Property Management in the US
Over the five years to 2018, the US economy has been primarily focused on expansion. At the residential level, rental vacancy rates declined due to various hiccups in growth. These hardships proved favorable for renters, explaining vacancy rate declines during the period. On the opposite side of the spectrum, economic recovery improved the commercial sectors, causing demand for office space to exceed supply, curtailing office rental vacancy during the five-year period. The need for rental markets provided a large boost to the Property Management industry. Over the five years to 2023, the value of residential construction is expected to continue rising, expanding housing stock and lowering rental demand. Unfortunately for industry operators, the US homeownership rate is projected to rebound over the next five years, reducing the need for residential property management services.
Companies in this industry manage residential and nonresidential real estate for property owners. 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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