Making Sense of Property Management Software Pricing: Your Final Decision Guide

As a landlord, you know you need property management software to streamline your operations. Now, you have to figure out pricing because this decision can significantly affect your bottom line and operational efficiency.

The property management software market continues to expand rapidly, offering an ever-growing array of solutions. According to Coherent Market Insights, the global property management software market is estimated to be worth USD 25.43 Billion in 2024 and is expected to reach USD 48.67 billion by 2031.

This growth reflects the increasing adoption of these software applications by property managers and landlords like yourself. However, with this expansion comes a wide range of pricing models and cost structures that can be challenging to navigate.

In this comprehensive guide, we'll break down the various aspects of property management software pricing that are most relevant to landlords at the decision-making stage. We'll explore different pricing models, we'll examine the factors that influence costs, we'll compare pricing across popular solutions, and we'll discuss strategies for maximizing your return on investment.

Understanding property management software costs

When evaluating property management software, you need to understand the factors influencing pricing behind the scenes. Software costs vary based on several factors, including the features available, the size of the real estate portfolio, and whether the application is cloud-based or on-premises.

Factors influencing pricing

1. Features and functionality: The more features a software application offers (e.g., rent collection, tenant communication, maintenance tracking), typically, the more it will cost. Advanced features like predictive analytics or A.I.-driven tools can further increase the price. Additionally, built-in accounting software can streamline financial management and support online rent collection, which also influences the overall price.
2. Portfolio size: Software pricing often scales based on the number of units you're managing with the application. Larger portfolios may benefit from bulk pricing, while smaller landlords can opt for basic features at a lower cost.
3. Cloud-based vs. on-premises: Cloud-based solutions, common in SaaS (software as a service) models, tend to have lower upfront costs compared to on-premises solutions, which may require substantial infrastructure investments.

Different pricing models

1. Subscription-based: This model offers flexibility, typically charging users monthly or annually based on the number of units or the features used. Subscription plans are tiered to fit different business sizes, ensuring smaller landlords aren’t overpaying for features they don’t need. These pricing tiers are structured based on features and the number of units you're managing, allowing users to select plans that best match their requirements and budget.

“Subscription-based pricing models are becoming increasingly popular, allowing property managers to adjust software functionality as their portfolio grows.” —AscendixTech

2. Per-unit pricing: Some software applications charge based on the number of units you're managing. This model is ideal for scaling businesses, where costs increase with growth.
3. Flat-rate pricing: This model offers one fixed price regardless of how many units or properties you're managing. It’s beneficial for landlords managing a high volume of properties, as they can predict costs better.

The range of property management software prices

The pricing models of property management software range from subscription-based to à la carte options. 

It's important to note that the minimum monthly fee can affect your rental income, especially for landlords managing larger portfolios — who may find value in the features provided in exchange for the associated costs. Here's a visual example of how this works, followed by a detailed breakdown:

Entry-level solutions

Entry-level software typically costs between $15 and $100 per month, and mostly benefits landlords with smaller portfolios. These solutions offer basic features like listing management, task tracking, e-signing, and online rent collection. 

Examples include RentPost, which starts at $30/month for one unit (cost increases per unit), and TenantCloud, which ranges from $15.60-$50.40/month.

Mid-range options

Mid-range property management software typically offers advanced functionality such as integrated payment systems, tenant screening, custom reporting, and mobile apps. While some mid-range solutions cost between $100-$250/month, Azibo offers a unique pricing model.

Most of Azibo’s core services — including ACH rent collection, landlord banking, and online rental applications — are completely free, with optional à la carte services such as tenant screening for $39.99 and state-specific lease agreements for $29.99. This makes Azibo highly competitive in the mid-range category by providing the same value as solutions that charge monthly fees.

Other examples include DoorLoop, starting at $59/month, and Rentec Direct, which offers custom pricing depending on your unit count starting at $45/month.

Enterprise-level software

For large-scale property management, enterprise-level solutions are available at $500 or more per month, often with additional per-unit pricing. These solutions include robust features like accounting integrations, advanced analytics, customizable workflows, API access, and a maintenance contact center to manage maintenance requests.

