Overview and Scope
Property management services refer to the professional management of real
estate properties on behalf of property owners. These services typically
include tasks such as financial planning and analysis and tenant relations,
aimed at maximizing the value and profitability of the property while
minimizing the owner's involvement in day-to-day operations.
Sizing and Forecast
The property management service market size has grown strongly in recent years.
It will grow from $14.36 billion in 2023 to $15.52 billion in 2024 at a
compound annual growth rate (CAGR) of 8.1%.
The growth in the historic period can be attributed to growing
transportation hubs, rising employment centers, increasing maintenance costs,
increasing property values, rising lease agreements, and regulatory compliance.
The property management service market size is expected to see strong growth in
the next few years. It will grow to $21.28 billion in 2028 at a compound annual
growth rate (CAGR) of 8.2%. The growth
in the forecast period can be attributed to rising occupancy rates, increasing
operating expenses, increasing rental rates, rising sustainability initiatives,
and financial performance. Major trends in the forecast period include remote
management, tenant experience enhancement, flexible leasing models, data-driven
decision-making, digital payment solutions, streamlined transactions, and
workforce evolution.
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Segmentation & Regional Insights
The property management service market covered in this report is segmented –
1) By Service: Rent Collection, Mortgage And Utility Payment, Leasing, Legal
And Accounting Services, Repair And Maintenance, Other Services
2) By Property Type: Residential, Commercial, Industrial, Special Purpose
Properties
3) By End Users: Property Managers Or Agents, Housing Associations
North America was the largest region in the property management service market
in 2023. Asia-Pacific is expected to be the fastest-growing region in the
forecast period. The regions covered in the property management service market
report are Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing demand for residential buildings is expected to propel the
growth of the property management service market going forward. A residential
building is a structure designed and constructed to serve as a dwelling place
for individuals and families, providing a space for living, sleeping, and daily
activities. The increasing demand for residential buildings is driven by
various factors, such as population growth, low mortgage rates, and changing
lifestyle preferences. Residential buildings utilize property management
services to streamline operations, ensure tenant satisfaction, and maintain the
value of their assets. For instance, in February 2024, according to the United
States Census Bureau, a US-based statistical agency in the federal government,
in January, the number of privately owned housing units authorized by building
permits reached a seasonally adjusted annual rate of 1,470,000, marking an
increase of 8.6% from January 2023, when the rate was 1,354,000. Similarly, the
rate of privately owned housing completions in January stood at 1,416,000,
reflecting a 2.8% rise compared to January 2023, when the rate was 1,377,000.
Therefore, increasing demand for residential buildings is driving the property
management service market.
Key Industry Players
Major companies operating in the property management service market are Vanke
Co. Ltd., International Business Machines Corporation, Evergrande Group, SAP
SE, Jones Lang LaSalle Incorporated, Poly Property Group Co. Ltd., Colliers
International Group Inc., Trimble Inc., Mapletree Investments Pte Ltd, Savills
Singapore Pte Ltd, Yardi Systems Inc., RealPage Inc., AppFolio Inc., Entrata
Inc., Southern Management Corporation, Quintessentially Estates Limited, Abacus
Group LLC, Lee & Associates Commercial Real Estate Services Inc., Marsh
& Parsons Limited, Summit Management Services Inc., Blue Sky Luxury,
Archibus Inc., Rhodo Property & Estate Management Services, Rently Inc.,
Premier Property Management Services, Elda Management Services Inc., Advantage
Property Management Services, Alpha Property Management Services LLC, Rosen
Management Services, Orchard Block Management Services, Preferred Property
Management Services Inc.
The property management service market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
.
.
.
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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