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Rental property accounting software has come a long way since QuickBooks.

Nowadays, property managers and landlords need a more customized solution to handle the increasing demands of managing properties at scale.

Whether you’re:

  • Starting out and looking for a good accounting alternative that’s designed for rental property management, or
  • You’re established to the point where the typical accounting software has become a hindrance instead of an asset

The good news is, there are dedicated solutions available now that don’t just offer the unique tools you need to manage your rental property accounting but also to optimize, streamline, and even automate many other tasks.

But before we get into that, let’s talk about what those unique accounting features are that property managers and landlords need.

How do you do bookkeeping for a rental property?

Property managers and landlords have unique accounting needs, particularly when managing the financials of their properties.

Some of those unique bookkeeping practices include:

  • Setting up individual accounts for each property
  • Implementing a system to collect and track rent payments
  • As well as income and expenses
  • Not to mention, fees such as parking and HOA
  • And managing two separate accounts simultaneously (ideally): one for your property management services (paying for maintenance, collecting rent payments) and one for the property management business itself (paying payroll, utilities)

A notable property management software can help you with much more than you may expect.

Is QuickBooks a good rental property accounting software?

You might notice that we don’t include QuickBooks or any other dedicated accounting software on this list.

That’s not because you can’t use QuickBooks for property management accounting.

In fact, if you only have a few properties and you’re just beginning, either as a property manager or owner/investor, QuickBooks is a good place to start.

The problem is that, as you grow, you’ll quickly notice that QuickBooks isn’t designed for managing rental properties.

Sure, you can find large property management companies that use QuickBooks. After all, strictly in terms of an accounting solution, QuickBooks is the most robust.

But QuickBooks has its limitations when it comes to the unique needs of property management, many of which require workarounds that are inconvenient and time-consuming.

That’s why in 2021, QuickBooks isn’t necessarily the best option for your rental property management or even just accounting anymore.

It’s been years since the birth of the digital space and accounting software in general. In that time, software as a whole has developed at a rapid pace, while QuickBooks hasn’t– specifically for property managers.

That brings up an important point: those developments haven’t just been in the accounting arena.

Nowadays, rental property accounting software like DoorLoop offers much more than just the accounting features you need to manage rental properties.

They offer features such as a tenant portal which allows you to communicate with your tenants in real-time about maintenance requests, marketing tools to list your properties and units, automation tools like automatic rent payments, and way more.

It’s not just accounting that you get, but an entire suite of features to help you manage your rental properties from A to Z.

So, to answer the question: yes, you can use QuickBooks for rental property accounting.

However, it’s not an ideal option unless you’re just starting and testing the industry.

Features and benefits

So far, we’ve touched on a few of the features and benefits you get from rental property accounting software.

Now, let’s break down everything you can expect when using a dedicated rental property management tool.

Keep in mind that which of these features you have access to will depend on the software and what they offer, this is just a general list:

  • Tenant portal allows tenants to communicate directly with you on maintenance requests and perform other tasks.
  • Work order management will enable you to track, edit, and complete orders and pay vendors all from within the software itself.
  • Customizable lease forms and improved documentation helps streamline processes.
  • Marketing tools, website, and resident screening that make the entire process of getting new quality tenants easier
  • Tenant and property databases allow you to keep each separate by design (a common workaround necessary in QuickBooks)
  • Automated rent payments make collection payments easy.
  • Other accounting features include multiple bank accounts to keep things like rent payments and deposits separate and a chart of accounts.
  • And more

And this is just scratching the surface.

Considering all discussed, good rental property software can do a lot for your business, including:

  • Streamline separate systems into one unified whole
  • Automate basic tasks like collecting rent and listing units
  • And save both time and money

So, let’s talk about some of the best rental property accounting software options out there.

The 10 Best Rental Property Accounting Software of 2021

There are a lot of different types of property management software out there, from standard all-encompassing property management software to:

That’s why, when choosing which is the right property management software for your business, you need to look for a solution that specializes in rental property management.

Each of the tools below specializes in rental property management or has a robust set of features ideal for managing rentals.

So, let’s get started.

1. DoorLoop

doorloop rental property accounting software

DoorLoop is a dedicated, full-service rental property management software tool that offers everything you need to streamline and optimize your rental property management or investing business.

Designed to be highly intuitive and easy to use, DoorLoop includes a full suite of features designed by property managers for property managers.

