19 Best Accounting Software For Rental Properties Reviewed In 2024
Best Accounting Software for Rental Properties Shortlist
Here's my pick of the 10 best software from the 19 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Using my extensive experience in the industry, I reviewed and evaluated the top accounting software to shortlist the best tools for managing, tracking, and optimizing rental property finances.
The best accounting software for rental properties simplifies tasks like rent collection, expense tracking, and financial reporting, all while offering tools tailored to the unique needs of property managers and landlords. However, finding the right tool to help you manage your finances can be challenging—especially when there are so many options available.
To help you get started in your search, I used my experience in financial management software to test and compare the top solutions on the market. Whether you own a single property or manage a large portfolio, these specialized solutions can help streamline operations, enhance record-keeping, and provide valuable insights into the financial health of your properties.
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Best Accounting Software for Rental Properties Summary
| Tools | Price | |
|---|---|---|
| FreshBooks | From $5.70/month | Website |
| AppFolio | From $1.40/unit (minimum monthly fee of $280) | Website |
| Property Matrix | Pricing upon request | Website |
| Rentec Direct | From $45/month | Website |
| Avail | From $9/unit/month | Website |
| SimplifyEm | From $20/user/month | Website |
| Hemlane | From $40/user/month | Website |
| Stessa | From $20/month + free plan available | Website |
| TenantCloud | From $9/user/month | Website |
| Landlord Studio | From $12/user/month (billed annually) | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose Accounting Software for Rental Properties
As you work through your unique software selection process, keep the following points in mind:
- User-Friendly Interface: A user-friendly interface is important, especially for landlords who may not be tech-savvy. With an intuitive design, your chosen accounting software can make managing properties and finances more straightforward.
- Comprehensive Financial Tracking: The software should provide a complete picture of your financial situation, including income, expenses, net cash flow, and valuations. Look for platforms that automatically categorize transactions for easy analysis and reporting.
- Automated Rent Collection: Automated rent collection streamlines the rent collection process, sending rent reminders, alerts, and payment updates while reducing the need for additional third-party apps. This feature helps reduce late payments and ensure consistent cash flow.
- Integration Capabilities: Your chosen software should integrate seamlessly with other platforms you use, such as property management portals or bank accounts. This ensures that all your information is in one place, reducing the need for manual data entry and minimizing errors.
- Scalability: Whether you have a single rental unit or a more extensive portfolio across multiple locations, choose a service that will scale according to your needs and plans.
These considerations will help you choose the right accounting software for your specific needs, ensuring the efficient and effective management of your rental properties.
Best Accounting Software for Rental Properties Reviews
This in-depth analysis provides overviews of each accounting software for rental properties. We will review each tool’s pros and cons, features, and best use cases.
FreshBooks is a popular accounting software for small businesses, freelancers, and businesses with employees or contractors. It offers features such as invoicing, billing and payments, expense tracking, and accounting tools.
Why I picked FreshBooks: FreshBooks provides a user-friendly interface and advanced accounting features tailored for small businesses and freelancers. It stands out due to its ease of use, making it accessible even for those without an accounting background. Along with these features, the software also helps users simplify complex accounting tasks, allowing them to manage their finances without extensive experience.
Standout features & integrations:
Features include custom invoicing, unlimited expense entries, time tracking, estimates, automated late fees, late payment reminders, and client retainers.
Integrations include G Suite, Shopify, Stripe, PayPal, Gusto, Trello, Slack, HubSpot, Mailchimp, and Zapier.
Pros and cons
Pros:
- Custom invoicing
- Unlimited expense entries
- Automated late fees
Cons:
- No native payroll support
- Limited features for property-specific needs
AppFolio is a property management software designed to streamline operations for large property portfolios. It’s best for these portfolios due to its robust features that support extensive property management needs.
Why I picked AppFolio: AppFolio offers strong property management features alongside powerful accounting tools. It automates tasks like rent collection, expense tracking, and financial reporting, while also providing insights into property performance, making it ideal for landlords and property managers who want a new-age solution.
Standout features & integrations:
Features include advanced accounting and reporting, automated workflows, and a centralized platform for managing all aspects of property management.
Integrations include AvidXchange, HappyCo, PayNearMe, Plaid, Property Meld, ShowMojo, TransUnion, Yardi, Zillow, and Zumper.
