Property Management Service Market Size, Share, Growth, and Industry Analysis, By Type (Clean Management, Safety Precaution, Public Service, Equipment Maintenance and Management and Others), By Application (Own Property Services and Outsourcing Services), Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

Property Management Service Market Report Overview

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The global property management service market size was USD 15330 million in 2021 and market is projected to touch USD 32480 million by 2031, at a CAGR of 7.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the property management service market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Property management is the act of overseeing and managing the day-to-day operations of a rental property or a portfolio of properties. Such services can be provided by a property management company or by a landlord themselves. Property management companies typically charge a fee for their services, which is either a percentage of the rent collected or a flat fee.

Property managers screen tenants to ensure that they are qualified to rent the property. This includes checking their credit history, income, and rental history. Property managers collect rent from tenants and deposit it into the landlord's account. Overall, it can be a valuable asset for landlords who do not have the time or expertise to manage their properties themselves.

COVID-19 Impact: Pandemic Decreased the Market Demand

The COVID-19 pandemic has had a significant impact on the property management service market share. The COVID-19 pandemic has led to a decrease in demand for rental properties in a number of ways. First, many people have lost their jobs or been forced to take pay cuts, which has made it difficult for them to afford rent. Second, some people have been forced to move due to the pandemic, either because they have lost their jobs or because they are no longer able to work from home. Third, the pandemic has led to an increase in the number of people who are looking to buy homes, as they are looking for more space and a sense of security.

Latest Trends

"The increasing popularity of co-living arrangements is expected to fuel the growth in the market"

Co-living is a type of housing arrangement where multiple unrelated people share a living space. Co-living spaces typically offer private bedrooms and shared common areas, such as kitchens, bathrooms, and living rooms. Co-living spaces can be found in both urban and suburban areas. There are a number of reasons why co-living is becoming popular. First, co-living can be a more affordable option than traditional rental housing. Second, co-living can offer a sense of community and belonging. Third, co-living can provide access to amenities that would not be available in a traditional rental, such as gyms, laundry facilities, and bike storage. Co-living can be a more affordable option than traditional rental housing. It can offer a sense of community and belonging. It spaces can offer amenities that would not be available in a traditional rental, such as gyms, laundry facilities, and bike storage.

Property Management Service Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into clean management, safety precaution, public service, equipment maintenance and management and others.

• By Application Analysis

Based on application, the market can be divided into own property services and outsourcing services.

Driving Factors

"Increasing demand for rental properties to foster the market growth"

The global population is growing, and with it, the demand for housing. This is driving up the demand for rental properties, as more people are choosing to rent rather than buy. There are a number of reasons why people are choosing to rent rather than buy. Some of the most common reasons include cost, flexibility, less responsibility. Renting is often more affordable than buying, especially in major cities. Renting gives people more flexibility, as they can move more easily if their needs change. Renting means that landlords are responsible for the maintenance of the property, which can save renters a lot of time and money.

"The increasing urbanization of the world to result in the expansion of the market"

More and more people are moving to cities, which is creating a need for them. Property managers can help landlords manage their properties in cities, where the rules and regulations can be complex. There are a number of reasons why people are moving to cities. The increasing demand for rental properties and the increasing urbanization of the world are two of the main factors driving the growth of the market. As more people choose to rent and more people move to cities, the demand for them is expected to continue to grow in the future. The demand for rental properties is particularly high in major cities, where the cost of buying a home is often prohibitive. The demand for rental properties is also high among young people, who are more likely to rent than buy. It is expected to continue to grow in the future, as the global population continues to grow and more people move to cities.

Restraining Factors

"Lack of qualified property managers to hamper the market growth"

There is a shortage of qualified property managers in many parts of the world. This is a restraining factor for the market, as it makes it difficult to find qualified people to manage properties. Property management software can be expensive, which can be a barrier for some property managers. This is a restraining factor for the market, as it can make it difficult for property managers to afford the software they need to manage their properties effectively.

Property Management Service Market Regional Insights

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"North America to lead the market owing to the increasing urbanization"

The North America region has shown the highest property management service market growth. More and more people are moving to cities in North America, which is creating a need for them. Property managers can help landlords manage their properties in cities, where the rules and regulations can be complex.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market"

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Quintessentiallyhome: London, England
• Mapletree: Singapore
• JLL: London, England
• Savills Singapore: Singapore
• Abacus Property: Sydney, Australia
• Colliers International: Toronto, Canada
• Rhodo Property & Estate Management Services: Singapore
• ELDA Management Services, Inc: Fort Lauderdale, Florida, USA
• Florida Property Management Services LLC: Tampa, Florida, USA
• Advantage Property Management Services: Austin, Texas, USA
• Alpha Property Management Services, LLC: Chicago, Illinois, USA
• Rosen Management Services: New York, New York, USA
• Premier Property Management Services: San Francisco, California, USA
• Orchard Block Management Services: Singapore
• Southern Property Management Services: Singapore
• Summit Management Property Management Services: Singapore
• Preferred Property Management Services: Singapore
• Accent Property Management Services: Singapore
• Lee & Associates: Irvine, California, USA
• Hinch Property Management: Singapore
• Vanke Service: Shenzhen, China
• Greentown Service Group: Shanghai, China
• CG Services: Hong Kong
• Poly Property Development: Hong Kong
• CCPG: Shenzhen, China
• Evergrande Group: Guangzhou, China

Report Coverage

This report examines an understanding of the property management service market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.