The Property Management industry in the US is a critical component of the real estate and housing sector. According to the most recent statistics, in 2023 there were 893,437 employees within this industry. Here are some key takeaways about property management in the US:
Although there is no definitive database that ranks property management companies by size, there are several large players in the industry, such as Greystar and Alliance Residential.
Property management can encompass a wide range of services, including maintenance, tenant screening, rent collection, and financial reporting.
Many property managers work with owners of residential buildings, but there are also commercial, industrial, and retail properties that require management services.
The increasing popularity of short-term rental platforms like Airbnb has led to a rise in specialized property management companies that focus solely on managing vacation rentals.
The COVID-19 pandemic had a significant impact on the property management industry, with many property managers having to navigate new challenges related to social distancing, remote work, and financial hardship among tenants.
Overall, the property management industry is a vital part of the real estate landscape in the US, with hundreds of thousands of professionals working to ensure that properties are well-maintained, tenants are satisfied, and owners receive a return on their investment.