Exploring Market Trends and Growth Drivers: Insights into the Booming Property Management Service Market

Overview and Scope
Property management services refer to the professional management of real estate properties on behalf of property owners. These services typically include tasks such as financial planning and analysis and tenant relations, aimed at maximizing the value and profitability of the property while minimizing the owner’s involvement in day-to-day operations.

Sizing and Forecast
The property management service market size has grown strongly in recent years. It will grow from $14.36 billion in 2023 to $15.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%.  The growth in the historic period can be attributed to growing transportation hubs, rising employment centers, increasing maintenance costs, increasing property values, rising lease agreements, and regulatory compliance.

The property management service market size is expected to see strong growth in the next few years. It will grow to $21.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.  The growth in the forecast period can be attributed to rising occupancy rates, increasing operating expenses, increasing rental rates, rising sustainability initiatives, and financial performance. Major trends in the forecast period include remote management, tenant experience enhancement, flexible leasing models, data-driven decision-making, digital payment solutions, streamlined transactions, and workforce evolution.

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Segmentation & Regional Insights
The property management service market covered in this report is segmented –

1) By Service: Rent Collection, Mortgage And Utility Payment, Leasing, Legal And Accounting Services, Repair And Maintenance, Other Services
2) By Property Type: Residential, Commercial, Industrial, Special Purpose Properties
3) By End Users: Property Managers Or Agents, Housing Associations

North America was the largest region in the property management service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the property management service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The increasing demand for residential buildings is expected to propel the growth of the property management service market going forward. A residential building is a structure designed and constructed to serve as a dwelling place for individuals and families, providing a space for living, sleeping, and daily activities. The increasing demand for residential buildings is driven by various factors, such as population growth, low mortgage rates, and changing lifestyle preferences. Residential buildings utilize property management services to streamline operations, ensure tenant satisfaction, and maintain the value of their assets. For instance, in February 2024, according to the United States Census Bureau, a US-based statistical agency in the federal government, in January, the number of privately owned housing units authorized by building permits reached a seasonally adjusted annual rate of 1,470,000, marking an increase of 8.6% from January 2023, when the rate was 1,354,000. Similarly, the rate of privately owned housing completions in January stood at 1,416,000, reflecting a 2.8% rise compared to January 2023, when the rate was 1,377,000. Therefore, increasing demand for residential buildings is driving the property management service market.

Key Industry Players
Major companies operating in the property management service market are Vanke Co. Ltd., International Business Machines Corporation, Evergrande Group, SAP SE, Jones Lang LaSalle Incorporated, Poly Property Group Co. Ltd., Colliers International Group Inc., Trimble Inc., Mapletree Investments Pte Ltd, Savills Singapore Pte Ltd, Yardi Systems Inc., RealPage Inc., AppFolio Inc., Entrata Inc., Southern Management Corporation, Quintessentially Estates Limited, Abacus Group LLC, Lee & Associates Commercial Real Estate Services Inc., Marsh & Parsons Limited, Summit Management Services Inc., Blue Sky Luxury, Archibus Inc., Rhodo Property & Estate Management Services, Rently Inc., Premier Property Management Services, Elda Management Services Inc., Advantage Property Management Services, Alpha Property Management Services LLC, Rosen Management Services, Orchard Block Management Services, Preferred Property Management Services Inc.

The property management service market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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