Property Management Global Market Report 2024

The property management market size has grown strongly in recent years. It will grow from $19.38 billion in 2023 to $21.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion observed in the historical period can be attributed to various factors, including the trend of urbanization, heightened demand for rental properties, fluctuations in economic cycles, alterations in legislation, shifts in demographics, as well as changes in social and cultural norms.

The property management market size is expected to see strong growth in the next few years. It will grow to $30.3 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period can be attributed to several factors, including a focus on enhancing tenant relations, more efficient lease administration, increased attention to environmental sustainability, the growing prevalence of remote work, and heightened emphasis on property inspections. Major trends expected in this period include the utilization of data analytics and predictive insights, the adoption of remote property management solutions, the implementation of flexible lease structures, the integration of IoT technology into buildings for smarter operations, and initiatives aimed at providing affordable housing solutions.

The anticipated uptick in real estate investments is poised to catalyze significant growth in the property management market moving forward. Real estate investment encompasses a spectrum of activities, including acquisition, ownership, rental, and sale of properties, driven by factors such as low-interest rates, increasing demand for property assets, and positive economic indicators. As investors diversify their portfolios and capitalize on real estate opportunities, they rely on professional property management services to oversee day-to-day operations, tenant relations, maintenance, financial management, and asset optimization. For instance, in January 2022, the National Association of Realtors reported a notable surge in commercial property sales, reaching $809 billion in 2021, nearly doubling the figure from the previous year. Multifamily rental properties also experienced robust growth, with sales soaring by 128% to $335.3 billion compared to the prior year. Consequently, the burgeoning real estate investments are fueling the expansion of the property management market.

Leading firms in the property management market are directing their efforts towards the development of cutting-edge technological solutions tailored to address specific industry needs, such as vacation property management platforms. These solutions are designed to empower property managers in optimizing revenue and occupancy rates for vacation rental properties through a comprehensive suite of features and tools. For instance, Streamline VRS introduced Streamline One in October 2023, an integrated solution catering to property managers in the vacation rental sector. Streamline One offers a unified platform encompassing property management software, CRM functionalities, revenue management, payment processing, mobile solutions, insurance services, website and marketing tools, call management solutions, and training resources. This holistic approach equips property managers with the necessary tools to streamline operations and foster business growth effectively.

In September 2022, Guesty, a prominent property management software provider based in Israel, completed the acquisition of Kigo and HiRUM Software Solutions, further consolidating its market position and enhancing its global footprint. This strategic move integrates the teams and expertise of Kigo and HiRUM, bolstering research and development initiatives and enriching product offerings. Guesty's acquisition aligns with its growth strategy of expanding into new markets and delivering comprehensive solutions tailored to property managers and hospitality professionals worldwide. Kigo, headquartered in Spain, specializes in cloud-based property management software tailored for short-term vacation rentals, while HiRUM Software Solutions, based in Australia, offers robust property management software solutions.

Major companies operating in the property management market are 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.

North America was the largest region in the property management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the property management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the property management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Property management encompasses the administration, supervision, and regulation of various types of real estate properties, ranging from residential to commercial and industrial. This multifaceted responsibility involves overseeing day-to-day operations, such as maintenance, tenant marketing, revenue enhancement, and ensuring the safety and security of the property.

Property management can be categorized into two main types are solutions and services. Property management solutions provide tools and platforms for property managers to streamline operations, enhance tenant satisfaction, minimize risks, and optimize property value for owners. These solutions can be deployed either on the cloud or on-premises and cater to a variety of applications, including residential and commercial properties. They are utilized by a diverse range of end-users, including housing associations, property managers, agents, investors, and other stakeholders in the real estate industry.

The property management research report is one of a series of new reports that provides property management market statistics, including the property management industry's global market size, regional shares, competitors with a property management market share, detailed property management market segments, market trends and opportunities, and any further data you may need to thrive in the property management industry. This property management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The property management market includes revenues earned by entities by providing services such as tenant screening and placement, rent collection, property maintenance and repairs, lease enforcement and eviction proceedings, property inspections, and risk management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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