Property management system unit counts, 2026

MRI Software (15.6M) and Yardi (15M) lead the multifamily PMS market by units under management, followed by AppFolio (9.5M) and RealPage (9M) in a near tie for third. Rent Manager holds 5.75M, Entrata 2.5M, and ResMan 900K.

This is the 2026 update to an analysis originally published on LinkedIn. Two numbers changed materially, and one of them changed because the earlier version was wrong. Both revisions are explained below, and every figure on the chart is sourced individually further down.

Unit counts by PMS

Units under management per system. Exact as-of dates and full provenance for each figure are in Sources for every figure below; the dates span 13 months, so this is a composite snapshot rather than a single point in time.

RealPage combines OneSite, Buildium, and Propertyware. “Vendor” means the figure came directly from the company; “vendor partner” means it came from a partner with access to that vendor’s unit data rather than from the vendor itself. Neither can be independently audited.

What changed since the 2025 analysis

The top of the chart barely moved. MRI Software held at 15.6M and Yardi added 500K. The movement is all in the middle, and one of the two changes is a correction rather than growth.

Entrata: 4.5M was an estimate, and it was wrong

The 2025 version of this chart put Entrata at 4.5 million units. Its S-1 says 2.5 million. That gap needs an explanation, because how the estimate broke changes how the whole chart should be read.

Entrata last published a unit count in October 2022: 2.6 million units across 20,000+ communities. When it announced a $200M investment from Blackstone in May 2025, the figure it published was 35,000+ communities, with no unit count. So the estimate held units-per-community constant and scaled up, landing near 4.5 million.

The S-1 shows why that broke. Communities grew while units did not keep pace, which means the newer communities are smaller on average than the older ones. Holding units-per-community constant was the wrong assumption.

The lesson generalizes. Community counts and unit counts are not interchangeable, and scaling one to estimate the other quietly bakes in a portfolio mix that may have already shifted.

RealPage: one line instead of three

RealPage now appears as a single row. OneSite, Buildium, and Propertyware combine to 9 million units. The 2025 chart showed RealPage at 4.7 million because it counted OneSite alone. Counted together, third place becomes a real race with AppFolio at 9.5 million.

Why unit count is not the same as market share

Entrata now has the fewest units of any major PMS on this chart. It also earns roughly twice the revenue per unit that AppFolio does. Units measure footprint. They say very little about revenue, pricing power, or how deeply a system is embedded in an operator’s workflow.

Roughly twice the revenue per unit, on about a quarter of the footprint. One company went deep into enterprise and the other went wide into the long tail. Both strategies work. They just look nothing alike on a unit chart, which is the case for reading this data alongside revenue rather than instead of it.

Per-unit figures are derived, not reported: each company’s most recent quarterly revenue multiplied by four, divided by its unit count. Quarterly revenue is seasonal and unit counts move during the year, so treat these as approximations for comparison, not as guidance.

Sources for every figure

Two of the seven figures can be independently verified in public filings. Four came directly from the vendors, and one came from a vendor partner rather than the vendor. None of those five can be audited from outside. They are reported here because they are the best available data, not because they have been confirmed.

MRI Software — 15,600,000 units, as of 5 Jun 2025. Direct from vendor. Provided directly to Propexo by MRI Software. Re-confirmed on 16 Jul 2026, when MRI advised it had no updated figure to share, so this count is carried forward unchanged from the 2025 analysis.

Yardi — 15,000,000 units, as of 19 May 2026. Direct from vendor. Provided directly to Propexo by Yardi leadership in an in-person meeting.

AppFolio — 9,500,000 units, as of 31 Mar 2026. SEC filing. Q1 2026 financial results, reported 23 Apr 2026: “Total units under management grew 8% year-over-year to 9.5 million.” — AppFolio Q1 2026 results (SEC Form 8-K, Exhibit 99.1)

RealPage (OneSite + Propertyware + Buildium) — 9,000,000 units, as of 16 Jul 2026. Direct from vendor. Provided directly to Propexo by RealPage leadership (Dirk Wakeham), credited in the original analysis. Covers three products combined; the 2025 analysis counted OneSite only.

Rent Manager — 5,750,000 units, as of 1 Jul 2026. Direct from vendor. Provided directly to Propexo by Rent Manager leadership.

Entrata — 2,500,000 units, as of 31 Mar 2026. SEC filing. Form S-1 registration statement: “As of March 31, 2026, we powered 2.5 million units, or roughly 10% of the U.S. multifamily market” — an increase of 12% over March 31, 2025. — Entrata Form S-1 (SEC EDGAR)

ResMan — 900,000 units, as of 12 Jun 2026. Vendor partner. Provided to Propexo by a ResMan vendor partner with access to unit-count data, not by ResMan itself. This is the only figure on the chart that came from neither the vendor nor a public filing, which makes it the least firm number here. ResMan has not confirmed it.

Methodology and known limitations

This is a hand-compiled dataset, not an audited market study. The limitations below are real and are not fully solved. They are listed so the numbers can be used with the right amount of confidence.

Mixed geographic bases

Entrata’s 2.5M is described in its S-1 as roughly 10% of the US multifamily market, which makes it a US-weighted figure. MRI Software’s lead, by contrast, is driven heavily by international units. Ranking the full chart therefore mixes geographic bases. This is the single biggest limitation here and it is not resolved.

Inconsistent as-of dates

Figures range from June 2025 (MRI, carried forward because no updated number was available) to July 2026. In a market growing at high single digits annually, a 13-month spread is material. The as-of date is shown for every figure for this reason.

”Unit” is not a standard term

Vendors count differently. Student housing beds, affordable units, single-family rentals, and build-to-rent homes may or may not be included, and signed units are not the same as live units. Where a vendor supplied a number directly, it reflects that vendor’s own definition. The ResMan figure came from a partner rather than from ResMan, so it carries the additional risk that the partner’s definition of a unit is not the one ResMan would use.

Product scope

The chart counts core PMS products only. RealPage is the one deliberate aggregation: OneSite, Buildium, and Propertyware are counted as one line because they are one vendor, even though they serve different segments. Adjacent products such as revenue management, screening, or payments are excluded entirely.

Not yet on the chart

Multiple large property managers have reported that a major proptech player has quietly launched a new PMS and is signing clients. Nothing has been announced publicly, so it stays off the chart until it is. That could reshuffle the middle next year.

Have better data?

Corrections are welcome and will be credited. MRI Software appears on this chart at all because someone volunteered the number after an earlier version ran without it, and the Entrata figure above exists because a filing contradicted an estimate. Reply on the original LinkedIn post with a source and the chart gets updated.

Why this matters if you are building for multifamily

There is no single dominant PMS. The top four systems are separated by less than a 2x spread in units, and no vendor is close to a majority. Any proptech product selling into multifamily has to reach operators across several systems to reach a meaningful share of the market, which makes PMS integration a distribution problem rather than a technical detail.

That is the problem Propexo exists to solve. Propexo Connect extracts and loads data from Yardi, RealPage, Entrata, AppFolio, and other systems into your warehouse, and the Unified API returns a consistent schema across them. For the mechanics of doing this across several systems at once, see building a single source of truth across Yardi, RealPage, and Entrata.