What Has Been the Growth of the Property Management Service Market So Far?
The property management service market has seen considerable growth due to a variety of factors.
• In recent years, the market size of property management services has seen significant growth. It is projected to increase from $15.57 billion in 2024 to $16.91 billion in 2025, representing a compound annual growth rate (CAGR) of 8.6%.
This growth trend during the historical period is linked to various factors such as the expansion of transportation hubs, the growth in employment centers, a surge in maintenance costs, an increase in property values, a rise in lease agreements, and enhanced regulatory compliance.
What Are the Future Growth Projections for the Property Management Service Market?
The property management service market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for property management services is predicted to witness significant expansion in the upcoming years, reaching a value of $23.21 billion by 2029, progressing at a compound annual growth rate (CAGR) of 8.2%.
Factors contributing to the growth during the forecast period include increasing occupancy rates, growing operating costs, escalating rental rates, the upswing in sustainability initiatives, and strong financial performance. Key trends anticipated over the forecast period encompass remote management, improvements in tenant experience, flexible lease models, decisions propelled by data, digital payment methods, simplified transactions, and transformations in the workforce.
What Are The Core Factors Supporting Growth In The Property Management Service Market?
The surge in demand for residential living spaces is anticipated to fuel the expansion of the property management service sector. Residential buildings, designed and built to accommodate individuals and families, offer a place for rest, daily life, and activities. Factors contributing to this increasing demand encompass population expansion, lower mortgage interest rates, and shifts in lifestyle choices. To optimize operations, guarantee tenant contentment, and preserve their investment value, residential buildings utilize property management services. In February 2024, as reported by the American Census Bureau, a statistics agency of the federal government, the amount of privately-owned housing units authorized by building permits achieved a seasonally adjusted annual pace of 1,470,000 in January, signaling an 8.6% increment from January 2023 when it was 1,354,000. Likewise, the rate of privately-owned housing completions in January was reported to be 1,416,000, indicating a 2.8% increase compared to January 2023, when it was 1,377,000. Hence, the escalating demand for residential buildings is propelling the property management service market forward.
What Are The Major Segments Within The Global Property Management Service Market?
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
Subsegments:
1) By Rent Collection: Rent Payment Collection, Late Fee Management, Tenant Billing And Payment Processing
2) By Mortgage And Utility Payment: Mortgage Payment Management, Utility Billing And Payment, Payment Reminders And Processing
3) By Leasing: Tenant Leasing And Contracts, Lease Renewals And Modifications, Tenant Screening And Application Processing
4) By Legal And Accounting Services: Legal Compliance And Documentation, Property Tax Management, Financial Reporting And Bookkeeping, Tax Filing And Audits
5) By Repair And Maintenance: Preventive Maintenance, Emergency Repairs, Routine Property Inspections, Vendor Management For Repairs
6) By Other Services: Property Inspections And Appraisals, Eviction Services, marketing And Advertising For Vacancies, Tenant Relations And Communication
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What Trends Are Reshaping The Future Of The Property Management Service Market?
Property management service market is seeing a surge in innovative solutions from major players aiming to improve service efficiency and client experiences. These solutions, such as end-to-end operations management services, offer thorough support to property owners by simplifying all property administration elements including leasing, maintenance, and financial management. For example, in February 2023, Hines, a leading real estate investment, development, and property management service company based in the US, began offering end-to-end property management services in France. This initiative serves to strengthen its local community ties while facilitating efficient operational management. The company is committed to offering customers an outstanding experience by seamlessly integrating services and relieving them of the hassle posed by multiple providers. Their full-service approach ranges from mechanical and technical engineering to leasing, energy performance monitoring, asset and risk management, property management accounting, and administrative services.
Who Are the Key Players In The Property Management Service Market?
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.
What Is The Most Dominant Region In The Property Management Service Market?
North America was the largest region in the property management service market in 2024. 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.
