9 Best Multifamily Property Management Software in 2021

Apartments

9 Best Multifamily Property Management Software in 2021

October 20, 2020

multifamily-property-management-software

Property managers have an incredibly complicated workload, especially when managing multifamily properties of 50 or more units.

Day-to-day tasks include managing a property’s facilities, residents, marketing, staff, and everything in between. From community engagement, new tenant applications, and much more – the job can be daunting at best and overwhelming at worst. 

That’s where commercial multifamily property management software comes in.

9 Best Multifamily Property Management Software in 2021

  1. ResMan
  2. AppFolio Property Manager
  3. Buildium
  4. LeaseHawk
  5. Yardi Voyager
  6. Yardi RENTCafé
  7. Entrata
  8. MRI Living
  9. ActiveBuilding by RealPage

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What Is Multifamily Property Management Software?

Multifamily property management software is tailored to the needs of residential properties that house 50 or more separate units – and often upwards of 700-1000 units – and facilitate the management of the overall property.

These platforms provide a suite of tools to help automate, streamline, and improve nearly everything a property manager does in a normal day. Multifamily property management software also provides properties with an online portal that provides a direct line of communication between the property and residents, allowing for residents to self-serve themselves in paying rent, requesting maintenance, reading building rules, and stay updated on general building happenings.

Common Features of Multifamily Property Management Software

PRO TIP: Looking for a property management software for less than 50 units? Check out the best free property management software in 2021 for landlords managing single-unit and smaller residential buildings.

9 Best Multifamily Software for Commercial Property Management

Here are the best 9 multifamily property management software tools for managing multi-unit residential buildings – ranked by publicly-available online reviews on G2, Capterra, and other review sites.

ResMan-logo

1. Resman

  • Review Rating: 4.7/5
  • Pricing: N/A – contact for a custom quote

ResMan has one of the highest ratings among multifamily property management tools, and for good reason. It’s one of the most commonly used multifamily software because of its wide array of services all housed in a single, comprehensive platform. These capabilities include accounting, reporting, budgeting, and maintenance solutions. Additionally, they offer a robust network of partner integration options ranging from debt collection to marketing.

ResMan boasts a team of trained implementation specialists to assist in onboarding and migration from other software tools as well, so there’s less headache during the transition period. They also have a new dedicated CRM platform that hasn’t been released yet, but you can reserve your spot on the list for when it does.

resman-screenshot
AppFolio-Logo

2. AppFolio Property Manager

  • Review Rating: 4.6/5
  • Pricing: $1.25 per residential unit, $1.50 per commercial unit, with a minimum of $250 per month.

AppFolio is a well-reviewed low-cost software for property managers handling 200+ units. AppFolio is cloud-based, and they avoid complicated integrations entirely so there’s no confusing logins through multiple portals. It also allows for its mobile experience to be streamlined and keep all of your data and records accurate and up to date.

AppFolio’s all-in-one software offers maintenance, marketing, accounting, and leasing solutions without the need for third-party integrations. This is best for multifamily property managers with a tighter budget.

appfolio-screenshot
Buildium-Logo

3. Buildium

  • Review Rating: 4.4/5
  • Pricing: $50 – $460 per month, depending on total units.

Buildium is another low-cost software tool that is cloud-based. It allows all the essentials you would expect from a property management software like accounting, online payments, maintenance request tracking, and managing rental listings. 

These functions are all centrally accessed, either through Buildium directly or syndicated through to their partners. Recently, Buildium has added business analytics so multifamily property managers can track their business performance with the context of the market. It also allows properties to export and share data to your other business apps with its open API.

Buildium has three different plans with expanding features and benefits the more you pay. Because they aim to service landlords and property managers at all growth levels, the first plan is only $50/month, although larger multifamily property managers will need either their Growth plan, starting at $160/month, or their Premium plan at $460/month. All of these plans also charge other fees for certain services.

buildium-logo
leasehawk-logo

4. LeaseHawk

  • Review Rating: 4.2/5
  • Pricing: N/A – contact for a custom quote

​LeaseHawk is an interesting entry here because it actually uses artificial intelligence to automate some of the functions that would normally require a human and other tedious, time-consuming data-entry tasks. Its ‘Performance Platform’ supports call tracking, lead analysis, reporting, agent performance, and resident relationship management. With the help of AI and machine learning, it can learn to predict which leads deserve follow-up activity so you can appropriately prioritize your time.

