Global Property Management Service Market 2023-2030

Global Property Management Service Market 2023-2030

Global Property Management Service Market Size, Share & Trends Analysis Report by Application (Residential and Commercial), by Services (Mortgage & Utility Payment, Rent Collection, Legal & Accounting Services, Leasing, and Repair & Maintenance), and by End-User (Housing Associations, Property Managers, Property Investors, and Others), Forecast Period (2023-2030)

The global property management service market is anticipated to grow at a CAGR of 9.5% during the forecast period (2023-2030). Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party contractor. They usually work for the owners of investment properties such as apartment and private home communities, shopping centers, and industrial parks. The growing adoption of urbanization, increasing real estate investments, shift towards the rental market, technological advancements are the key factor supporting the growth of the market globally.

Segmental Outlook

The global property management service market is segmented on the application, services, and end users. Based on the application, the market is sub-segmented into residential and commercial. Based on the services, the market is sub-segmented into mortgage & utility payment, rent collection, legal & accounting services, leasing, and repair & maintenance. Further, on the basis of end-user, the market is sub-segmented into housing associations, property managers, property investors, and others. Among the advertisement format, the mobile display sub-segment is anticipated to hold a considerable share of the market owing to the rise in development of engaging and innovative video advertisements on mobile phones. Real estate management has also been highly impacted by the adoption of technology. With the help of technology, a property management firm can now easily show the property to interested prospects, that too in a 3D model. This has certainly helped both real estate management companies and their clients to do business from anywhere without meeting in person regularly. For instance, in April 2021, Entrata Inc. announced the addition of Alexa to its residential property management system. With voice-controlled smartphones, property managers may manage and set up Alexa-enabled gadgets in every unit.

The Residential Sub-Segment is Anticipated to Hold a Considerable Share of the Global Property Management Service Market

Among the application, the residential sub-segment is expected to hold a considerable share of the global property management service market. This dramatic growth has been driven largely by increasing numbers of people surviving to reproductive age, the gradual increase in human lifespan, increasing urbanization, and accelerating migration. Major changes in the fertility rate have accompanied this growth. These trends will have far-reaching implications for generations to come. For instance, in August 2022, Avison Young agreed to acquire the property management business of Madison Marquette. This acquisition includes 20 million square feet and 235 team members.

Regional Outlook

The global property management service market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the high concentration of the market solution vendors including CBRE Group Inc., Lincoln Property Management, Cushman & Welfare Plc., The RMR Group LLC, Vacasa LLC, Greystar Worldwide LLC, BH Management Services, LLC, and others.

The North American Region is Expected to Grow at a Significant CAGR in the Global Property Management Services Market

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to economic developments and technological enhancements. Since the North American region has more hotel rooms and to care for such property’s owners/companies/governments require professional help. Most of the demand in the North American region is coming from commercial spaces, as they are the ones who are spending millions of dollars in keeping the property well maintained throughout the year.

Also, people in the US are busy keeping an eye on their property and they don’t want to keep their property Vacant, and with their busy lives it’s impossible for them to manage the property and that’s why they outsource these services to property management services. For instance, in June 2022, AppFolio Inc., a leading cloud business management solution for the real state industry, announced AppFolio Stack, an integrated marketplace, enabling AppFolio property manager users to seamlessly provide the specialized solutions users need to manage the complex portfolios and run their entire business from a centralized hub.

Market Players Outlook

The major companies serving the property management service market include CBRE Group Inc., Lincoln Property Management, Cushman & Welfare Plc., The RMR Group LLC, Vacasa LLC, Greystar Worldwide LLC, BH Management Services, LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, CBRE Group, Inc. announced that its property management group has formed a global strategic partnership with Deepki that will bring Deepki Ready, one of the world’s most extensive landlord-focused real estate sustainability data-intelligence platforms to the commercial properties CBRE manages for investors around the world.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global property management service market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.