Best Property Management Software for Multifamily Homes

Landlords who manage different types of properties, especially multifamily homes, require property management software that can help simplify their processes across a large number of units.

As your property portfolio expands, choosing software that grows alongside you without costly add-ons or pricing increases is essential. You may currently manage a couple of multifamily buildings, but you never know when an opportunity to acquire another may present itself.

Therefore, it is essential to select the right solution upfront. Of course, new properties require rent collection, property listings, and tenant screening. Your software should be able to accommodate these requirements without forcing you to upgrade pricing tiers or pay for expensive per-unit upcharges.

Let’s explore the need for specialized property management software, the features you’ll need to manage your portfolio more efficiently, and how to utilize software to manage all your properties from a single location.

The Need for Specialized Property Management Software

Managing multifamily homes presents unique challenges compared to other property types. In this section, we’ll review some common issues multifamily property owners typically face.

1. Tenant trouble: Dealing with multiple tenants per property can take time and effort. You must handle lease agreements, rent collection, potential noise complaints, and tenant disputes.
2. Higher turnover: You’ll have a greater chance of vacancies as you scale your number of properties. The challenges amplify if you deal with frequent tenant turnover because that leads to higher advertising, tenant screening, and lease signing costs.
3. Maintenance and repairs: With multiple units, more can go wrong. With more units, you may have a broader range of maintenance requests to contend with. If they happen simultaneously, the situation could spiral if you don’t have a comprehensive organizational plan.

Key Features for Multifamily Home Property Management Software

After examining the challenges encountered in multifamily property management, we’ll focus on the features that can help you eliminate these headaches and turn them into wins.

Tenant Screening

When you manage multifamily properties, you’ll likely need to screen a large number of tenants, especially if multiple units become vacant simultaneously.

Enabling prospective tenants to supply their personal information rather than collecting it from paper applications is an effective way to automate the typically time-intensive tenant screening process.

Online Rent Collection

Rent collection for multifamily properties can be easier than managing a sprawl of single-family homes because your tenants will be more centralized. However, there are a few challenges.

First, you could operate a couple of multifamily homes spread out across town. They could even be in different cities. Second, not everyone will pay rent at the same time, and you won’t want to visit each property two or more times just to collect rent.

With online rent collection, landlords collect tenant payments via ACH, debit, and credit cards. Plus, you can set late payment reminders and automatically assign late fees. On the tenant side, they can create automatic payments to give you peace of mind.

Maintenance Request Management

Having more units increases the potential for issues. Instead of receiving a flood of text messages, emails, and late-night phone calls from dissatisfied tenants, maintenance request management software consolidates all requests into one centralized location.

Tenants can use an app on their phone to submit maintenance requests at any time of the day, and they filter into your dashboard for easy management. It beats angry phone calls in the middle of your work day.

Lease Tracking and Renewal

You get a lease! You get a lease! You get a lease! Every single door in your multifamily property must have a lease attached.

When you have a large number to manage, quickly checking and seeing which ones are coming up for renewal can help you reduce vacancy rates. You can also confirm with current tenants whether they plan to stay, and if not, you can immediately start marketing the property.

Communication Tools

Imagine this: You’ve got two multifamily units with seven tenants, and two of them are texting you at once. A third one calls you. They all have different questions or requests.

Property management software communication tools filter out the noise, organize conversations in a single place, and help you remember what’s what.

Document Storage

One of the most significant advantages of software used for property management is the ability to store all your documents in a single place.

Rather than stuffing your files in an accordion file holder, store them securely in the cloud and reference them from anywhere your folder isn’t.

Top 10 Multifamily Property Management Software

Now that we know what tools are needed to manage multifamily properties effectively, let’s explore what’s available in the marketplace. In this section, we’ll examine the top 10 best multifamily property management platforms so you can make an informed decision without wondering if you made the right choice.

1. TurboTenant

As one of the best free property management software solutions available, TurboTenant has the critical features landlords need to streamline their workflows. Our free account works for unlimited units, so adding to your portfolio won’t increase your management costs.

When you sign up for a free TurboTenant account, you gain immediate access to:

• Online rent collection
• Rental property advertising
• Maintenance tracking
• Tenant communication tools
• Tenant screening
• Online rental applications

Landlords can access additional features, like unlimited pre-built lease agreements, for a modest yearly fee. The pricing for the paid tiers is among the lowest in the industry. The Pro tier costs under $10 per month when billed annually, and Premium, which unlocks all of TurboTenant, is available for under $13 per month with an annual payment.

This pricing is much more affordable than the 10% fee that property management companies typically charge. Plus, when you self-manage, your finger rests on the pulse of your business, so you always know where you stand.

Pros

• Free tier has nearly everything the majority of multifamily landlords need
• User-friendly interface
• Unlimited properties included in the free plan
• Access to legally-reviewed, state-specific lease agreements
• Landlord and tenant-specific mobile apps

Cons

• Some features are reserved for the paid tiers

Customer Reviews

• Users like how intuitive and easy TurboTenant is to use
• Customers love how affordable the platform is, with the free tier fulfilling many users’ needs
• Reviewers have commented on how effective TurboTenant’s lead-generation tools are
• Some customers regret that some features are locked behind a paid tier

2. Entrata

Entrata is property management software that is well-suited for multifamily properties. It provides various features with an intuitive interface and caters to diverse property types, including multifamily homes.

