How Much Does Digital Leasing Cost?
Digital leasing has become an essential tool for property managers and landlords looking to streamline the rental process. But one of the most common questions is: How much does digital leasing cost? Understanding the pricing structure can help you make an informed decision that fits your budget and business needs.
What Influences Digital Leasing Costs?
The cost of digital leasing platforms can vary widely depending on several factors:
- Features Provided: Basic leasing platforms might only offer online applications, while more comprehensive solutions include e-signatures, background checks, payment processing, and maintenance requests.
- Number of Units: Pricing often scales with the number of units you manage. Larger portfolios typically receive tiered pricing or volume discounts.
- Subscription Model: Some services charge a flat monthly fee, others take a per-application fee, or a combination of both.
- Additional Services: Add-ons such as tenant screening or rent collection usually come with extra fees.
Typical Pricing Models and Ranges
Here’s a general overview of what you can expect from digital leasing services:
- Flat Monthly Fee: Ranges from $30 to $150 per month for smaller property management companies or landlords with 1-50 units.
- Per Application Fee: Usually $25 to $50 per application when charged separately, sometimes included in the monthly subscription.
- Per Unit Fee: Some platforms charge a fee per unit managed, ranging from $1 to $5 per unit per month.
- Enterprise Plans: Large property management firms can expect custom pricing often based on the total number of units and required features.
Additional Costs to Consider
- Tenant Screening: Many digital leasing platforms partner with screening services charging an additional $20 to $50 per report.
- E-signatures: Often included but check if there’s a user or document limit.
- Payment Processing Fees: Usually around 2.5% to 3% per transaction for online rent payments.
- Maintenance Management: Some platforms offer integrated repair coordination for an extra monthly fee.
Popular Digital Leasing Platforms and Pricing
- AppFolio: Starts at approximately $1.25 per unit per month plus application fees.
- Buildium: Around $50 to $160 monthly depending on the number of units.
- RentRedi: Offers plans from $39.95 per month with pay-per-lease options.
- TurboTenant: Free basic service but charges around $40 per application for tenant screening.
For a detailed list of platforms along with their pricing structures and feature sets, visit this comprehensive resource on digital leasing.
Conclusion
Digital leasing costs vary based on your portfolio size, required features, and service providers. To optimize your investment, consider your property management needs carefully—whether it’s a flat monthly fee or a pay-as-you-go model that suits you best.
Ready to find the right digital leasing platform? Explore your options, compare costs, and select the best solution for your rental business today!