profiles and accounts in the software system. This enables prompt, tracked interactions while retaining digital records of correspondences all in one place.

6. Portals

Portals within property management software provide custom logins for tenants and owners or managers to privately access statements, view balances, submit maintenance requests, and manage other account activities digitally.

Consolidating and digitizing these interactions reduces administrative tasks for staff while empowering stakeholders through self-service access.

7. Document Storage

Document storage functionality in property management systems enables centralized and secure retention of all critical paperwork like leases, invoices, statements, and inspection reports. Managers can create reliable and organized records trails while reducing physical document handling when documents are easily accessible to appropriate parties.

8. Reporting

 Robust reporting generates customizable views of granular property, unit, and portfolio metrics like occupancy rates, collections, profitability, maintenance, liability, and more. Business intelligence tools incorporated into the software provide smarter data insights that can guide critical management decisions.

9. Configurability

Highly configurable platforms allow property managers to personalize system settings like data fields, workflows, templates, and access permissions to match their brand image and standard operating procedures already in place. This enables efficient adaptation with minimal disruption to existing business processes.

10. Mobility

The mobility feature of property management software equips managers and owners with native iOS and Android apps granting remote access to critical functionalities like accepting payments, responding to tenants, approving work orders, or reviewing reports. This allows the continuation of core business operations and oversight wherever they are.

11. Integrations

Integration capabilities link property management systems into surrounding technologies via open APIs fueling seamless data sharing across platforms like accounting software, screening services, utility billing companies, and banks. This automates more tasks for less duplication across the property management technology ecosystem.

How much does industry-specific property management software cost?

Managing distinctive classes of real estate assets comes with its own unique operational challenges and regulatory demands. For instance, processes are less arduous for single-family units, duplexes, and townhomes than they are for multifamily housing, commercial offices, residential campus complexes, or short-term rentals.

As a result, custom-calibrated property management systems have begun targeting specialized portfolio needs and business models. Advanced tracking features are added to help different verticals streamline otherwise complex workflows.

Rather than generic catchalls, category-specific software integrates the precise toolset professionals require for elevated service—the true test of technology delivering on industry promises.

Let’s look into the different types of industry-specific property management software and their average cost.

Property management software cost for small landlords

Property management systems tailored for individual or small landlords focus on basic functionality like listing management, applicant screening, online rent collection and accounting, maintenance requests, and document storage to simplify self-management.

Average costs range from $50-100 per month for entry tiers of software like Avail, TenantCloud, and Rentec Direct aimed at DIY property managers overseeing their small portfolios.

RentPost™ provides all the above-mentioned features for only $29/month for up to 25 units, with an option to add additional units at $1 each.

Property management software cost for single-family homes

Property management systems designed for single-family home rentals emphasize vigorous tenant screening with integrated background checks, online rental payments, maintenance coordination features, and landlord-tenant messaging portals.

Comprehensive software starts at around $100 per month from top brands like TenantCloud, Buildium, and AppFolio with costs varying based on the number of properties managed.

RentPost’s Cobalt plan costs just $29/month for 10 owner accounts and up to 25 properties, while our Aqua plan covers 25 owner accounts and up to 50 properties.

Property management software cost for apartments

Property management systems built for apartments integrate tools supporting waitlist management, multi-tenant payroll, housekeeping, and inspection checklists. They also include community messaging boards, amenity scheduling, and compliance reporting specific to larger communities.

Dynamic apartment-geared software ranges from $200-500+ monthly with top brands like Entrata, ResMan, and Yardi providing premium options. Costs can vary based on number of units and modular components required.

RentPost’s Lime plan employs GraphQL API syntax and suits the needs of property managers managing apartment complexes with up to 250 units for only $169/month.

Property management software cost for short-term or vacation rentals

Property management systems built for short-term and vacation rentals focus heavily on maximizing occupancy through integrated listings across multiple advertising platforms, seamless guest booking with automated messaging, and fast pricing adjustments using dynamic calendars and yield management tools.

Comprehensive vacation rental software ranges from $100-250+ monthly with leading brands like Guesty, Rentals United, and Lodgify charging per unit fees while providing channel management, house manual creation, cleaner workflows, and 24/7 guest communication handling.

Dedicated short-term platforms essentially facilitate hospitality-style service expected in these markets different from long-term rentals.

