Lease management software can be a powerful tool to manage your leased properties and equipment. The software you choose can make a massive difference in your clients’ perception of your business. An informed choice will allow you to monitor profitability, improve operational efficiency, and increase client satisfaction.
To help you choose the best lease management software to meet your needs, we’ve compiled a list of the outstanding choices we’ve discovered, the top 14 best lease management software available for use in 2022, along with the pros, cons, and price of each one.
Top 14 Best Lease Management Software
- DoorLoop – Best All-Inclusive Property Management Software
- SimplifyEM – Best Property Management Software for Real Estate Professionals
- Yardi Breeze – Best Property Management Software for Small Mixed Portfolios
- Spacebase – Best Lease Management Software for Hospitality Businesses
- Innago – Best No Cost Lease Management Software
- Yardi Corom – Best Lease Management Software for Corporate Occupiers
- Stratafolio – Best Lease Management Software for Commercial Real Estate Owners
- Buildium – Best Lease Management Software for Maintenance Management
- MRI Prolease – Best Lease Management Software for Tenants in Multiple Locations
- iLeasePro – Best Lease Management Software for Small Businesses on a Budget
- Rentec Direct – Best Lease Management Software for Landlords
- ResMan – Best Lease Management Software for Multifamily Property Management
- AMTdirect – Best Lease Management Software for Lease Accounting and Administration
- Nakisa Lease Administration – Best Lease Management Software for Enterprise
#1. DoorLoop – Best All-Inclusive Lease Management Software
Pricing: Starting at $49/month with a free trial offered
DoorLoop is unquestionably the best lease management software on the market. Six frustrated property managers who faced the same issues with managing rentals, collecting rent, and growing their portfolios created DoorLoop. They raised $10M from investors that had the same vision. DoorLoop is a global company that strives to make the lives of property managers easier through software and shared best practices. This software is compatible with Windows, Mac OS, Linux, and Chromebook. It also has mobile apps and a web-based version.
| Pros | Cons |
| Excellent customer service | Not integrated with QuickBooks |
| Very easy to use | |
| Developers add features requested by users | |
| Can easily track maintenance requests | |
| Mobile-friendly | |
| Automated leasing process | |
| Prospecting feature |
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#2. SimplifyEM – Best Lease Management Software for Real Estate Professionals
Pricing: Starting at $25/month with a free trial offered
Pankaj Shukla and Narinder Sandhu created SimplifyEM to make property management easier with simple and effective software. We believe SimplifyEM’s most outstanding feature is making upgrades based on user suggestions. SimplifyEM is compatible with Windows, Mac OS, Linux, and Chromebook. There is also a web-based version.
| Pros | Cons |
| Very easy to use | Security deposits shown in tenant balance |
| Track income and expenses by property | Date defaults to the 1st of the month when posting rents |
| Automated statements and notices | |
| Can monitor insurance | |
| Ability to send rent reminders and receipts | |
| Software upgrades made from user feedback |
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#3. Yardi Breeze – Best Lease Management Software for Small Mixed Portfolios
Pricing: Starting at $100/month
Yardi Systems started in 1984 as a small software startup that was focused on quality software and customer satisfaction. They have grown dramatically and continue to improve their software which is a feature we love. Yardi Breeze is web-based software.
| Pros | Cons |
| Yardi provides continuous improvements | Cannot integrate other products |
| Online payments for residents | |
| Easy to list properties online | |
| Very user-friendly | |
| Outbound marketing | |
| Can attach invoices to payables | |
| Can scan rent payments on mobile app |
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#4. Spacebase – Best Property Management Software for Hospitality Businesses
Pricing: Not provided by vendor Visit Vendor Website
Spacebase, founded in 2015, is a team of real estate and technology professionals who came together to fix the problems they perceived with lease administration software. This group felt current options were outdated, expensive, and challenging to set up. They spent a year meeting with real estate and financial teams, asking what they needed to manage their portfolios better. They developed the software based on this research. This software is compatible with Windows, Mac OS, and Linux. There is also a web-based version.