Examples of enterprise-level software include AppFolio, which uses a per-unit, per-month pricing model that varies depending on the type of properties you're managing, and Buildium, which offers plans from $58 to $375/month, providing flexibility depending on your business’s needs.

Detailed breakdown of property management software costs

Previously, we covered the different pricing models (subscription-based, per-unit, and flat-rate) — now let’s explore the specific cost components associated with property management software. 

These components can substantially affect your overall investment, depending on your portfolio size and the features you need.

Base subscription fees

This fee represents the core cost of accessing the software platform. Subscription costs range from $30 for entry-level software to $500+ for enterprise solutions. Most software follows a tiered pricing model, wherein higher tiers offer more advanced features.

For property owners, these pricing plans target specific needs, offering flexibility and customization regardless of the size of the portfolio.

Per-unit or per-property charges

Many platforms, especially mid-range and enterprise-level solutions, charge a per-unit fee. This model is particularly beneficial for landlords with growing portfolios. Per-unit pricing typically ranges from $1 to $3 per unit and can add up as portfolios grow.

For example, AppFolio charges $1.49 per unit, with a minimum fee, while Buildium starts at $58 for basic plans.

Setup and onboarding costs

Some platforms charge one-time setup fees to help configure the system, migrate data, and onboard your team. These fees can range from $100 to $1,000, depending on the complexity of the portfolio and the level of service you need. This fee often includes technical support for initial setup .

Training and support fees

While some property management platforms include basic support in their subscription fees, premium support and training services are often separate charges. These fees can range from $50 to $500, depending on the platform and the level of service.

Platforms like Buildium, for example, offer premium training services to help users get the most out of the application.

Add-on features and integrations

Optional features such as tenant screening, e-signatures, advanced analytics, and custom integrations come at an additional cost. For example, tenant screening fees can range from $30 to $40 per screening, and custom reporting tools might be charged as part of a premium package. 

Additionally, the ability to track maintenance requests is an important feature that can significantly improve management efficiency and tenant satisfaction. These add-ons can represent 10-15% of the total software cost.

Free vs. paid property management software

As we've seen, when it comes to property management software, there's no one-size-fits-all solution. The best choice depends on your portfolio size, management style, and specific needs. 

Both free and paid options have their place in the market — each caters to different types of landlords and property managers.

Azibo's free toolkit: More than you'd expect

Azibo has redefined what landlords can expect from a free property management platform. Unlike most free applications, which often come with significant limitations, Azibo offers a robust set of features without charging monthly fees:

1. Rent collection:

• Multiple online payment options
• Free ACH for tenants
• Accelerated payments (as soon as two business days)
• Customizable automatic late fees

2. Financial management:

• Income/expense tracking
• Comprehensive reporting (profit and loss, cash flow, balance sheet)
• Automated bookkeeping
• Schedule E tax form preparation

3. Maintenance requests:

• Online request submissions
• Real-time issue tracking
• Maintenance scheduling
• Tenants can submit maintenance requests through the platform

4. Tenant communication:

• Secure portal for payments and maintenance
• In-app messaging system

5. Document management:

• Cloud storage for leases and important documents
• 1 GB free storage

6. Tenant screening:

• Digital rental applications
• Background checks and credit reports (cost passed to applicant)

7. Leasing tools:

• State-specific lease agreements (small fee for customization and eSign)

8. Azibo banking:

• Free business banking account
• No monthly fees, free debit card, bill pay options

9. Unlimited properties and units:

• No restrictions on portfolio size

Azibo’s free platform provides exceptional value for landlords of all sizes, particularly those managing portfolios of 50-300 units.

When to consider paid solutions

While Azibo covers most needs, paid applications might be necessary for property managers working with the following:

• Very large portfolios (500+ units) with complex operational needs
• Specialized industry requirements (e.g., commercial property management)
• A need for specific third-party integrations not offered by Azibo

Choosing your ideal solution

Consider these factors when deciding which platform is right for you:

1. Portfolio size: Azibo accommodates portfolios of all sizes at no cost.
2. Essential features: Azibo's free tier covers most needs; determine if you require any specialized tools that Azibo doesn't offer.
3. Growth potential: Azibo scales with your business without additional costs.
4. Budget: Azibo's free model allows you to allocate resources elsewhere in your business.
5. User-friendliness: Azibo's intuitive interface is particularly beneficial for self-managing landlords.

