Property Management in Illinois
The Property Management industry in Illinois has shown strong growth over the past five years, as Chicago's real estate market has recovered and strengthened, and macroeconomic factors have shifted in the industry's favor. Most significantly, the value of residential and nonresidential construction activity has experienced robust growth while the state homeownership rate has slowly declined, increasing demand for industry services over the five years to 2017. Over the next five years, industry revenue growth is expected to continue, albeit at a slower rate, as home ownership rates are projected to increase, while growth in both the residential and nonresidential construction sectors is expected to slow.
Companies in this industry manage residential and nonresidential real estate for property owners in Illinois. Property management responsibilities relate to the overall operation of a property, including maintenance, rent collection, trash removal, security and some renovation activities. Industry players may also help manage a property’s accounting, but operations related to the transactions of properties or real estate investments are not included in this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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