| Pros | Cons |
| Easy to use | Can run slow on occasions |
| Critical date alerts | |
| Payment tracking | |
| Can be used for equipment leases | |
| Tax management |
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#5. Innago – Best No Cost Lease Management Software
Pricing: Free to download
Innago was founded in 2017 by Dave Spooner and Yasir Drabu to make the rental process easy and affordable. They created software that included features landlords were looking for such as, online rent collection, next-day bank deposits, automated rent payments and late fees, tenant screening, QuickBooks integration for easy accounting, custom templates for leases and applications, and a maintenance work system. Innago is compatible with Windows and Mac OS. There is also a web-based version.
| Pros | Cons |
| Can apply different setting to different properties | Slow to load at times |
| Rent payment tracking | No landlord app |
| Multiple deposit accounts allowed | |
| Excellent customer service | |
| Customized invoicing system |
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#6. Yardi Corom – Best Lease Management Software for Corporate Occupiers
Pricing: Not provided by vendor Visit Vendor Website
Yardi Systems started in 1984 as a small software startup that was focused on quality software and customer satisfaction. They have grown dramatically and continue to improve their software which is a feature we love. Yardi Corom is compatible with Windows, Mac OS, Linux, Chromebook, and has a web-based version.
| Pros | Cons |
| Asset lifecycle management | Long implementation process |
| Critical date alerts | |
| Can be used for equipment leases | |
| Has payment tracking |
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#7. Stratafolio – Best Lease Management Software for Commercial Real Estate Owners
Pricing: Starting at $85/month
Stratafolio was founded in 2017 by Jeri Frank and Uriel Barillas because they wanted to add analytics and automation to lease management. Jeri and Uriel felt these two essential features were missing from the choices currently on the market. So they created their software for real estate owners of all sizes. It is web-based software.
| Pros | Cons |
| Real-time financials for entire portfolio | Cost |
| Late fee calculation | |
| Owner portal | |
| Property database | |
| Vacancy management | |
| Connects automatically to QuickBooks |
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#8. Buildium – Best Lease Management Software for Maintenance Management
Pricing: Starting at $50/month
Buildium, a Real Page Company, was founded by Dimitris Georgakopoulos and Michael Monteiro in 2004 to make property management easier and simpler. They were property managers who wanted to solve the challenges they faced managing properties they owned. The feature that we love the most is that this software allows import from the previous software. Buildium is web-based software.
| Pros | Cons |
| Allows data import from previous software | Steep learning curve |
| Excellent video tutorials | Email communication not streamlined |
| Online tenant payments | |
| Excellent customer service | |
| Accounting features are easy to use |
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#9. MRI Prolease – Best Lease Management Software for Tenants in Multiple Locations
Pricing: Starting at $6,000/year
MRI Software was founded in 1971 to provide real estate software and web-based solutions. MRI Software based in Cleveland, OH has expanded globally. They have software for every type of real estate and have been upgrading their software since their inception. This software is compatible with Windows and Mac OS. There is also a web-based version.
| Pros | Cons |
| Excellent customer service | Steep learning curve |
| Compliance with ASC 842 | Reports not user-friendly |
| Administrative and Accounting databases | |
| Substantial reporting capabilities | |
| Expense calculations |
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#10. iLeasePro – Best Lease Management Software for Small Businesses on a Budget
Pricing: Not provided by the vendor Visit vendor website
iLease Management LLC was founded in 2012 to make it easier for businesses to manage real estate and equipment rentals. iLeasePro was developed to assist businesses in complying with the FASB and IASB lease accounting standard changes. The new software does not address the IFRS requirements. This software is web-based.
| Pros | Cons |
| Financial analysis | Doesn’t address IFRS requirements |
| Third party integrations supported | Doesn’t have multi-currency functionality |
| Allows data import/export | |
| Capitalization reporting |
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#11. Rentec Direct – Best Lease Management Software for Landlords
Pricing: Starting at $35/month
Rentec Direct was founded by Nathan Miller in 2007 who was managing his rentals manually which quickly became overwhelming. Nathan began a search to find software that could meet his needs as a property manager but he came up empty. He decided to create software that included everything he was looking for and was affordable. This software is compatible with Windows and Mac OS. There is also a web-based version.
