The property management industry is a rapidly growing sector, with global market size projected to reach $23.63 billion by 2026 and the US market estimated at $77.2 billion in 2021. Property managers have experienced an average growth rate of 3.8% annually between 2016 and 2021, with approximately 300,174 businesses operating in the US this year alone. The global property management market was valued at $13.20 billion in 2017; North America accounted for the highest revenue contribution of that figure ($5.90 billion).
Property management software has become increasingly popular among these businesses - 44% use it today - resulting in a worldwide software revenue reaching $366 million last year alone. This technology helps improve tenant satisfaction rates (80-85%) as well as resident retention (54%), while also allowing for more efficient online rent payments (60%). Furthermore, 86% of property managers start marketing their vacancies 30 days before current leases end and those who list on multiple websites experience 50% lower vacancy rates than others do.
In terms of employment opportunities within this field, there are currently 846 900 jobs related to property management across the United States offering an average salary of 48 681 dollars per annum – not bad considering rental households are expected to hit 22 6 million by 2023. All things considered then it’s no surprise why so many people choose to invest or work within this lucrative industry – but what other statistics can we uncover?
Property Management Industry Statistics Overview
There are approximately 300,174 property management businesses in the US in 2021.
This statistic is a powerful indicator of the size and scope of the property management industry in the US. It demonstrates the sheer number of businesses that are involved in the industry, and the potential for growth and development in the sector. It also serves as a reminder of the importance of the industry to the US economy, and the potential for job creation and economic growth.
About 44% of property managers in the US use property management software.
This statistic is a telling indication of the importance of property management software in the US. It shows that a significant portion of property managers recognize the value of using software to manage their properties, and are taking advantage of the benefits it provides. This statistic is an important piece of information for anyone interested in the property management industry, as it provides insight into the current trends and technologies being used.
Property management software market revenue reached $366.37 million in 2018.
This statistic is a testament to the immense growth of the property management software market, indicating that the industry is thriving and continuing to expand. It is a clear indication that the property management industry is a lucrative and profitable sector, and that businesses are investing in the necessary software to ensure their success. This statistic is an important reminder of the potential of the property management industry and the opportunities it presents.
Around 60% of property managers have an online portal for rent payments.
This statistic is indicative of the Property Management Industry's commitment to modernizing their services. By providing an online portal for rent payments, property managers are making it easier for tenants to pay their rent on time and with minimal effort. This is a great example of how the industry is adapting to the digital age and providing more efficient services to their customers.
Property management companies with listings on multiple websites experience a 50% lower vacancy rate.
This statistic is a powerful indicator of the effectiveness of listing properties on multiple websites. It suggests that property management companies who take the time to list their properties on multiple websites are rewarded with a significantly lower vacancy rate. This is an invaluable insight for property management companies looking to maximize their occupancy rates.
In 2021, there are approximately 846,900 jobs related to property management in the US.
This statistic is a powerful indicator of the size and scope of the property management industry in the US. It shows that the industry is a major employer, providing jobs to hundreds of thousands of people. This statistic is also important in understanding the economic impact of the property management industry, as it provides insight into the number of people employed in the sector and the amount of money they are contributing to the economy. Furthermore, this statistic can be used to compare the size of the property management industry in the US to other countries, and to track changes in the industry over time.
Vacancy rates for the property management industry averaged 6.9% in 2019.
This statistic is a key indicator of the health of the property management industry. It provides insight into the amount of available properties for rent, the demand for property management services, and the overall state of the industry. By understanding the vacancy rate, property managers can better plan for the future and make informed decisions about their business.
By 2023, there are expected to be 22.6 million rental households in the US.
This statistic is a telling indication of the growing importance of the property management industry. With the number of rental households in the US expected to reach 22.6 million by 2023, it is clear that the demand for property management services is on the rise. This means that property managers have an opportunity to capitalize on this trend and expand their businesses.
Conclusion
The property management industry is a rapidly growing sector, with the global market projected to be worth $23.63 billion by 2026 and the US market estimated at $77.2 billion in 2021. The average growth rate of this industry in the US has been 3.8% annually between 2016 and 2021, while there are approximately 300,174 businesses operating within it as of 2021. Property management software usage among these businesses stands at 44%, with its revenue reaching $366 million in 2018 alone; meanwhile 77% of renters have a favorable view towards such companies and 60% offer online rent payments through portals or apps for their tenants' convenience. Furthermore, 86% start marketing vacancies 30 days before current leases end which helps reduce vacancy rates to 6-7%. Finally tenant satisfaction ratings stand around 80-85%, indicating that they value services provided by property managers highly despite an increasing trend towards self service digital solutions due to technological advancements over recent years
References
0. - https://www.marketwatch.com
1. - https://www.multivu.com
2. - https://www.ibisworld.com
3. - https://www.softwareadvice.com
4. - https://www.jchs.harvard.edu
5. - https://www.statista.com