Azibo offers a unique blend of comprehensive features, user-friendly design, and a no-cost model. It's a compelling choice for many landlords, providing powerful tools without any upfront or ongoing costs. 

However, it's always a good idea to evaluate your specific needs to ensure Azibo aligns with your property management requirements.

Want to see these free solutions for yourself? Sign up for Azibo today.

Tips for comparing the cost of property management software

When evaluating property management software options, you need to look beyond the initial price tag. Here are key factors to consider:

Identify must-have features

• List your essential features based on your specific needs (e.g., online rent collection, maintenance tracking, financial reporting).
• Prioritize these features to focus on what's most important for your business.
• Compare how different software options deliver these key features.

Consider long-term costs

• Look at the total cost of ownership, not just the initial price.
• Factor in potential price increases over time.
• Consider costs for additional users or properties as your portfolio grows.
• Evaluate any transaction fees, especially for rent collection.
• Check for hidden costs like setup fees, training, or data migration.

Evaluate scalability options

• Assess how well the software can grow with your business.
• Check if there are limits on the number of properties or units.
• Look for flexible pricing models that accommodate growth.
• Consider the ease of adding new features or modules as needed.

Assess customer support offerings

• Determine the level of support included in the base price.
• Check support hours and availability (phone, email, chat).
• Look for self-help resources like knowledge bases or video tutorials.
• Consider the cost of premium support options if available.

By evaluating all of these aspects, you can decide which property management software offers the best value for your specific needs and budget. 

Remember: the cheapest option isn't always the most cost-effective in the long run — consider the overall value and how it aligns with your business goals.

Choosing the right rent management software for you

As we've explored the landscape of property management software pricing, it's clear that the right choice can significantly affect your bottom line. From free solutions like Azibo that offer surprisingly robust features to paid options catering to specialized needs, the market provides a range of choices for every type of landlord.

Key takeaways to remember:

1. Assess your needs carefully: Identify must-have features that align with your specific property management requirements.
2. Look beyond the price tag: Consider long-term costs, scalability, and hidden fees when evaluating different options.
3. Value of free solutions: Don't overlook comprehensive free platforms like Azibo, which can offer substantial value without ongoing costs.
4. Scalability is crucial: Choose software that can grow with your portfolio to avoid the hassle of switching systems later.
5. Support matters: Factor in the level and quality of customer support you need when making your decision.

As the property management software market continues to evolve, it's important to stay informed about pricing trends and new offerings. Remember, the goal is not just to find the cheapest option but, rather, to invest in a solution that provides the best value for your unique situation.

Whether you're just starting out or managing a large portfolio, take the time to evaluate your options. Consider starting with a comprehensive free solution like Azibo, which offers a risk-free way to experience the benefits of property management software. As your needs grow or change, you'll be better informed about upgrading or switching to paid solutions if necessary.

Ultimately, the right property management software shouldn't just be a cost center but, rather, a tool that drives efficiency, reduces stress, and contributes to the growth of your rental business.

Rent management software FAQs

How much does rental software cost?

Rental software typically ranges from $30 to $100 per month for entry-level solutions designed for smaller portfolios. Mid-range options with more advanced features can cost between $100 to $250 per month, while enterprise-level solutions start at $500+ per month and often include additional per-unit pricing (e.g., $1-$3 per unit). The final cost depends on factors like the number of units you're managing and the software features you require.

Is property management software worth it?

Yes, property management software is generally worth the investment for landlords, especially those managing multiple properties. It streamlines operations such as rent collection, tenant communication, maintenance tracking, and accounting, saving time and reducing manual errors. Many landlords find that software helps increase efficiency, improve tenant satisfaction, and even reduce costs by automating workflows.

What is the best free landlord software?

Azibo is one of the best free landlord software options, offering core features like rent collection via ACH, tenant messaging, and basic accounting tools with no monthly fee. Other options include TenantCloud and Avail, which provide free versions with essential property management features, though certain premium services may come at an additional cost .

Ready to try Azibo? Sign up today.