| Pros | Cons |
| Online rent collection | Steep learning curve |
| Can pay owner by ACH | Accounting errors difficult to correct |
| Lease agreement automated with electronic signatures | |
| Very easy to use | |
| Listings automatically populate to website |
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#12. ResMan – Best Lease Management Software for Multifamily Property Management
Pricing: Not provided by vendor Visit vendor website
ResMan was founded in 2000 to create software for property managers designed by property managers. The software was developed with multifamily, affordable, and commercial real estate in mind. The feature that we like best about this software is integrating other programs. This software is web-based.
| Pros | Cons |
| Allows integration of other programs | Difficult to set-up |
| Very user-friendly | Slow to load at times |
| Intuitive interface | Cost |
| Affordable background/credit checks | Updates cause glitches or software crashes |
| Integrated accounting | Does not support paid waitlist |
| Amazing tech support | |
| Built-in marketing tools |
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#13. AMTdirect – Best Lease Management Software for Lease Accounting and Administration
Pricing: Starting at $500/month
AMTdirect joined MRI Software in the beginning of 2021. AMTdirect automated lease management to assist teams with meeting IFRS 16 and ASC 842 compliance standards. They have had some implementation issues with ASC 842 which they have acknowledged and are fixing. ATMdirect’s ultimate goal is to bridge the gap between real estate and accounting. The software is web-based.
| Pros | Cons |
| Portfolio insight | ASC 842 implementation issues |
| User-defined and ad-hoc reporting | No FASB schedule |
| Maps included with location address | Inconsistent system stability |
| Assists with lease renewals/negotiations | Report builder very difficult to use |
| Maintenance repair tracking/history | |
| Lease overview provided |
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#14. Nakisa Lease Administration – Best Lease Management Software for Enterprise
Pricing: Not provided by vendor Visit vendor website
Babak Varjavandi founded Nakisa in 1989. The business was founded to provide state-of-the-art software and financial management solutions. The significant issues with Nakisa Lease Administration are that the system has inconsistent stability, is slow to load and lags and modifications are difficult to make for previous periods. They are web-based software.
| Pros | Cons |
| Complies with IFRS regulations | Inconsistent system stability |
| Integrated with SAP | Slow to load and lags |
| Compliant with ASC 842 | Modifications are very difficult to make for previous periods (requires file reload) |
| Can add attachments to lease documents | |
| Provides authorization levels |
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Frequently Asked Questions
What is lease management software?
Lease management software is used to manage all documents relating to leased properties. This software can be used for commercial leases, property management, residential leases, retail leases, and managing real estate and equipment leases. It assists with accounting, asset lifecycle management, billing, invoicing, budgeting, forecasting, tax management, and resident relationship management.
What is ASC 842?
ASC 842 is a new accounting standard from the Financial Accounting Standards Board (FASB). This standard was required to be adopted by public companies in 2019 and private companies in 2020. It involves tracking and disclosure of all company’s leased assets. This standard came about as a consequence of Enron’s accounting issues.
What are the FASB requirements?
The FASB requirements are a set of generally accepted accounting principles (GAAP) implemented to address issues raised by the public. Your company is required to follow these requirements if your stock is publicly traded or you provide financial statements to people outside of your organization.
What are the IFRS requirements?
The International Financial Reporting Standards (IFRS) requirements are a set of accounting rules for financial statements of public companies. These standards were implemented to make financial statements consistent, transparent, and comparable worldwide. The United States uses the generally accepted accounting principles (GAAP). When a company expands globally, they are required to follow multiple standards.
What are the advantages of using subscription-based software compared to one-time purchase software?
Subscription-based software does include a monthly subscription fee, but this monthly subscription fee consists of the updated version of the software and better overall customer service. The subscription-based software has continual updates which is essential in lease management due to regulation updates. The one-time purchase software may seem more cost-effective but if you do not look professional or are not complaint with regulations, it will cost you more in the end.