Market Size of US Property Management Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 81.52 Billion |
| Market Size (2029) | USD 98.88 Billion |
| CAGR (2024 - 2029) | 3.94 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Property Management Market Analysis
The US Property Management Market size is estimated at USD 81.52 billion in 2024, and is expected to reach USD 98.88 billion by 2029, growing at a CAGR of 3.94% during the forecast period (2024-2029).
The United States is rapidly progressing with newer infrastructures and technologies frequently developed, which also gradually boosts the overall economic statistics in this part of the world. Businesses are overwhelmingly growing with many stimulating product launches and supportive management and statistical techniques.
The property management industry is one of the fastest-growing industries in the United States. With the increasing number of new apartments being built in major cities across the United States, there is an increasing need for effective real estate management solutions.
SaaS models are becoming a strategic necessity for property management companies that want to stay ahead of the competition and stay agile in the ever-changing real estate environment. In addition, the changing landscape of workplace mobility presents a huge growth opportunity for real estate professionals in the United States. There were 296,477 property management businesses in the United States as of 2023, an increase of 2.1% from 2022. The US property management industry is labor intensive, which means businesses are more reliant on labor than capital. The highest costs for business in the US property management industry as a percentage of revenue are wages (42.9%), purchases (2.7%), and rent and utilities (2.7%).
US Property Management Industry Segmentation
A property management company deals directly with the tenants or prospects, saving the property owner's time, as they do not have to worry about marketing the rentals, negotiating with the tenants, handling maintenance and repair issues, collecting rent, responding to tenant complaints, and even pursuing evictions. A property management company brings experience in terms of handling property and provides the owner with optimal solutions.
The US property management market is segmented by end user (commercial and residential) and service (marketing, property evaluation, tenant services, maintenance, and other services). The report offers market size and forecasts for the US market in value (USD) for all the above segments.
| End User | |
| Commercial | |
| Residential |
| Service | |
| Marketing | |
| Property Evaluation | |
| Tenant Services | |
| Maintenance | |
| Other Services |
US Property Management Market Size Summary
The US property management market is experiencing significant growth, driven by the rapid development of new infrastructures and technologies across the country. This sector is becoming increasingly vital as the demand for effective real estate management solutions rises, particularly with the surge in apartment construction in major cities. The industry is characterized by its labor-intensive nature, with a substantial portion of expenses allocated to wages. The adoption of Software as a Service (SaaS) models is becoming essential for property management companies to maintain a competitive edge and adapt to the dynamic real estate landscape. The integration of IoT technology and smart devices is also on the rise, enhancing customer service and operational efficiency. This technological advancement is expected to further propel the demand for property management software solutions.
The market is witnessing a robust expansion, with a notable increase in the number of property management businesses and the supply of apartment units. Despite economic challenges such as inflation and rising interest rates, house prices continue to appreciate in many states, with California remaining a highly sought-after market. The influx of new apartment units has provided renters with more choices, leading to a slowdown in rent growth. Major players in the industry, including Greystar Real Estate Partners, JLL, and CBRE, are focusing on enhancing their software capabilities through strategic partnerships and acquisitions. These efforts are aimed at improving revenue management, communication solutions, and lease management, thereby strengthening their market position and expanding their corporate footprint in the United States.
US Property Management Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Demand from the Commercial Segment is Driving the Market
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1.2.2 Increasing Disposable Income of Consumers is Driving the market
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1.3 Market Restraints
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1.3.1 Economic Uncertainties are Restraining the Market
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1.4 Market Opportunities
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1.4.1 Rapid Development of Apartments is Driving the Market
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1.5 Value Chain / Supply Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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1.7 PESTLE Analysis
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1.8 Impact of the COVID-19 pandemic on the Market
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2. MARKET SEGMENTATION
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2.1 End User
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2.1.1 Commercial
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2.1.2 Residential
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2.2 Service
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2.2.1 Marketing
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2.2.2 Property Evaluation
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2.2.3 Tenant Services
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2.2.4 Maintenance
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2.2.5 Other Services
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US Property Management Market Size FAQs
How big is the US Property Management Market?
The US Property Management Market size is expected to reach USD 81.52 billion in 2024 and grow at a CAGR of 3.94% to reach USD 98.88 billion by 2029.
What is the current US Property Management Market size?
In 2024, the US Property Management Market size is expected to reach USD 81.52 billion.
