Property management, known for its resilience, faced unique challenges during the pandemic. Despite this, the industry remains competitive and robust, driven by technology and evolving trends. PropertyCard’s comprehensive research provides key insights into the property management landscape in 2024.
Key Insights from PropertyCard’s Research:
- Market Size and Growth:
- The US property management market reached $101.3 billion in 2021 (Statista).
- There are over 300,000 property management firms in the US, employing over 367,000 professionals (iProperty Management).
- Greystar Real Estate was the largest property management firm in the US in 2020, overseeing 730,000 units (MHN).
- Technological Integration:
- 86% of Millennials are willing to pay more for ‘smart’ apartments or homes (Asmag).
- The global property management software market is valued at $3.04 billion, with a projected CAGR of 45.6% from 2022 to 2030 (Grand View Research).
- Tenant and Owner Behavior:
- Over 80% of renters chose renting over homeownership in 2021 (LetHub).
- 51% of property owners hire property managers, indicating a growing trend in outsourcing management responsibilities (Business Wire).
- Operational Insights:
- Maintenance and repairs are the top tasks for property managers, followed closely by leasing and collecting fees (iProperty Management).
- 35% of property managers handle between 101-500 property units (Buildium).
- US lease renewal rates hit an all-time high of 53.3% in 2020 (RealPage).
- Market Challenges and Opportunities:
- COVID-19 eviction moratoriums impacted 34 out of 50 US states, affecting portfolio growth (LetHub).
- Only 13% of property management companies earn over $1 million annually, highlighting market scale challenges (2nd Kitchen).
PropertyCard’s analysis underscores the resilience and dynamism of the property management sector amidst evolving conditions. Technology plays a pivotal role in shaping the industry landscape, making it crucial for property managers to adapt to enhance operational efficiency and tenant satisfaction.
For further insights and detailed statistical breakdowns, explore PropertyCard’s latest research on the property management market of 2024.
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