Pune, India, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The United States Property Management Market size is expected to gain momentum by reaching USD 6.16 billion by 2028 while exhibiting a CAGR of 7.9% between 2021 to 2028. In its report titled “Property Management Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 3.40 billion in 2020 and USD 3.62 billion in 2021.
Property management solutions, manages the property operations of the commercial and residential buildings. It offers property managers to perform their tasks such as vacancy alerts, automate customer interaction, marketing, payment related processes, revenue management, lease management and more seamlessly. Additionally, with the integration of advanced technologies such as virtual reality, artificial intelligence, internet of things, machine learning the market is expected to grow enormously during the forecast period. For instance, in June 2019, AppFolio, Inc. announced the launch of artificial intelligence powered utility management and leasing assistant solutions under its value and services segment.
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Companies Operating in United States Property Management Market Report:
- RealPage, Inc. (Texas, U.S.)
- Yardi Systems, Inc. (California, U.S.)
- ResMan, LLC (Texas, U.S.)
- MRI Software, LLC (Ohio, U.S.)
- AppFolio Inc. (California, U.S.)
- CoreLogic, Inc. (California, U.S.)
- Infor, Inc. (New York, U.S.)
- Entrata Inc. (Utah, U.S.)
- ApartmentData.com (Texas, U.S.)
- Buildium, LLC (Massachusetts, U.S.)
United States Property Management Market Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 2.6% |
| 2028 Value Projection | USD 753.1 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 617.8 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 210 |
| Segments covered | Cooling Type, Starting Methods, Power Rating, Application, Region |
| Growth Drivers | Rising Industrialization to Propel Market Growth |
| Asia Pacific Dominates Market Due to Rising Industrialization | |
| Key Players Form Strategic Alliances to Dominate Global Market |
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COVID-19 Impact
The pandemic has changed the real estate business working from offline to online. As before the pandemic, the property managers and agencies were to get potential buyers or tenants into the building (be it residential, office, or shed) to tour the property and convince them to rent or buy. However, in the post-pandemic world, the property managers are using technology as it is the only way to continue day-to-day business to sustain in this crisis. For instance, in the U.S. market players offered cloud-based software to the landlords to optimize rent collection, meet regulation standards, maintain profit performance, keep tenants leased and manage those tenants well.
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Market Segmentation:
By component, the market is divided into software and services. By deployment, the market is segmented into, cloud and on-premises. By application, the market is bifurcated into residential and commercial. By end-user, it is divided into, property managers, housing associations, and real estate agents and others.
- Based on end-users, the property managers segment held the market share of 40.2% in 2020. This is because property managers assist clients, understanding their preferences, answering their queries, arranging virtual shows among others to choose the correct property.
Finally, based on region, the market is based in North America.
What does the Report Provide?
The United States Property Management Market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Driving Factor
Increasing Demand for Rental Property to Surge Market Growth
The increasing demand for commercial as well as residential rental property is expected to drive the United States property management market growth. For instance, as per America’s Housing Vacancy Survey, the rental market experienced a rise in the number of renters by 350,000 during the first three quarters of 2019. This is due to the availability of accessible, affordable, and quality properties in major city locations. Additionally, the employment opportunities, immigrations, increasing international students, rising residential home prices, shift towards urbanization or lifestyle changes is creating a surge in the demand for rental properties.
Regional Insights
Integration of Advanced Technology to Promote Regional Market
The United States property management market share stood at USD 3.40 billion in 2020 and USD 3.20 billion in 2019. This is attributable to the increased usage of software in managing regular payments through its revenue management solutions. Thus, the increasingly advanced facilities in the U.S. are expected to boost this market.
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Competitive Landscape
This market has a large number of prominent companies that are constantly trying to develop unique solutions to cater to the demand from across the globe. To do so, they are joining hands with local or reputed firms, forming collaborations, acquisitions and launching new products to strengthen their portfolio in the market. Below mentioned are industry developments:
- January 2021: MRI Software LLC. announced the acquisition of North Carolina-based AMTdirect. This acquisition will help the company in increasing the depth of solution offerings along with new addition of AMTdirect client base.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- United States Property Management Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- United States Property Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Software
- Services
- Consulting
- Support and Maintenance
- By Deployment (USD)
- Cloud
- On-Premises
- By Application (USD)
- Residential
- Commercial
- Retail
- Government
- Construction and Real Estate
- Others (Education, Industrial, and Hotel)
- By End-User (USD)
- Property Managers
- Housing Associations
- Real Estate Agents
- Others (Third Party Agents, Property Investors, Etc)
- By Component (USD)
- United States Property Management Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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