As the real estate industry continues to grow, property management is becoming an increasingly important part of the market. From global trends to regional statistics, there are a variety of insights that can help us better understand this sector and its impact on our economy. In this blog post, we will explore 20 key facts about property management from around the world – including information on market size and growth projections, revenue figures for different countries, average salaries for Property Managers in various regions, common challenges faced by those working in this field as well as technology usage among companies operating within it. By understanding these stats more deeply we can gain valuable insight into how best to manage properties both now and in the future.
Property Management Statistics Overview
The U.S. property management market is projected to grow at a CAGR of 7.1% from 2021 to2028.
This statistic is a testament to the potential of the U.S. property management market, indicating that it is likely to experience significant growth in the coming years. This is an important point to consider when discussing property management statistics, as it provides insight into the potential of the industry and the opportunities it presents.
Approximately 31% of property managers in the US also handle maintenance services for their properties.
This statistic is significant in the context of property management statistics because it highlights the importance of maintenance services in the industry. It shows that a large portion of property managers are taking on the responsibility of providing maintenance services for their properties, which is essential for ensuring that the properties are kept in good condition and are attractive to potential tenants. This statistic also demonstrates the need for property managers to be knowledgeable about maintenance services and to have the necessary skills to provide them.
68% of property management companies now use property management software to help streamline their processes.
This statistic is a testament to the power of property management software in streamlining processes. It shows that the majority of property management companies have embraced the technology and are reaping the benefits of increased efficiency and productivity. This statistic is an important indicator of the current state of the property management industry and provides valuable insight into the trends and developments in the sector.
38% of property managers say vacancy rates are their biggest challenge.
This statistic is a telling indication of the difficulties faced by property managers. It highlights the fact that vacancy rates are a major concern for those in the industry, and that it is an issue that needs to be addressed. It is a reminder that property managers need to be proactive in finding ways to reduce vacancy rates and ensure that their properties are occupied.
Only about 30% of landlords in the UK use a property management agent to manage their properties.
This statistic is significant in the context of a blog post about Property Management Statistics as it highlights the fact that the majority of landlords in the UK are managing their properties without the assistance of a property management agent. This could indicate that landlords are either unaware of the benefits of using a property management agent, or that they are choosing to manage their properties themselves for financial or other reasons. This statistic could be used to inform landlords of the potential advantages of using a property management agent, and to encourage them to consider the option.
In the UK, renters make up about 20% of the total population.
This statistic is significant in the context of Property Management Statistics as it highlights the importance of the rental market in the UK. It demonstrates that a fifth of the population are renting, which means that property management services are in high demand. This statistic is a reminder that property management companies should be aware of the needs of renters and be prepared to provide services that meet their needs.
Approximately 72% of property management companies in the US are small businesses.
This statistic is a testament to the fact that the property management industry is largely driven by small businesses. It highlights the importance of these small businesses in the industry, and how they are essential to the success of the sector. This statistic is also important in understanding the impact of the industry on the US economy, as small businesses are often the backbone of the economy. Furthermore, this statistic can be used to inform policy decisions related to the property management industry, as it provides insight into the size and scope of the sector.
A residential property management company in Canada currently holds an average of CAD 3.1 million in assets.
This statistic is a testament to the success of the residential property management company in Canada, demonstrating their ability to manage and maintain a large portfolio of assets. It is a clear indication of their financial stability and reliability, making them a trusted partner for those looking to invest in property management. This statistic is a valuable insight into the industry, providing readers with an understanding of the potential returns that can be achieved through property management.
The biggest player in the global property management market is CBRE Group, with $15.22 billion in annual revenue (2020).
This statistic is a testament to the sheer size and scope of CBRE Group’s presence in the global property management market. It highlights the company’s dominance in the industry, and serves as a reminder of the importance of staying ahead of the competition in this ever-evolving sector.
By 2025, the global property management software market is expected to generate revenues of $2.6 billion.
This statistic is a testament to the growing importance of property management software in the modern world. As the demand for efficient and effective property management solutions increases, so too does the potential for the market to generate significant revenues. By 2025, the global property management software market is projected to reach a staggering $2.6 billion, indicating that the industry is on the rise and is likely to remain a lucrative sector for years to come.
Approximately 9.6 million residential properties are managed by professional property management companies in the US.
This statistic is a testament to the importance of professional property management companies in the US. It highlights the sheer number of residential properties that rely on these companies to manage their assets and ensure that their investments are well taken care of. This statistic is a powerful reminder of the vital role that property management companies play in the US real estate market.
In 2020, the average client retention rate for property management companies in the US was 75%.
The fact that the average client retention rate for property management companies in the US was 75% in 2020 is a testament to the success of these companies in providing quality services to their clients. This statistic is indicative of the trust and loyalty that property management companies have earned from their customers, and it serves as a reminder of the importance of providing excellent customer service. It is also a useful benchmark for property management companies to measure their own performance against.
More than 75% of property management companies offer online portals for rent payments.
This statistic is a testament to the fact that property management companies are increasingly embracing technology to make rent payments more convenient for tenants. By offering online portals for rent payments, property management companies are making it easier for tenants to pay their rent on time and without hassle. This is an important development in the property management industry, as it helps to ensure that tenants are able to pay their rent in a timely manner and that property management companies are able to collect rent payments efficiently.
Only 14% of real estate management businesses in the US have 20 or more employees, making the industry highly fragmented.
This statistic is a telling indication of the property management industry in the US, highlighting its highly fragmented nature. With only 14% of businesses having 20 or more employees, it is clear that the majority of property management businesses are small-scale operations. This has implications for the industry as a whole, as it can be difficult for smaller businesses to compete with larger ones in terms of resources and expertise. This statistic is therefore an important factor to consider when discussing the property management industry in the US.
Approximately 45% of property managers say their greatest source of stress comes from tenant-related issues.
This statistic is a telling indication of the challenges faced by property managers. It highlights the fact that tenant-related issues are a major source of stress for those in the property management industry, and serves as a reminder of the importance of having effective strategies in place to manage tenant relationships. This statistic is an important one to consider when discussing the realities of property management, and can be used to inform strategies for improving the tenant experience.
Conclusion
The global property management market is a rapidly growing industry, with the size expected to grow from USD 14.47 billion in 2018 to USD 22.04 billion by 2023 and an annual revenue of $88 billion in the US alone. Property managers are increasingly turning towards technology such as software solutions for streamlining their processes, while also facing challenges such as vacancy rates and tenant-related issues.
The UK has seen increased revenues among its property management companies, but only about 30% use agents to manage properties there compared to 57% in the US rental market. With more than 75% of property management companies offering online portals for rent payments and 45% reporting increased revenues last year, it’s clear that this sector is continuing on an upward trajectory despite some challenges along the way.
References
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8. – https://www.www.narpm.org
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10. – https://www.www.propertymanagerinsider.com