Including:

  • Everything you need for your property accounting, including custom reports and a variety of payment methods, and including ACH and credit cards
  • Manage work orders remotely, even assign vendors to a job, edit a work order, and communicate directly with tenants from within the software
  • Built-in CRM and tenant portal that allows you to collect rent, offer renters insurance, and accept applications
  • An owner portal that gives access to reports and even allows you to print checks
  • Marketing features that allow you to list properties and even do tenant screening within the software
  • And much more

Save yourself time and hassle by centralizing your processes with easy documentation, automation, work order management, and robust accounting features.

DoorLoop Pricing

DoorLoop’s full-service rental property accounting software will remain free until 2022. Plus, there are no training or support fees whatsoever. After 2022, prices start as low as $49/month for your first 20 units.

DoorLoop

2. Rent Manager

Rent Manager

Rent Manager is a dedicated rental property management software with a robust set of features. They have good accessibility, with a cloud-based, desktop, mobile app version and good customization settings.

Their feature set makes them a good fit for beginners and more advanced users, but they gate certain features behind higher pay tiers and don’t offer transparent pricing plans.

Features include:

  • Custom reporting
  • Automated rent payments
  • Custom training and data migration
  • Automatic bank reconciliation
  • A large number of integrations

Rent Manager Pricing

Rent Manager offers pricing options for each version of its software, including a cloud-based and desktop version based on per-unit pricing.

However, they don’t list their pricing publicly, so you’ll need to contact Rent Manager to get more information.

3. Hemlane

Hemlane

Hemlane is designed for rental property management and offers unique features such as being able to match you with local agents. If you’re uniquely concerned with placement, Hemlane is worth considering for its leasing tools.

However, it’s one of the most expensive options on this list, so you’re paying more for those extra features.

Features include:

  • Good leasing tools such as tenant screening
  • Other useful local support features
  • Work order management
  • Online rent payments

Hemlane pricing

Hemlane’s pricing starts somewhat affordable but quickly escalates at a $2 per unit pricing model.

Their Basic plan starts at $30 per month with $2 per unit additional after the first. That means if you manage even 20 units, Hemlane will be $70 per month.

Their premium-tier Complete plan starts at $60 per month but costs $32 per property after the first.

Hemlane’s enterprise pricing model comes partly due to its unique on-location support features, which other rental property software solutions don’t offer.

Chances are, these might not be useful to you. However, to those that find such local support invaluable or necessary, Hemlane is worth considering.

Hemlane offers a 30-day free trial, so you can try it out for free.

4. TenantCloud

TenantCloud

TenantCloud is one of the most affordable tools on this list, partly because it offers a 100% free plan up to a surprising 75 units.

However, depending on what features you’re looking for, you’ll find TenantCloud lacking many useful features that come standard in other tools unless you move up to one of their premium plans.

Features include:

  • Reporting
  • Work order management
  • Online rent payments
  • Insurance reminders
  • Vendor payments

TenantCloud Pricing

TenantCloud is unique in that it offers a 100% free basic tier plan for up to 75 units.

The number of units included is impressive, though the plan lacks several essential features that make it a difficult fit for anymore with more than just a few properties.

Their lowest-level paid tier includes up to 150 units at $9 per month, and their premium tier includes up to 500 units at $35 per month, as well as their entire suite of features.

5. Rentec Direct

Rentec Direct is a long-time player with all-around solid features, a mobile app, and multi-user access.

Its feature list is one the most robust of any tool on this list, but it’s also less intuitive, and the interface feels a bit dated and hard to navigate.

Features include:

  • Mobile app
  • Work order management with tenant maintenance requests and vendor payments
  • Tenant screening and lead tracking
  • Built-in tenant communication, including SMS text and email
  • Robust reporting

Rentec Direct pricing

Rentec Direct has competitive pricing, with their basic Rentec PRO plan starting at $35 per month, though it only covers ten units.

Additional units won’t cost you much, though, with 50 units costing just $55 per month up to 500 units at $450 per month.

In addition to their basic pricing tier, Rentec offers a tenant screening add-on for between $7 per month with their Basic Screening Package up to $15 for the Premium Screening Package.

6. Buildium

buildium

Buildium has a good balance of features, ease of use, and affordable pricing, making it a great all-around pick. They also have great training and online support.

The only caveat to their pricing is that they’re designed for portfolios of 50 or more units. So, if you have less than that, you might be overpaying.

Features include:

  • Online rent payments
  • Custom reporting tools
  • Automated monthly bank reconciliation
  • A large number of integrations, such as Zillow and Apartments.com

Buildium pricing

Buildium’s Essential tier is per unit and starts at $50 per month up to 20 units. Additional units will cost you up to 150 units for $235 per month.