Property management software cost for hotels

Property management systems designed for hotels integrate modules supporting advanced rate management, distribution channel connections, housekeeping assignments, complex reservation handling, and amenity inventory specific to guest lodging operations.

Leading hotel platforms range from $3,000+ monthly with dedicated hospitality brands like Cloudbeds and eZee Technosys charging per room while providing channel managers, POS integration, loyalty programs, dynamic pricing tools, and front desk automation tailored to high-traffic visitor volume.

Property management software cost for small business owners

Property management systems designed for small business owners or single commercial properties emphasize collecting and tracking rents from multiple tenants while coordinating specialized maintenance needs and sharing charges for any common areas.

Entry-level commercial platforms start around $100 per month from top brands like AppFolio, Convoy, and Avail with cost scaling based on the number of leased spaces managed. Tailored features like scheduled recurring invoices, reconciling triple-net lease expenses, budgeting for capital projects, and accounting for the unique tax structure of commercial real estate streamline oversight of mixed-use buildings.

Types of property management software pricing plans

Property management software typically offers tiered pricing plans to accommodate the diverse needs of property owners and managers. Pricing tiers often vary based on factors such as the number of units managed, features included (such as tenant screening, maintenance tracking, or financial reporting), and level of customer support.

Additionally, some providers may offer customizable plans or add-ons for specialized functionalities, allowing users to tailor their subscriptions to their specific requirements and budget constraints.

  • Starter or Basic: The package is typically tailored for individual landlords with a limited number of units
  • Pro or Plus: The package is suitable for property managers with larger property portfolios
  • Premium or Enterprise: The package offers more comprehensive options including API access and is designed for property management companies overseeing over 500 units

Property management software free trials

Many feature-rich property management software platforms offer free trials for prospective users to test core features at no cost over 7-14 days.

Sampling key functionalities like maintenance portals, online payments, applicant screening, accounting, and reporting build firsthand experience on its strengths while assessing fit. Moreover, comparing built-in automation against current operating procedures also determines customization needs before committing long-term.

While they entail setting up sample property data, taking a test drive demystifies purchasing via hands-on platform evaluation using personal metrics. Complimentary trials allow managers to confirm optimal compatibility, training requirements, and readiness to leverage full end-to-end capabilities after going live.

How long is the free trial of RentPost™?

RentPost™ offers a 60-day complimentary test drive so you can experience firsthand the intuitiveness of workflows supporting your specialized market needs. With dedicated migration planning assistance, quickly import assets under management while evaluating optimized automation opportunities using your data.

Whether assessing dashboard insights for smarter direction or mobile capabilities to keep remote operations productive, this obligation-free trial allows hands-on confirmation that our all-in-one solution can elevate business processes across your unique portfolio.

Now is the ideal opportunity to preview how seamless technology integration facilitates growth and meets current industry challenges. Sign up to start your FREE 60-day trial today.

Property management software cost: FREE vs PAID plans

Free property management software typically does not offer comprehensive features, regular updates, enhanced security, and customer support that come with paid versions. Let’s look into the main differences between the two.

Free Software

  • Very limited features
  • Can’t support larger portfolios
  • Lack of customer support
  • Primarily used by individual landlords
  • Limited integrations
  • Manual data exports

Paid Software

  • Dynamic all-in-one platforms
  • Scalable for large portfolios
  • Direct customer service/implementation support
  • Automation and custom reporting
  • Integrates with screening, accounting, and payments
  • Configurable for specific niches or regulations
  • Access permissions and data security
  • Native mobile apps

Ultimately, free software works for extremely basic functions on a property or two, but most established management companies require the advanced capabilities, configurability, mobility, customer support, data security, and third-party app interoperability that only full-featured paid subscriptions like RentPost™ provide.

The time and labour savings make purchased systems worthwhile investments. RentPost™ offers five different subscription plans to cater to your unique requirements whether you’re managing 25, 50, or over 100 units. We understand your needs so get on board and start your FREE 60-day trial today.

8 Factors That Impact Property Management Software Costs

Different elements determine the price of property management software subscription plans. Here is a brief overview of some of the main factors that impact property management software costs:

1. Number of units/properties managed

The number of units/properties managed is a key factor that property management software pricing models are based on, with costs increasing as more units are added. Most property management software offers tiered per-unit monthly or annual pricing, where the per-unit cost decreases at higher tiers as more properties are added.

