What's the best property management software for vacation rentals?

There isn't a single best one; it's mostly a function of how many properties you're running, and the tools cluster by portfolio size. Below five units you want something light that leans on automation, like Hospitable (built around messaging), iGMS, or Lodgify (which throws in a direct-booking site). In the five-to-twenty range the channel management and team features start to matter, which is where Hostaway, the lighter Guesty for Hosts, or the European-focused Smoobu tend to land. Past twenty you're into full-suite territory (Guesty proper, or Hostaway scaled up) where the price jumps but so does what it does. Treat any price you see quoted as a starting point; PMS pricing shifts and most bill per-listing, so the real monthly number depends on your count.

What you're actually shopping for is the same short list whatever the size: calendar and channel sync across Airbnb, VRBO, and Booking.com so you never double-book, one inbox for guest messages, decent automated messaging, availability management, owner-facing financial reporting, and team access if you're not solo.

The gap worth knowing about before you buy: almost every PMS does template messages, but very few do actual AI replies, meaning reading an unexpected question and answering it, at 3am, in the guest's language. If guest communication is your real pain rather than accounting or channel sync, a dedicated concierge alongside a simpler PMS often beats paying up for a heavyweight platform whose messaging is still just canned templates.