The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

The property management market has seen substantial growth in recent years, expanding from $19.38 billion in 2023 to an anticipated $21.17 billion in 2024, with a compound annual growth rate (CAGR) of 9.2%.

• Historical Growth Drivers:
  • Rising urbanization
  • Increased demand for rental properties
  • Economic cycles
  • Legislative changes
  • Demographic shifts
  • Social and cultural changes

Future Market Projections

The market is expected to continue its robust growth, reaching $30.30 billion by 2028 with a CAGR of 9.4%.

Key Factors for Future Growth

• Tenant Relations and Lease Administration:
  • Enhancing tenant satisfaction and streamlining lease management processes.
• Environmental Considerations:
  • Emphasis on sustainable practices and green buildings.
• Remote Work:
  • The rise of remote work necessitates adaptable and flexible property management solutions.
• Property Inspections:
  • Increasing frequency and thoroughness of property inspections to maintain standards and compliance.

View More On The Property Management Market Report 2024 – https://www.thebusinessresearchcompany.com/report/property-management-global-market-report

Major Trends in the Forecast Period

• Data Analytics and Predictive Insights:
  • Utilization of data analytics to forecast trends and improve decision-making.
• Remote Property Management:
  • Growth in remote management solutions to cater to a geographically dispersed client base.
• Flexible Lease Structures:
  • Adaptation to changing market demands with more flexible leasing options.
• Smart Buildings and IoT Integration:
  • Incorporation of smart technologies and IoT for efficient property management.
• Affordable Housing Solutions:
  • Development of strategies to provide affordable housing amidst rising property costs.

Rising Real Estate Investments Fuel Market Growth

Real estate investments are a significant driver of growth in the property management market.

• Real Estate Investment Dynamics:
  • Investment in real estate encompasses acquisition, ownership, management, rental, and sale of properties.
  • Factors such as low-interest rates, increasing demand for property assets, and a favorable economic outlook are boosting investments.
• Example:
  • In January 2022, the National Association of Realtors (NAR) reported a near doubling of commercial property sales to $809 billion in 2021 from 2020, with multifamily rental properties surging by 128% to $335.3 billion.

Leading Companies and Technological Innovations

Technological Solutions in Property Management

Leading companies in the property management market are focusing on innovative technological solutions to optimize property management.

• Vacation Property Management Solutions:
  • Platforms designed for efficient management of vacation rental properties.
• Example:
  • In October 2023, Streamline VRS launched Streamline One, an all-in-one solution for vacation rental property managers, featuring property management software, CRM, revenue management, guest verification, and more.

Strategic Acquisitions

Acquisitions are a strategic approach for companies to expand their market presence and enhance their offerings.

• Guesty’s Expansion:
  • In September 2022, Guesty acquired Kigo and HiRUM Software Solutions, consolidating teams and boosting global presence, strengthening R&D, and improving product offerings. Kigo specializes in cloud-based property management for short-term rentals, while HiRUM offers comprehensive property management software.

Market Segmentation

By Component

• Solutions
• Services

By Deployment Mode

• Cloud
• On-Premises

By Application

• Residential
• Commercial
• Other Applications

By End-User

• Housing Associations
• Property Managers and Agents
• Property Investors
• Other End-Users

Regional Insights

• North America:
  • The largest region in the property management market in 2023.
• Asia-Pacific:
  • Expected to be the fastest-growing region during the forecast period, driven by rapid urbanization and increasing real estate investments.

Conclusion

The property management market is poised for continued growth, fueled by technological advancements, strategic acquisitions, and rising real estate investments. As the market evolves, embracing innovations and adapting to emerging trends will be crucial for stakeholders to maintain competitiveness and meet the dynamic demands of the property management landscape.

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The Property Management Global Market Report 2024  provides comprehensive insights on the property management market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the property management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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