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Use a separate liability record for each tenant and reconcile the total to the deposit account every month. Do not treat deposits as rental income.
In this guide
Small landlords do not need a miniature corporate office. They need a system they can keep current while also handling the actual properties.
For a closer look at the next step, read Move-In vs. Move-Out Inspection Checklist: What to Document.
The short answer
Create a deposit ledger with property, unit, tenant, amount, received date, account, permitted deductions, refund date and proof of delivery. Save the move-in inspection beside the lease so the final decision has context.
What matters in the real workflow
Deposit rules—including account handling, deadlines and notices—vary by state and sometimes city. Use current local requirements and have your lease and process reviewed rather than copying another landlord’s policy.
Do not rebuild your process around a product before testing it. Put one normal month through the workflow and count the manual handoffs, corrections and separate logins it still requires.
Cost is more than the advertised price
Separate fixed costs from usage costs. Then calculate the total for your actual unit count, expected turnovers and monthly payments instead of comparing marketing headlines.
Pricing and product terms were checked September 17, 2026. Confirm current details with the provider before buying. Review the primary source →
Exploring a security deposit alternative?
SimpliMatch lists security deposit alternatives among its renter service categories. A renter can explore available providers and compare their fees and terms. Keep records of the arrangement actually agreed for the tenancy.
Explore SimpliMatch renter options →Affiliate link: Rental Owner Studio may earn compensation from a qualifying referral. Provider fees may apply; review availability and terms before choosing a service.
A practical way to decide
- Name the two workflows causing the most repeated work.
- Test those workflows with real portfolio information.
- Calculate the complete first-year cost.
- Check the tenant experience, exports and cancellation process.
- Choose the simplest option that solves the named problem.
Use the decision on your own portfolio.
Do not buy from the feature list alone. Compare the actual workflow, total cost and records you will receive at month-end.
Use a consistent rental tracking system →Bottom line
Use a separate liability record for each tenant and reconcile the total to the deposit account every month. Do not treat deposits as rental income. Choose the option that removes a problem you can name. If nothing measurable becomes easier, the extra software is only another account to maintain.
Keep comparing in our landlord software guide for 1 to 10 units, or browse the complete landlord resources page.