Larger portfolios can opt for the Growth plan starting at $160 per month minimum or Premium at $460.

Buildium offers a 14-day free trial, so you can try it out for free.

7. Propertyware

propertyware rental property accounting software

Propertyware is a complete property management software with powerful accounting features such as custom reporting, custom field options, and automatic payment reminders.

Its reporting is notable, as it offers some of the most detailed and comprehensive reporting features on this list.

It’s not designed for portfolios below 250 units, though, so the pricing will be high if you have less than that.

Features include:

  • Good accounting, including custom reporting
  • Work order management
  • Email communication options for both tenants and owners
  • Owner portal and reports

Propertyware pricing

Propertyware’s pricing model is a bit different. Instead of a per-unit pricing model or flat fee, they use a per-unit model with a monthly minimum.

They’re also on the pricey side, with the most base plan being $1 per unit, with a $250 minimum. In other words, unless you have upwards of 250 properties, Propertyware might not be a great fit.

Propertyware also has a one-time onboarding fee, equal to x2 your monthly price. So, if you’re on the basic $250 plan, you’d pay $500 one time for onboarding.

8. Rentroom

rentroom

Rentroom is a complete property management tool geared towards rental properties. The software is easy to use and has a convenient cash reconciliation function and other unique community features.

The only downside is that Rentroom’s reporting feature is more than less neglectful. This is a crucial feature for basic accounting, thus larger property management businesses will have a hard time using Rentroom.

Features include:

  • Work order management, including tenant maintenance requests from right within the software
  • Online rent collection, including reminders
  • Tenant portal
  • Basic accounting features such as cash reconciliation, though limited reporting

Rentroom Pricing

Rentroom doesn’t list their pricing publicly, but they offer a free trial to try the software out before being asked to pay.

9. SimplifyEM

simplifyem

Simplify is a property management software geared towards small to mid-sized businesses. Their communications and reminders features are particularly lauded as making the process of creating invoices and collecting and tracking payments easier.

It lacks some of the more comprehensive accounting features you might need. Still, like most of the tools on this list, it also integrates with dedicated accounting software like QuickBooks for more functionality.

Features include:

  • Scheduling and reminders
  • Lease tracking
  • Work order and vendor management
  • Document tracking
  • Community features such as group email reminders and alerts

Simplify Pricing

SimplifyEm’s pricing model is based on the number of units you have. Its lowest plan begins at $20 per month for up to 10 units and then $80 for up to 100 units per month. This increases all the way up to$1410 for  2000 units month.

10. Rentmoji

rentmoji

Rentmoji is a cloud-based rental property management solution geared towards small and mid-sized businesses.

They’re known for having a sleek interface that’s easy to use, a great mobile app, and a large number of integrations.

Users report lacking the ability to customize key features, though their customer service is great.

Features include:

  • Mobile app that allows you to track maintenance requests and rent payments and tenants to pay their rent
  • Automated rent payments
  • Work order management and vendor portal that allows users to track maintenance tasks
  • A large number of integrations

Rentmoji Pricing

Rentmoji’s pricing isn’t public, so you’ll need to schedule a demo to get more information and see if it’s a fit.

Free Property Accounting Software

Whether you need:

  • Robust accounting features built with property managers and landlords in mind, or
  • You’re looking for a full suite of tools to optimize your entire operation.

Let DoorLoop help streamline your operation by bringing everything together into one easy-to-use platform.

Both highly intuitive and easy to use, DoorLoop has everything you need to manage your rental properties with ease.

Including robust accounting features such as:

  • Automated rent payments
  • Multiple payment options such as ACH and credit cards
  • Bill pay
  • Chart of accounts, and
  • Custom reporting

Plus, a full suite of additional features to help you optimize your entire process, including:

  • Built-in CRM and tenant portal that allows tenants to pay rent, check on the status of maintenance orders, and purchase renter’s insurance
  • Complete work order management, including creating work orders, assigning maintenance requests to vendors, track their completion, and even communicate directly with tenants
  • Owner portal where you can print checks and send them reports
  • Marketing features such as automatic listings and tenant screening make filling vacant units easier than ever.
  • And more

Together, DoorLoop is an all-in-one platform for managing your entire portfolio from A to Z.

And the best part is, DoorLoop’s complete rental property management software is free until 2022.

There are no training or support fees and, after 2022, pricing starts as low as $49/month for your first 20 units. Try it free, no credit card needed.

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David Bitton

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his two children, he's writing articles here!