Pros and cons
Pros:
- Comprehensive feature set
- Scalable for large portfolios
- Robust reporting tools
Cons:
- High learning curve for new users
- Limited customization options
Property Matrix is property management software designed to streamline accounting processes for rental properties. It’s best known for its customizable reporting capabilities, which allow users to create reports based on system data.
Why I picked Property Matrix: Property Matrix provides highly flexible financial reporting and accounting features that allow users to tailor workflows, reports, and dashboards to their specific needs. Its advanced customization options enable property managers to create detailed, property-specific financial tracking and analysis, ensuring accurate financial management across diverse portfolios.
Standout features & integrations:
Features include enterprise-class accounting, supercharged reporting, and intelligent document management.
Integrations include QuickBooks, Yardi, AppFolio, Buildium, Rentec Direct, TenantCloud, Stessa, Hemlane, Avail, and REI Hub.
Pros and cons
Pros:
- Customizable reports
- Enterprise-class accounting
- Smart document management
Cons:
- Limited pricing information
- It may require extensive setup time
Rentec Direct is a property management software platform that offers tools for landlords and property managers to manage their rental properties effectively.
Why I picked Rentec Direct: Rentec Direct offers advanced financial tools, including rent tracking, expense management, and automatic late fee calculations. The platform’s intuitive interface allows users to access key data, such as income statements, tenant payment histories, and expense reports, all neatly categorized and exportable in various formats. This level of flexibility and organization simplifies tracking financial performance across multiple properties.
Standout features & integrations:
Features include a complete accounting system with full general ledger accounting, tenant screening with access to credit, criminal, and eviction reports, and online rent payments.
Integrations include Sure, Dropbox Sign, Dwellsy, PetScreening, PayNearMe, Payscore, ZInspector, Twilio, Plaid, and CSGForte.
Pros and cons
Pros:
- Comprehensive support
- Robust accounting features
- Tenant screening
Cons:
- Learning curve
- Limited customization options
Avail is a landlord software that provides tools and resources for DIY landlords to manage their rental properties. It offers property advertising, tenant screening, lease customization, rent collection, maintenance tracking, and accounting management.
Why I picked Avail: Avail stands out as an advanced tool designed explicitly for DIY landlords. It offers an all-in-one platform for managing rent payments, tracking expenses, and generating financial reports. With this design, landlords can easily automate rent collection and gain clear insights into property finances, making it easy to manage both small and large portfolios.
Standout features & integrations:
Features include property advertising on top rental sites, customizable lease agreements, online rent collection, and maintenance tracking.
Integrations include Zumper, Padmapper, Walkscore, Realtor.com, Doorsteps.com, Apartments.com, Rentable, ApartmentList, TransUnion, and Lemonade Inc.
Pros and cons
Pros:
- Strategic data insights
- Accounting management
- User-friendly interface
Cons:
- Limited advanced features
- Basic customer support
SimplifyEm is a property management software designed to simplify accounting, reporting, and other time-consuming tasks for property managers and landlords. It’s best known for its ease of use, making it accessible even for those without an accounting background.
Why I picked SimplifyEm: SimplifyEm offers user-friendly tools designed specifically for landlords and property managers. It streamlines tasks such as tracking rental income, managing expenses, and generating financial reports, while also providing features like tenant management and automated reminders, making property management more efficient and organized.
Standout features & integrations:
Features include income and expense tracking, online rent payments, tenant screening, rental listings, and detailed reporting.
Integrations include QuickBooks, Excel, TransUnion, Zillow, Apartments.com, Rent.com, Realtor.com, TurboTenant, Cozy, and TenantCloud.
Pros and cons
Pros:
- User-friendly interface
- Comprehensive feature set
- Affordable pricing
Cons:
- Limited advanced features
- Basic customer support
Hemlane is a property management software designed to assist rental property owners with various management tasks. It is best known for its remote property management capabilities.
Why I picked Hemlane: Hemlane combines property management tools with financial tracking features tailored to landlords and property managers. It simplifies rent collection, automates payment reminders, and generates detailed financial reports, making it easy to manage income and expenses for multiple properties efficiently.
Standout features & integrations:
Features include advertising rental properties on multiple listing websites, hosting property tours, conducting comprehensive credit and background checks, coordinating repairs, and automating rent collection and reporting.
Integrations include Zillow, Trulia, HotPads, Apartments.com, Realtor.com, Zumper, RentPath, Facebook Marketplace, Craigslist, and Cozy.
Pros and cons
Pros:
- Remote management
- Automated tasks
- Local support
Cons:
- Limited customization
- No mobile app
Stessa is a rental property management software that offers landlords real-time financial reporting. It provides automated data connections and single-entry accounting to keep everything simple and easy to understand.