LeaseHawk also offers an AI virtual leasing assistant they call ‘ACE’, which is a machine-learning chatbot that can collect guest information, respond to resident needs, and schedule tours. It’s customizable so you can make the voice sound however you’d like.

leasehawk-screenshot
Yardi-Voyager-logo

5. Yardi Voyager

  • Review Rating: 4.0/5
  • Pricing: N/A – contact for a custom quote

Yardi Voyager is a cloud and web-based platform for property managers to manage operations, execute leasing, run analytics, and provide resident, tenant, and investor services. Yardi is well-known in this industry and for good reason. They provide service to a huge amount of markets, including multifamily. 

From asset management and accounting to resident screening and data analytics, Yardi’s platforms have a lot to offer. They have a dedicated implementation team that provides onboarding services, ongoing support, and help in tailoring the platform to your specific needs. There are over 200 integration and interface partners to address any needs that Voyager may not do in its platform. Yardi has a separate CRM platform called RENTCafe that interfaces with Voyager, which is worth discussing on its own for managing multifamily properties.

yardi-voyager-logo
RentCafe-logo

6. RENTCafé

  • Review Rating: 4.2/5
  • Pricing: N/A – contact for a custom quote

RENTCafe helps properties with many problems with its suite of tools by combining Yardi’s CRM, marketing, and leasing platform. It’s fairly robust as CRM software goes. 

RENTCafe is a part of a suite of Yardi products that are intended to be used together, including Yardi Voyager, RENTCafe CRM Flex, and RENTCafe Connect. Each provide different services but using them together is where the suite starts to really shine. RENTCafe is the marketing, leasing, and listing service. It’s the marketing/listing wing of Yardi products and is their answer to competitor services such as Trulia and Zillow.  

RENTCafe Connect is the call center and customer service solution with which leads make initial contact. It also provides data analytics and a team of agents to extend your own leasing team. RENTCafe CRM Flex is where lead conversion and resident communication takes place. This also provides data analytics and flexible leasing to manage a wide range of workflows. 

All of these are integrated within Yardi Voyager, so while you don’t have to use every RENTCafe service, you will need to be using Voyager as your property management software.

rentcafe-screenshot
entrata-logo

7. Entrata

  • Review Rating: 4.0/5
  • Pricing: N/A – contact for a custom quote

Entrata offers management, marketing, leasing and CRM solutions all in one place. Entrata puts a great deal of emphasis on the software’s user experience to make things as easy as possible to understand for team members and residents. This helps its mobile applications shine, which are commonly praised by users of the software. 

Its management suite includes features such as accounting, vendor management, inspection management, and leasing. Entrata’s marketing suite provides automated listing services, digital marketing, and data analytics to keep lead management running smoothly.  

Its focus on mobility allows leasing and CRM to occur entirely through their dedicated application, with the goal of maximizing positive user experiences and growing resident retention. Entrata also has open APIs to provide a wide range of integrations with third party solutions

entrata-logo
MRI-Living-logo

8. MRI Living

  • Review Rating: 3.5/5
  • Pricing: N/A – contact for a custom quote

MRI offers a suite of products to address everything property managers are tasked with, but it puts most of its focus on being an open and flexible system with a huge list of integration partners to allow the most customization possible. 

While they offer their own solutions for things like payments, lead management, inspections, and CRM, they also actively encourage property managers to embrace their flexibility and take advantage of their roster of integration possibilities. If you value the customization of your management solutions over everything else, MRI may be worth looking into.

mri-living-screenshot
ActiveBuilding-Logo

9. ActiveBuilding by RealPage

  • Review Rating: 4.3/5
  • Pricing: N/A – contact for a custom quote

ActiveBuilding has been described as the Facebook for multifamily properties. It’s the CRM suite and resident portal for RealPage’s property management solution, but ActiveBuilding allows residents to communicate with each other and take part in community discussions, plan events, etc. 

It boasts that it provides a more satisfied community and improves resident retention. ActiveBuilding itself proves self-service access to features such as online payments, lease renewals, maintenance service requests, and renters insurance. However RealPage’s full property management suite offers much more. 

These services include accounting, revenue management, utility management, screening, market analytics, and a new AI-’s powered contact center. RealPage also has a range of integration partners available if you’d like more customization.

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