Property management refers to the operation, control, and oversight of real estate properties, including residential, commercial, and industrial real estate. It involves supervising the daily operations of these properties, handling tasks like maintenance, marketing to tenants, increasing revenue, and ensuring property safety.
Property Management Global Market Report 2024 provides data on the global property management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The property management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
The property management market has grown significantly, expanding from $19.38 billion in 2023 to $21.17 billion in 2024 at a CAGR of 9.2%. Historical drivers include urbanization, rental property demand, economic fluctuations, legislative changes, and demographic and cultural shifts. The market is expected to reach $30.30 billion by 2028 at a CAGR of 9.4%, propelled by improved tenant relations, environmental considerations, remote work influences, and more frequent property inspections. Notable trends include data analytics, predictive insights, remote management, flexible leases, smart building integration, and affordable housing initiatives.
Rising investments in real estate are expected to drive growth in the property management market. Real estate investment involves acquiring, managing, or selling properties for profit. The increase in real estate investments is driven by low-interest rates and growing demand for property. Investors are turning to professional property management services to handle operations, maintenance, and tenant relations. According to the National Association of Realtors, commercial property sales reached $809 billion in 2021, almost doubling from 2020. This surge in real estate investments is stimulating growth in the property management market.
Get Your Free Sample of the Global Property Management Market Report The property management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Application: Residential, Commercial, Other Applications
4) By End-User: Housing Associations, Property Managers And Agents, Property Investors, Other End-Users
In the property management market, companies are increasingly developing vacation property management solutions to optimize revenue and occupancy for property managers. Vacation property management platforms are designed to help property owners manage their vacation rentals efficiently with a variety of tools tailored to their needs. For example, in October 2023, Streamline VRS, a US-based property management software provider, launched Streamline One, a comprehensive solution for vacation rental property managers. This platform integrates property management software, CRM, revenue management, guest verification, mobile solutions, insurance, marketing, and more into a unified system, streamlining operations and promoting business growth.
North America was the largest region in the property management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the property management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.