Why I picked Stessa: Stessa is known for its strong real-time financial reporting capabilities, which set it apart from other accounting software for rental properties. The platform's ability to deliver detailed and accurate financial reports, such as income statements and net cash flow reports, makes it an invaluable tool for landlords who need precise financial insights.
Standout features & integrations:
Features include automated accounting, real-time financial dashboards, and comprehensive tenant screening.
Integrations include AppFolio, RentPrep, Docusign, Google Drive, Dropbox, QuickBooks, Xero, Plaid, Zillow, and Realtor.com.
Pros and cons
Pros:
- Automated accounting
- Real-time dashboards
- Comprehensive tenant screening
Cons:
- Limited customer support
- No mobile check deposit
TenantCloud is property management software designed to streamline rental property management tasks. It’s best for cloud-based management due to its comprehensive online platform, which integrates various property management functions.
Why I picked TenantCloud: TenantCloud offers a strong cloud-based solution that integrates multiple property management tasks into one platform. It allows users to manage their properties, tenants, and finances from anywhere, ensuring flexibility and efficiency. The software also integrates with payment systems and provides an intuitive dashboard for managing multiple properties, making it easier for landlords to stay organized and on top of their finances.
Standout features & integrations:
Features include tenant screening, online leases, maintenance requests, rent reporting, and automatic listing syndication.
Integrations include QuickBooks, Google Calendar, Stripe, Apartments.com, Realtor.com, Rentler.com, Zillow, Trulia, HotPads, and Facebook Marketplace.
Pros and cons
Pros:
- Advanced feature set
- Cloud-based access
- Integration with QuickBooks
Cons:
- Learning curve
- Limited customization options
Landlord Studio is a rental management software designed to streamline property management tasks. It’s best for comprehensive rental management because of its all-in-one platform, which covers everything from tenant screening to tax reporting.
Why I picked Landlord Studio: Landlord Studio provides extensive features that cater to every aspect of rental property management. Unlike other software, it offers a holistic solution that includes tenant screening, rent collection, and detailed financial reporting. On top of these features, Landlord Studio consolidates multiple tools into one platform, making it easier for landlords to manage their properties efficiently.
Standout features & integrations:
Features include automated bank feeds, tenant screening, online rent collection, and detailed tax reporting.
Integrations include Xero, QuickBooks, Stripe, Plaid, TransUnion, Zillow, Realtor.com, Apartments.com, Zumper, and RentPath.
Pros and cons
Pros:
- Comprehensive feature set
- Automated bank feeds
- Tenant screening
Cons:
- Interface can feel cluttered for some
- Limited automation for lease renewals
Other Accounting Software for Rental Properties
Below is a list of additional accounting software for rental properties that I shortlisted. While they didn’t make the top 10, they’re still valuable and worth further research.
- REI Hub
Best for property-based accounting
- Xero
Best for automating rent collection
- Buildium
Best for purpose-built property management accounting
- Planful
Best for sound financial planning and analysis
- Nimble Property
Best for hotel accounting
- DoorLoop
Best for customizable charts of accounts
- QuickBooks
Best for quick and easy setup for businesses
- Esusu
Best for rent reporting and credit building
- Lemonedge
Best for streamlining complex accounting processes
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Accounting Software for Rental Properties Selection Criteria
The criteria for choosing accounting software for rental properties should directly address buyer needs and common pain points, ensuring that the software serves its intended purpose effectively. As an expert who has personally tried and researched these tools, here are the requirements I use when evaluating software:
Core Functionality: 25% of total weighting score
- Tracking rental income and expenses
- Generating financial reports
- Managing tenant payments and lease agreements
- Handling property maintenance costs
- Ensuring tax compliance and preparation
Additional Standout Features: 25% of total weighting score
- Integration with property management tools
- Automated rent reminders and late fee calculations
- Mobile app accessibility for on-the-go management
- Customizable reporting and analytics
- Advanced security features for data protection
Usability: 10% of total weighting score
- Intuitive user interface with straightforward navigation
- Drag-and-drop functionality for transaction management
- Customizable dashboards for quick access to key metrics
- Responsive design for use on various devices
- Minimal learning curve for new users
Onboarding: 10% of total weighting score
- Availability of comprehensive training videos and tutorials
- Interactive product tours for new users
- Pre-built templates for quick setup
- Access to live webinars for in-depth learning
- Chatbots and support for immediate assistance
Customer Support: 10% of total weighting score
- 24/7 availability of support channels
- Access to a dedicated account manager
- Comprehensive knowledge base and FAQs
- Fast response times for support tickets
- Availability of community forums for peer support
Value For Money: 10% of total weighting score
- Competitive pricing compared to similar tools
- Transparent pricing with no hidden fees
- Flexible subscription plans to suit different needs
- Discounts for long-term commitments
- Free trial or demo options to test the software
Customer Reviews: 10% of total weighting score
- High overall satisfaction ratings
- Positive feedback on ease of use and functionality
- Consistent praise for customer support quality
- Testimonials highlighting time and cost savings
- Reviews indicating reliable performance and uptime
By personally trying and researching these tools, I have ensured that the criteria listed above are based on real-world use and practical evaluation. This approach helps in selecting the best accounting software for rental properties that meet the specific needs of property managers and landlords.