Entrata’s features include:

• Accounting and financial management
• Leasing tools, including tenant screening and automated lease renewals
• Maintenance management
• Online rent collection

Entrata does not publicly list its pricing structure; landlords must contact their team to build a package.

Pros

• Comprehensive feature set
• Open API allows for integration with third-party software
• Training and support resources, including webinars and live support
• Scalable for portfolios of all sizes

Cons

• Opaque pricing can be frustrating for many landlords
• Implementation can be time-consuming
• Some features aren’t as intuitive to use as others

Customer Reviews

• Customers report appreciating the easy-to-use dashboard with quick access to information
• Customers like Entrata’s marketing tools that lead to high tenant engagement and retention
• Many customers appreciate the financial management tools
• Some customers report bugs in dashboard notifications
• Some users have experienced long wait times for support in dealing with software problems

3. LeaseHawk

LeaseHawk is an AI-powered property management software that aims to help landlords improve operational efficiency and is very helpful for multifamily property owners. While there is a strong focus on CRM and lead management, LeaseHawk still offers many property management features that should help landlords, like:

• An AI-powered leasing bot to help screen tenants
• Performance analytics
• Lead management CRM
• Multi-channel integration
• Maintenance management
• Appointment scheduling

LeaseHawk doesn’t publicly provide pricing information, but landlords who need a more CRM-focused experience for their multifamily needs can contact their team to schedule a demo and discuss pricing options.

Pros

• Strong lead management tools
• Centralized communication can enhance productivity
• Multi-platform integration
• Real-time performance tracking and reporting

Cons

• The pricing structure isn’t transparent
• The interface can feel complex for some users
• AI tools can be inaccurate at times

Customer Reviews

• Customers like the leasing tool in high-volume situations
• Users point out the strong analytics component as a key feature
• Some users have mentioned a steep learning curve in adopting all the tools LeaseHawk has to offer
• Some customers have noted the features seem geared toward large properties

4. MRI

MRI Real Estate Software has existed for over 50 years, and the platform focuses primarily on multifamily properties. It’s based on a modular design structure, allowing landlords to focus only on tools that enhance their workflow. These tools include:

• Lease management
• API integrations
• Tenant screening
• Online rent collection
• Automation workflows
• Advance reporting tools

MRI mainly targets multifamily property owners with large portfolios. For the most accurate pricing information, contact MRI for a quote.

Pros

• Great for large multifamily portfolios
• API integrations can enhance the experience
• Advanced automation features reduce manual work
• Leasing and payment workflows can save time
• Resident engagement tools improve the tenant experience

Cons

• High price compared to other software options
• Mixed reviews on customer support

Customer Reviews

• Users appreciate the breadth of tools that can streamline workflows for large teams
• Automation is a key point that many customers enjoy for large properties
• Some users have been frustrated with some customer service interactions

5. Rentec Direct

On the more cost-effective side, Rentec Direct offers affordable multifamily property management features. This software covers various property types, but its multifamily tools are a big plus for landlords with extensive and diverse portfolios.

Some features of Rentec Direct include:

• Accounting tools
• Tenant portals for rent collection and maintenance requests
• Syndicated listings on several listing sites
• Lease management and tracking
• Mobile app for landlords and tenants

As stated above, Rentec Direct’s pricing structure is among the most affordable on this list. The pricing starts at $50/month for up to 25 units, with each additional unit adding $2/ month. Paying annually gives landlords a 10% overall discount.

Pros

• Affordable compared to competitors
• User-friendly interface
• Desktop and mobile apps available
• Comprehensive tenant screening features
• Positive customer support reviews

Cons

• Accounting features are somewhat limited
• The mobile app lacks some features found in the desktop version
• No offline access for property management tasks

Customer Reviews

• Landlords appreciate the affordable nature of the software for what you get
• Customers like the tenant portal for handling rent payments
• Some users have found the limited accounting features lacking

6. ResMan

Tailored for multifamily property owners, ResMan offers landlords various features that simplify daily tasks, boost tenant engagement and retention, and enhance investment performance.

They accomplish these tasks with the following features, including:

• Lease tracking and management
• Tenant communication tools
• Resident portal for maintenance requests and online rent payment
• Accounting features, including expense tracking and budgeting
• Data analytics and reporting

Like other platforms on this list, ResMan does not provide pricing information on its website but offers multiple pricing tiers tailored to your current business size. Contact the ResMan team to schedule a demo and discuss pricing in more detail.

Pros

• Comprehensive feature set
• Resident engagement tools are top-notch
• User-friendly interface
• Detailed financial reporting and analytics
• Integration with third-party software

Cons

• Some integrations don’t work as well as others
• Some users have reported bugs in some of the tools

Customer Reviews

• Customers like how easy and helpful many of the tools are
• Customers appreciate the resident portals and how easy it is to communicate with tenants
• Some users have reported that the tools, while plentiful, are more basic than other platforms
• Some customers have reported bugs in the application process

7. Buildium

Buildium is one of the most popular multifamily property software platforms on the market, and it’s easy to see why. It offers comprehensive features that help multifamily property owners streamline their operations and grow their investments.

