Property management businesses were at the very heart of the economic turmoil caused in 2020 by the pandemic, juggling safety measures and the market changes as people migrated out of the city short or long-term.
Property management statistics show the impact on both residents, managers, and other employees. The industry sector is still recovering with the expectations of one more year of slight decline before the market recovers and starts growing again. Software development and steady market growth are expected to give a boost to the industry in the following years but let’s have a glance at the current state of affairs.
The property management industry CAGR for that time period is 9.2% during the forecast period. The improvements to the various software solutions give a boost to the already growing market.
In 2022, the US property market is forecast to be $99.4 billion. During this year the market is expected to shrink by 1.9%. While the growth has been above average compared to the overall economy, it is still going to be affected by a slight decline, trends in property management show.
(iProperty Management, Ibis World)
It grew from $99.5 million in 2020 and $61.32 million in 2009. The biggest growth was recorded between 2013 and 2019 with an over $29 million increase.
This number grew by 1.8% on average between the years 2017 and 2022 and according to property management statistics, the average property management company employs more workers now than five years ago. At the moment the average number of employees in a property management business is 2.8. The revenue per employee has also been on the rise during the same period.
The property management sector is the 48th largest and the 3rd ranked among Real Estate, Rental, and Leasing industries by employment.
Around 70% do property inspections, leases, and advertising. When asked about priorities, 47.8% of property managers cited growth as their top priority, 45.1% said it is improved efficiency, for 31% it was profitability, and for 22.6% it is communication. One in four thought of property owners as priorities and one in five think tenants are a priority. Fewer than one in four managers call the property owner a priority.
(NBG Management, iProperty Management)
Property management market trends show a 25% growth of company portfolios happened from 2019 to 2020. And the occupancy rate was high at 93%. Greystar showed the largest growth of 36%, followed by Lincoln Property Co. and Cushman & Wakefield after acquiring Pinnacle Property Management Services.
It is further expected to grow at a CAGR of 4.8% from 2021 to 2028, fuelled by demand for these types of solutions, as evidenced by property management software statistics. And it’s no wonder since property management software helps manage day-to-day operations, such as tenant and lease tracking, maintenance requests, accounting, etc., usually all in one place.
But not all of them own them, 11% of landlords just manage them. 45% of landlords manage their own properties and 44% have someone else do it for them, according to property management industry statistics.
The vacancy rate currently sits at 6% and is expected to drop below 4% by 2025. Over the last decade, the number of renters rose by 25% while the number of homeowners dropped by around 1%.
Then, 20% to 43% of renters can’t afford to buy a home or the place they rent.
Property management market trends show that the state with the most property managers is Hawaii, almost three times more than the average. It’s no wonder, given the tourist demand, prompting landlords to turn to vacation rental software.
It’s followed by Washington, D.C., and the Virgin Islands with twice the average. Way below the national average, at 30%, is Wisconsin.
Considering salary and location, property managers make the most in New York and the least in Idaho.
Property Management industry trends show that the salary for property managers ranges from $90,317 to $119,679. The average property manager’s salary at the end of 2021 was $104,035. One property management industry report shows that depending on the education level the median income of those with a Masters’s degree will be higher starting at $49,012 compared to those with Bachelor’s degree with $44,173 or $38,956 for those with an Associate degree.
Looking at property management statistics and demographics, the average property manager is 47 years old. In 66.9% of the cases, they are white, 17.3% are Hispanic or Latino, and 8.4% are Black/African American. Property managers usually work in private rather than in public companies, women make 93% of what men earn, they mostly live in New York and Chicago and 9% are LGBT.
Technology advances and new software are the hope for many industry branches on the road to recovery from the two-year Covid exodus. With almost half of landlords managing their own properties the uncertainty and challenges were both hard and personal. New investments and government funding for the software market will benefit the overall growth on national and global levels. Property management statistics suggest that it won’t be long before the industry is back on its feet and booming again.
There are over 300,000 property management companies registered in the United States. The industry has over 367,000 employees without self-employed property managers.
The property management market size in the United States reached $101.3 billion in 2021, up from $99.5 million in 2020.
Property management industry growth was expected to be 1.8% in 2021, property management industry statistics show.
(Statista, Ibis World)
The property management industry generates $88.4 billion in annual revenue while the whole of the North American property management market is estimated at $5 billion. The worth increased by 7.78% in the past 12 months until November 2021.
Statistics for successful leases with property management companies show that around 44% of people use property managers and 45% manage their own properties.
A property management industry analysis shows some of the largest property management companies in the US are:
Property management statistics show there are 220,000 property managers working for property management companies in the United States.