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Property Management Market worth $42.78 billion by 2030- Exclusive Report by MarketsandMarkets™
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The Property Management Market is gaining traction due to the benefits it offers to real estate businesses and property managers. Property management software manages the complexities of handling various property types, such as residential, commercial, industrial, government, and military, and offers a solution to streamline the overall process from property maintenance to lease management, marketing, and operations.
The rental market was booming in cities across North America , with single-family homes increasingly being converted to rentals. Property management firms have been majorly impacted by the long-term effects of the pandemic, with the increase in costs for materials and labor, stringent regulation of the rental market, and the digitization of rental processes continuing at a steady pace.
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The Property Management Market is projected to grow from USD 26.49 billion in 2024 to USD 42.78 billion by 2030, at a compound annual growth rate (CAGR) of 8.3% during the forecast period. The rising need to leverage predictive analytics for proactive maintenance and repair management, smart building management with IoT and AI for energy efficiency and sustainability, and the increasing demand for SaaS-based property management solutions for better scalability will drive the Property Management Market growth. Moreover, revolutionizing property descriptions, lease agreements, and tenant communication with Generative AI and the advent of AR/VR technologies for better efficiency and immersive buyer experience will offer lucrative growth opportunities in the coming years.
Most property managers, owners, and real estate agents prefer web-based property management software due to the ease of accessibility and interconnectivity with other software systems. Web-based software offers easy setup options that will reduce the overall installation time and undercut some of the costs associated with the installation. Web-based property management software provides a secure environment with high-end infrastructure with automatic backups and recovery services.
Suburban locations refer to properties located outside of cities. They tend to have less populated crowds and minimum network connectivity. Apartment complexes and single-family homes are mostly covered in suburban locations. Property management software offers lucrative opportunities to property owners, landlords, and owners who reside in suburban locations. Property management tools focus on enhancing efficiency across distributed properties, automating maintenance, and improving tenant communication.
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Cloud deployment is poised to capture a larger share of the Property Management Market due to several compelling advantages it offers to property managers. Cloud-based property management tools benefit property managers and landlords by automating manual tasks, providing real-time updates, and securing payment options. A few of the leading vendors, like AppFolio, Tenant Cloud, DoorLoop, RentManager, and others, offer cloud-based property management software with various features such as remote accessibility, scalability, enhanced security, and real-time reporting and updates. These cloud-based tools are designed to meet the ongoing needs of tenants, landlords, and property managers by offering accounting, communication, and marketing features for the effective handling of various property types.
The Asia Pacific region is poised to exhibit the highest CAGR in the Property Management Market, driven by several key factors that highlight its rapid expansion and adoption of smart building technologies. The Property Management Market in the Asia Pacific region is driven by diverse property trends and infrastructure developments across major economies such as China , Japan , India , South Korea , Australia and New Zealand (ANZ), and ASEAN. Recent government initiatives include substantial financial support for builders and regulatory reforms to stabilize housing prices in China , which aim to improve the real estate sector. In India , initiatives like the Pradhan Mantri Awas Yojana continue to enhance affordable housing access, with a strong push towards integrating technology in property management to improve operational efficiency.
Some major players in the Property Management Market include Oracle (US), IBM (US), Appfolio (US), SAP ( Germany ), Hitachi Vantara (US), Yardi (US), RealPage (US), SS&C (US), Trimble (US), Eptura (US), CoStar Group (US), Hemlane (US), Entrata (US), Rent Manager (US), Rentec Direct (US), Re-leased (UK), Doorloop (US), Stessa (US), JLL (US), MCS Rental Software (UK), Accruent (US), Planon ( Netherlands ), Guesty ( Israel ), Hive ( Germany ), Avail ( Sweden ), Property Matrix (US), HappyCo (US), Resman (US), Innago (US), Finquery (US), Rentredi (US), Turbotenant (US), Breezeway (US), Livly (US), SimplifyEm (US), Condo Control (US) and PayHOA (US).
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