Trends in Accounting Software for Rental Properties
Here are some trends I’ve noticed for accounting software for rental properties, plus what they might mean for the future. I sourced countless product updates, press releases, and release logs to tease out the most important insights.
- Cloud-Based Solutions: Cloud-based accounting software is becoming the norm for rental property management. These solutions offer real-time access to financial data from any location, facilitating better decision-making and collaboration among team members. The shift to cloud-based platforms is driven by the need for flexibility and scalability, making it easier for property managers to handle multiple properties efficiently.
- Mobile Accessibility: More accounting software is offering robust mobile applications, allowing property managers to perform essential tasks such as rent collection, expense tracking, and maintenance management on the go. The convenience of mobile access ensures that property managers can stay connected and responsive, improving overall operational efficiency.
- Integration with Property Management Systems: Integration capabilities are an important feature of modern accounting software, especially with property management solutions. This allows for the synchronization of financial data with other property management functions, such as tenant communication and maintenance scheduling, creating a unified platform that enhances productivity and reduces manual data entry.
- Advanced Reporting and Analytics: Advanced reporting and analytics tools are becoming standard in rental property accounting software. These features provide property managers with detailed insights into financial performance, helping them make informed decisions. Generating customizable reports and visualizing data through dashboards is valuable for tracking income, expenses, and profitability across multiple properties.
- Automation of Routine Tasks: Automation is a growing trend, with accounting software increasingly automating routine tasks such as invoicing, rent collection, and bank reconciliation. This reduces the risk of human error and frees up time for property managers to focus on strategic activities.
What Is Accounting Software for Rental Properties?
Accounting software for rental properties is designed to help property managers and landlords manage their financial transactions, track income and expenses, and generate financial reports. Property managers, landlords, and real estate investors commonly use this software to streamline their accounting processes, ensure accurate financial records, and comply with tax regulations.
This type of software typically includes features for tracking rent payments, managing expenses, generating invoices, and producing financial statements. It often integrates with other property management tools to efficiently provide a comprehensive solution for managing rental properties.
Features of Accounting Software for Rental Properties
Like any other financial solution, accounting software for rental properties has key features that help property owners manage their finances. This includes:
- Automated Rent Collection: This feature allows landlords to collect rent, send reminders, and update payment statuses. It reduces the need for manual tracking and ensures timely payments.
- Expense Tracking: Tracking and categorizing property maintenance, repairs, and other expenses is vital. This feature helps maintain accurate financial records and prepare for tax deductions.
- Financial Reporting: Generating detailed financial reports, such as profit and loss statements, cash flow statements, and balance sheets, is essential for understanding the economic health of your rental properties.
- Tenant Management: Recording tenant details, payment history, and lease agreements in one place helps manage tenant relationships and ensure compliance with lease terms.
- Bank Reconciliation: This feature automatically reconciles bank transactions with recorded income and expenses, ensuring that your financial records are accurate and up-to-date.
- Tax Preparation: Software that categorizes income and expenses according to tax requirements and generates tax reports simplifies tax season preparation.
- Integration Capabilities: Integrating with other software, such as property management systems or banking platforms, ensures that all your financial data is centralized and easily accessible.
- Mobile Access: A mobile app allows landlords to manage their properties on the go, making it easier to track income and expenses, send invoices, and communicate with tenants.
- Secure Data Storage: Ensuring your financial data is securely stored and encrypted helps protect sensitive information from unauthorized access.
- Scalability: Whether you manage a single rental unit or an extensive portfolio, the software should scale according to your needs, providing the necessary features and support as your business grows.
