AppFolio provides a cloud-based property management platform used by roughly 22,000 residential property management companies across the U.S., collectively managing about 9.4 million units spanning single-family, multifamily, student housing, affordable housing, commercial, and community associations. The platform covers essentially the full property management workflow: accounting, leasing and marketing, applicant screening, maintenance, resident communications, and payments. AppFolio generates revenue through two streams: recurring per-unit subscription fees (~22% of revenue) and usage-based Value Added Services (~76% of revenue). Subscriptions are tiered — Core, Plus, and Max — with higher tiers commanding higher per-unit pricing and unlocking more functionality. Value Added Services include electronic rent payments, tenant screening, renters and landlord insurance brokerage, and resident services. This model compounds naturally: each new unit added grows both the subscription base and transaction volume flowing through the platform. AppFolio's growth strategy focuses on winning new customers, upselling existing customers to Plus and Max tiers (now covering over 25% of units on the platform), and deepening monetization by expanding Value Added Services per unit. A newer initiative extends AppFolio's monetization beyond property managers to the residents themselves, embedding services like insurance and move-in coordination into the platform via partnerships and acquisitions. AppFolio has also embedded AI tools under the "RealmX" brand to automate leasing, maintenance triage, and resident communications, which management views as both a retention and competitive differentiation tool.