Market Analysis:
The Property Management market industry is projected to grow from USD 20.16 Billion in 2022 to USD 35.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.40% during the forecast period (2022 - 2030). Property management, simply put, is a software application tool which helps real estate accountants, property owners, property managers, and other stakeholders to efficiently manage rental properties. These properties comprise residential and commercial spaces that are managed on the owner’s behalf by the property manager. It helps to streamline daily tasks of property managers thus reducing the overall cost and time invested to manage the real estate business.
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Key Players:
Key Companies in the Property Management market include,
- Skyline Property Management
- Re-Leased Software Company Ltd
- Rosmiman Software Corporation
- MRI Software LLC
- Buildium
- Yardi Systems Inc.
- AppFolio Inc.
- IBM
- Oracle
- SAP
- Trimble Inc
Various factors are fuelling the global property management market size. As per the recent MRFR market estimates, such factors include the growing adoption of SaaS model for property management, developing inclination towards workplace mobility, rising demand for outsourcing services, increasing investment in different technologies worldwide, introduction of cloud-based deployment model, and increasing need to efficiently manage property portfolios among property managers.
On the contrary, impact of the COVID-19 outbreak, lack of skilled professionals and budget limitations for technological solutions may limit the global property management market share over the forecast period.
Market Segmentation:
The MRFR report throws light on an inclusive segmental analysis of the global property management market based on end user, application, deployment, and component.
By component, the property management market is segmented into services and solution. The service segment is again bifurcated into training and maintenance services, consulting services, and integration services. Of these, the solution segment will lead the market over the forecast period.
By deployment, the property management market is segmented into cloud-based solution and on-premise. Of these, the cloud-based solution will dominate the market over the forecast period.
By application, the property management market is segmented into commercial and residential. The commercial segment is again bifurcated into office spaces, hospitality, retail, and others. Of these, the commercial segment will spearhead the market over the forecast period.
By end user, the property management market is segmented into housing association and property manager/agent. Of these, the property manager will have the lions share in the market over the forecast period.
Regional Analysis:
By region, the global property management market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, North America will remain the driving force in the market over the forecast period. Increasing housing development, growing investments by real-estate agents in different advanced technologies, the growing demand for property management solutions among property managers in Mexico, Canada, and the US, the surge in e-commerce, and the growing investments by key players are adding to the global property management market growth in the region.
In Europe, the property management market is predicted to hold the second-largest share over the forecast period. Growing focus of regional players towards advance software is adding to the global property management market growth in the region. The UK holds the utmost market share followed by France and Germany.
In the APAC region, the property management market is predicted to grow at a fast pace over the forecast period. The growing investment by property managers and property management firms in different technologies like electronic lease, accounting and bookkeeping, electronic payment solution, property management software, and others are adding to the global property management market growth in the region. Besides, increasing middle-class population in Indonesia, India, and China, developing hotel, retail, and logistics industry, technological advances, and the booming e-commerce industry are also adding market growth.
The property management market in South America and the MEA is predicted to have sound growth over the forecast period.
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Property Management Industry Developments:
January: The National Association of Residential Property Managers (NARPM) releases its 2023 State of the Industry Report, which finds that the property management industry is expected to grow by 7% in 2023.
February: The National Multifamily Housing Council (NMHC) releases its 2023 Apartment Outlook, which forecasts that demand for rental housing will continue to grow in 2023.
March: The Buildium 2023 Property Management Industry Report finds that property managers are increasingly using technology to improve their operations.
April: The AppFolio 2023 Top Property Management Trends report finds that single-family home rentals are on the rise, and that competition is increasing in the property management industry.
May: The ManageCasa 2023 Property Management Trends report finds that remote monitoring and maintenance solutions are becoming increasingly popular in the property management industry.
June: The LinkedIn 2023 Property Management Technology Trends report finds that predictive maintenance is becoming a more important tool for property managers.
July: The 2023 Property Management Industry Report from Buildium finds that property managers are focused on growing their portfolios and their revenue.
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