2. Integrations and add-ons

Integrations and add-ons allow property management software to connect with third-party applications and extend capabilities, but they increase costs. Each additional capability like accounting, maintenance scheduling, and payment processing requires paying extra add-on fees on top of the base software subscription costs.

3. Customization

Customization allows property managers to tailor software features, workflows, and interfaces to their specific needs at an added cost. Most property management software charges hourly or project fees for any customized development, integrations, branding changes, and developing custom reports beyond what’s available out-of-the-box.

4. Users and licenses

Additional users and licenses increase the cost of property management software as pricing models are often tied to the number of user accounts or licenses. While the base software fee may cover a certain number of users/licenses, adding more so that additional staff can access and use the software requires paying incrementally per user/license.

5. Data storage

Data storage requirements drive property management software costs up as more storage for things like documents, photos, and tenant data requires more infrastructure. Most software charges premium fees for upgraded plans beyond the basic amount of included storage or bills for overages based on storage usage and bandwidth.

6. Support and training

Property management software often requires paying for ongoing training and support which increases total costs; while initial training may be included, fees for advanced or customized training can be quite high. Similarly, “premium” tiers for phone, email, and chat support carry additional monthly or yearly fees over the base software license cost.

7. Cloud vs. on-premise

Cloud-based property management software usually has a lower upfront cost but higher recurring fees, while on-premise solutions require considerable initial investment in servers and infrastructure but lower ongoing costs.

Cloud solutions simplify software delivery with centralized hosting and management whereas on-premise software requires owning the responsibility for security, maintenance, and updates of self-managed systems.

8. Company size/revenue

Larger property management companies with bigger portfolios and revenue streams often invest in more dynamic, enterprise-level software with extensive capabilities, leading to much higher overall software costs. Smaller companies can initially get by with more basic software focused on core property management needs at lower price points, but may upgrade as their portfolio grows.

To summarize, the number of units, features, customization, users, storage, ongoing support, deployment method, and company profile all contribute to determining total software costs.

Monthly billing vs annual billing cost breakdown

Most property management software vendors offer lower prices for yearly contracts versus paying month-to-month. Opting for annual billing can save around 10% to 15% over the monthly rate, driven by the vendor locking in more guaranteed revenue upfront rather than having customers pay periodically.

To cite a few examples, Buildium subscribers can save 10% on an annual plan while DoorLoop offers 50% off your first two months when billed yearly.

Monthly fees, on the other hand, provide more flexibility in case subscribers wish to upgrade, downgrade, or discontinue the software service. While the yearly subscription offers substantial savings, subscribers are at less risk of losing money with monthly plans if they decide to opt-out within any given year.

How much does the RentPost™ property management tool cost?

Here is a table of all available RentPost™ subscription plans together with their features and inclusions:

rentpost subscription plans and inclusions

Other information:

  1. Additional units can be added to any plan for just $1/unit.
  2. Tenants pay all rent collection fees: $1.50/payment for ACH and 2.99% for credit cards.
  3. A Basic ($29) and Premium ($39) report option is available when requiring a Tenant Screening Report.
  4. Additional Relax Team hours are subject to the hourly rate of $75/hr. The Relax Team is available to assist with training, setup and integrations of virtually anything within your account.

How much do other property management tools cost?

For comparison purposes, let’s take a look at how much other property management software brands charge on their premium packages (comparable to RentPost™ Lime package for 250 units at $169/month).

Buildium

  • Cost when billed annually: $319.50 per user/month
  • Cost when billed monthly: $355 per user/month

Other information:

  • 5 free bank accounts
  • Marketing website included

DoorLoop

Cost when billed annually: $344 per user/month
Cost when billed monthly: $399 per user/month

Other information:

  • 50% off the first 2 months
  • Listing on the most popular 
platforms

AppFolio

Cost when billed annually: $350 per user/month (no annual billing)
Cost when billed monthly: $350 per user/month

Other information:

  • Pricing is on the Core plan with a 50-unit minimum and $280 minimum monthly spend.

Yardi Breeze

Cost when billed annually: $250 per user/month (no annual billing)
Cost when billed monthly: $250 per user/month

Other information:

  • Pricing is on the Breeze plan with a $100 minimum monthly spend at $1/unit.

 

Author

  • Karina Jugo

    Karina Jugo is a content administrator at RentPost who works directly with real estate and property management experts to create resources and guides for property managers. She has more than 15 years of experience in content research and writing for various industries.

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