Some of the features Buildium offers include:

• Tenant and lease tracking
• Online rent collection
• Accounting and reporting tools
• Maintenance tracking
• Communication tools
• Automated notifications and rent reminders

Buildium offers three pricing tiers depending on the features you need. The Essential Tier costs $58/month and includes accounting tools, maintenance tracking, and other tools, but it charges $5 per electronically executed lease. The Growth tier starts at $183/month and includes unlimited leases. The Premium tier starts at $375/month and is ideal for large property owners.

Pros

• User-friendly interface
• A large list of features
• Customizable reports
• Integrated marketing tools

Cons

• Costs can rise quickly with multiple units
• Fewer third-party integrations than some other platforms
• Some features need training to be used effectively

Customer Reviews

• Customers like the platform specifically for multifamily homes
• Many customers report high satisfaction with customer support
• Some users feel frustrated about the lack of flexibility in the reporting tools
• Some customers didn’t like how much the cost after they added units

8. Appfolio

Multifamily property owners who expect their portfolios to grow large might want to consider AppFolio. Tailored to meet the needs of diverse property owners, Appfolio emphasizes its scalability and offers plans specifically designed to accommodate a large number of units.

Some of the features AppFolio offers are:

• Property accounting and financial reporting
• Online payment processing for tenants, owners, and vendors
• Tenant screening
• Online lease signing
• Customizable workflows and automations
• Marketing tools

Appfolio is one of the more expensive options on this list, as it’s designed for larger portfolios. However, customizable plans are available based on the features you need. Pricing is generally based on a per-unit cost plus add-ons, with minimum spending ranging from around $300/month to over $7000/month, depending on your needs.

Pros

• Can handle portfolios of all sizes
• Comprehensive feature set
• Advanced automations make large workflows more manageable
• AI leasing assistant saves time with automated responses

Cons

• Costs can quickly rise depending on the size of your portfolio
• Landlords might need training to use advanced accounting and workflow tools
• Customization options aren’t as robust as on other platforms

Customer Reviews

• Users praise its user-friendly interface for multifamily properties
• Customers like the high number of features, but some note that many go unused
• Some customers feel frustrated about the high cost as compared to other software on the market

9. Yardi Breeze

Yardi offers a comprehensive solution that is ideal for multifamily rental situations. Besides a full suite of property management tools, Yardi includes CRM integrations, utility management, and resident services for properties of every size.

Yardi provides landlords with features like:

• Lease and tenant management
• Investment management
• CRM marketing tools
• Branded resident portals
• Utility management and billing
• Maintenance tracking and vendor management

Yardi’s pricing starts at $1 per unit, with a minimum monthly spend of $100. The Premier tier adds more features and costs $1 per unit, with a minimum monthly cost of $400.

Pros

• Comprehensive functionality handles multifamily properties well
• Scalable platform for growing portfolios
• CRM integrations make lead tracking easy
• Advanced reporting makes for better decision-making
• Highly customizable for each property’s needs

Cons

• The learning curve can be pretty steep
• Minimum spend means property managers might pay more than they need to
• There is no free trial, which could deter some users from trying it

Customer Reviews

• Customers report the platform provides a robust experience for multifamily property management
• Users appreciate some of the unique features, like utility billing
• Some customers find the learning curve frustrating to overcome
• Some reviewers have mentioned a slower response time for support than they’d like

10. RentManager

RentManager is a versatile property management platform ideal for multifamily properties. The software offers a wide range of features designed to simplify workflows for property managers with large portfolios, enhance operational efficiency, and improve the tenant experience.

RentManager offers landlords:

• Accounting and reporting tools
• Maintenance management and tracking
• Marketing integrations
• Mobile apps
• API integration tools

RentManager’s pricing is straightforward. It offers three tiers of plans, with additional features unlocked in each tier. Pricing is as follows:

Basic: $1 per unit per month
Plus: $1.75 per unit per month
Premium: $2.50 per unit per month

For busy property managers, RentManager offers additional add-ons, like branded websites and access to a call center.

Pros

• User-friendly interface
• Excellent customer support
• Highly customizable

Cons

• The mobile app lacks features found on the desktop version
• Some features require complex scripting knowledge

Customer Reviews

• Customers appreciate the user-friendly nature of most features
• Many customers rave about the customer support team
• Users like the customizable reporting tools
• Some users report performance issues with some features

Advantages of Using TurboTenant for Multifamily Homes

TurboTenant is an easy-to-use property management software for multifamily homes and beyond. From the dashboard, landlords can easily select the property type, whether single-family, multifamily, apartment, condo or another type, including RVs.

All your properties will easily be found in the “Properties” section of the TurboTenant interface, enabling you to manage all the details related to that property, including rent collection, lease agreements, and maintenance management.

No matter the types of properties in your portfolio, TurboTenant makes it easy to manage them. Sign up for a free account today and make DIY landlording less painful.