Choosing the right accounting software for your rental properties can significantly reduce the time and effort required to manage your finances, allowing you to focus on growing your business. By looking for these features, you can ensure that you select a tool that meets your specific needs and helps you achieve your financial goals.
Benefits of Accounting Software for Rental Properties
Accounting software designed specifically for rental properties can streamline these processes, making it easier for property managers and landlords to keep track of their finances. Along with these benefits, users may experience the following perks when using accounting software for rental properties.
- Automated Financial Tracking: The software automatically tracks income and expenses, reducing the risk of human error and ensuring accurate financial records.
- Simplified Tax Preparation: By organizing all financial data in one place, the software makes it easier to prepare for tax season, ensuring compliance and saving money on tax preparation services.
- Enhanced Reporting Capabilities: Users can generate detailed financial reports with just a few clicks, providing valuable insights into the economic health of their rental properties.
- Improved Tenant Management: The software often includes features for tracking tenant payments and lease agreements, helping to ensure timely rent collection and reducing the likelihood of missed payments.
- Time and Cost Efficiency: By automating many financial tasks associated with managing rental properties, the software saves users time and reduces the need for additional staff or external accounting services.
Using accounting software for rental properties can significantly improve the efficiency and accuracy of financial management, providing peace of mind for property managers and landlords. By leveraging these tools, users can focus more on growing their rental business and less on the complexities of financial management.
Costs & Pricing of Accounting Software for Rental Properties
When evaluating accounting software for rental properties, understanding the costs and pricing models is essential for making an informed decision. Pricing often varies based on features like tenant management, invoicing, and reporting.
This section provides an estimate of average accounting software plans and expenses for rental properties. The pricing varies based on the features and scale of the software.
Plan Comparison Table for Accounting Software for Rental Properties
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic income and expense tracking, limited reports, and tenant communication |
| Personal Plan | $15 - $50/month | Enhanced tracking, online rent collection, and essential maintenance management |
| Business Plan | $50 - $250/month | Advanced reporting, automated payments, tenant screening, and mobile apps |
| Enterprise Plan | $250 - $500+/month | Full suite of features, custom reports, integrations, API access, and premium support |
While some platforms may have higher initial costs, they can provide long-term value through automation, scalability, and integration with property management systems. Be sure to choose a solution that fits your current budget and future needs as your portfolio grows.
Accounting Software for Rental Properties FAQs
Here are some commonly asked questions about accounting software for rental properties.
How do I integrate my accounting software with property management systems?
To integrate your accounting software with property management systems, you’ll typically use built-in APIs or integration tools provided by the software. Check if your accounting software offers direct integration with your property management system or if you’ll need a third-party connector. This setup helps sync data like rent payments and expenses across platforms, ensuring everything stays up-to-date without manual input.
Can accounting software handle multiple properties and tenants?
Yes, most accounting software for rental properties can manage multiple properties and tenants. You can track each property’s income, expenses, and tenant details separately. This feature helps you monitor financials for different properties and generate consolidated reports, making it easier to oversee your entire portfolio.
How do I ensure accurate tax reporting with my accounting software?
To ensure accurate tax reporting, configure your accounting software to categorize income and expenses correctly according to tax requirements. Utilize the software’s reporting features to generate tax-ready financial statements and summaries. Regularly review and update your financial data to avoid discrepancies and ensure compliance with tax regulations.
What should I do if my accounting software doesn't support specific expense categories?
If your accounting software doesn’t support specific expense categories, you can create custom categories or tags within the software. Check if you can adjust the chart of accounts or expense tracking settings. If customizations aren’t possible, consider using additional software or tools that integrate with your primary system to handle those categories.
How can I generate reports for rent collection and overdue payments?
Use your accounting software’s reporting features to generate reports for rent collection and overdue payments. Look for options that allow you to create detailed reports on payment history, outstanding balances, and overdue notices. Customize these reports to include relevant date ranges and property-specific details to track better and manage collections.
What are the data backup options for my accounting software?
Data backup options vary by software but often include automated cloud or local storage solutions. Check if your software provides regular, automatic backups to ensure your data is safe. You may also have the option to manually back up your data periodically or export it to an external drive for added security.
How can I automate recurring payments and expenses?
Set up automatic transactions or scheduled payments within your accounting software to automate recurring payments and expenses. Look for features that let you define the frequency and amount of these payments. This automation helps ensure that bills and rent are paid on time without manual intervention.
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