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Property Management Service Market Size, Share & Growth Trends 2024-2033 | Competitive Analysis & Outlook
Property Management Service Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the property management service market are focused on developing innovative solutions, such as end-to-end operations management services, to enhance the efficiency of their services and improve the overall experience for their clients. End-to-end operations management services streamline all aspects of property administration, from leasing and maintenance to financial management, ensuring comprehensive support for property owners. For instance, in February 2023, Hines, a US-based real estate investment, development, and property management service company, launched end-to-end property management services in France, aiming to bolster its connection with local communities while providing proactive operational management. It is dedicated to delivering a superior customer experience by streamlining services and freeing occupants from the complexities of multiple providers. It offers comprehensive support throughout buildings, encompassing mechanical and technical engineering, leasing management, energy performance monitoring, asset and risk management, property management accounting, and administrative services.
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Major Key Players of the Market:
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.
Property Management Service Market 2024 Key Insights:
• 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%.
• Increasing Demand For Residential Buildings Growth In Property Management Service
• Innovative Property Management Solutions Enhancing Efficiency And Client Experience
• North America was the largest region in the property management service market in 2023
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