Property Management in New York
Operating conditions for the Property Management industry are expected to remain positive over the next five years, though this will eventually slow. Over the next few years, the value of residential construction is expected to expand rapidly due to improved consumer confidence and low interest rates, causing an increase in the housing stock. As a result, the US homeownership rate is projected to increase, and fewer consumers will therefore require property management services. To combat this, firms are expected to offer more services such as long-term maintenance contracts to attract renters.
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 certain 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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