Property Management Software Statistics 2024


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In an era where technological advancements are reshaping industries at an unprecedented pace, understanding current statistics on property management software is crucial for comprehending the broader business landscape. These figures offer invaluable insights into market dynamics, trends, and growth opportunities, serving as a vital tool for stakeholders aiming to traverse the ever-evolving real estate sector. The significance of these statistics cannot be overstated, as they provide a comprehensive overview of how digital solutions are impacting property management, revolutionizing operations, and enhancing efficiency.

Key stakeholders, including property managers, real estate investors, software developers, and business analysts, will find this data particularly valuable. By examining these statistics, property managers can identify emerging software tools that cater to their operational needs, while investors can make informed decisions about where to allocate resources for maximum return. Similarly, software developers can gauge market demand and tailor their offerings to address specific market gaps, driving innovation within the industry. Analysts can utilize this data to predict future trends and provide strategic recommendations for businesses aiming to remain competitive.

In essence, the forthcoming data on property management software for 2024 will empower industry participants to make strategic, data-driven decisions. Armed with a deep understanding of current market statistics, stakeholders can better navigate the complexities of the real estate sector, capitalize on technological advancements, and ultimately, drive growth and efficiency within their organizations.

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Top Property Management Software Statistics 2024

☰ Use “CTRL+F” to quickly find Property Management Software facts. There are total 125 Property Management Software Statistics on this page 🙂

Nationwide Data And Industry Coverage

  • Comprehensive, nationwide public-records data from over 3,100 county recorder offices across the U.S. [?]
  • Nationwide neighborhood demographics data covering over 155 million U.S. property parcels. [1]
  • Industry-leading data that covers 155 million property parcels and includes seller and buyer name, property address, and sales price. [1]

National Association Of Realtors (nar)

  • America’s largest trade association represents over 1.5 million members, including NAR’s institutes, societies, and councils. [2]
  • Founded as the National Association of Real Estate Exchanges in 1908. [2]
  • Releases national and regional existing-home sales price and volume statistics monthly. [2]
  • Reports include data for 12 months and annual totals going back three years. [2]

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Commercial Real Estate And Proptech

  • The proptech market size experienced significant growth with $4.4 billion raised in growth capital across 135 deals through June 2020. [3]
  • Proptech industry grew by 1072% from 2015 to 2019. [3]
  • Venture capital firms invested $8.3 billion in proptech companies globally in 2018. [3]
  • Only 40% of respondents said their company has a defined digital transformation roadmap. [3]

Real Estate Market Trends

  • Median sales price increased 4% to $374,700 year over year, yet overall sales were down 19%. [4]
  • North Carolina is still a sellers market; homes are staying on the market for an average of 4.23 months. [4]
  • In December 2021, 92% of renters made a full or partial rent payment. [6]
  • The retention peaked in April 2020, during the initial lockdown, at 58.5%. [6]

Digital And Technology Adoption

  • 56% of CRE respondents said the pandemic exposed shortcomings in their organizations’ digital capabilities. [3]
  • 78% of mobile apps are abandoned after only a single use. [5]
  • The cloud accounted for the largest property management market share, with 58% of all revenue. [6]
  • The property management market size in terms of software is expected to grow at a CAGR of 45.6% between 2022 and 2030. [6]

Property Management Industry Statistics

  • Only 13% of property management companies manage to earn over $1 million in annual revenue. [6]
  • 86% of Millennials would be willing to pay more for a smart apartment or house. [6]
  • Maintenance and repairs, with 80%, are the number one property management tasks. [6]
  • Over half of surveyed rental owners already use property managers’ services, while 24% are looking for one. [6]

Regional Data And Market Insights

  • The US lease renewal rates were at an all-time high in 2020 with 53.3% of tenants renewing their lease. [6]
  • New York and San Francisco experienced a decline in retention rates at 11.1% and 7.2%, respectively. [6]
  • 34 out of 50 states in the US prohibited evictions during COVID-19, affecting the property management industry negatively. [6]

Real Estate Investment And Market Size

  • Property management market size in the US reached $101.3 billion in 2021, a $1.8 billion growth from 2020. [6]
  • Greystar Real Estate was the number one property management firm in the US in 2020, boasting 730,000 units in its portfolio. [6]
  • The median pay for property managers is $26.68 per hour or $59,660 annually. [6]

Digital Transformation And Future Trends

  • 42% of real estate professionals believe technology enhances their ability to manage client relationships. [10]
  • Real estate tech companies raised $9.7 billion in funding in the first half of 2020. [10]
  • The PropTech market is expected to generate $86.5 billion by 2030. [10]

Rental Market And Consumer Preferences

  • 80% of renters planned to rent instead of own a house in 2021. [6]
  • 24% of Gen Z renters plan to continue their ongoing lease. [6]
  • 90% of real estate agents use social media to promote listings. [10]

Technology In Real Estate Management

  • 70% of real estate agents use virtual tours in their marketing strategy. [10]
  • The usage of 3D virtual house tours increased by 135% during the COVID-19 pandemic. [10]
  • 56% of real estate firms consider keeping up with technology as one of their biggest challenges. [10]

Housing Market And Economic Factors

  • Home sales are predicted to grow by 10% in 2021, partly due to tech advancements. [10]
  • The average mortgage interest rate on a 30-year loan was 7.02% as of June 26, 2024. [8]
  • Inventories remain tight, with NAR’s May data showing only a 3.7-month supply. [8]

Industry Outlook And Future Predictions

  • The global real estate market size was valued at USD 3.69 trillion in 2021. [12]
  • The real estate market is expected to top a valuation of USD 52 trillion by 2032. [12]
  • The market size of the Online Residential Home Sale Listings industry in the US has grown 4.4% per year on average between 2017 and 2022. [12]

Property Management Software And Tools

  • Some annual contracts for property management software range between $1,000 and $5,000. [6]
  • The residential segment accounts for 66% of the property management software market. [6]
  • North America dominates the property management software market with a revenue share of 62.5%. [6]

Market Segmentation And Competitive Landscape

  • The property management market in the United States grew year-on-year between 2013 and 2021. [14]
  • As of early 2024, median home prices in North Carolina have shown an appreciable increase. [19]
  • The property management industry in the U.S. generates $99.5 billion in annual revenue. [29]

Real Estate Digital Transformation

  • Real estate has followed suit and is already starting to replace its outdated legacy systems with novel leading-edge technologies. [13]
  • AI-powered chatbots may serve 24/7 as real-time assistants that answer questions or provide relevant information. [13]
  • The global metaverse in the real estate market is projected to reach a value of $5953.6 million by 2028. [13]

Emerging Technologies And Innovations

  • Virtual reality in real estate is projected to grow at a CAGR of 22.4% from 2021 to 2028. [10]
  • Blockchain technology in real estate could reduce property transaction times by 30%. [10]
  • The global digital transformation market is expected to grow to $1,548.9 billion by 2027. [13]

Key Metrics And Financial Insights

  • The value of new private residential buildings put in place was USD 899 billion in 2021. [12]
  • The median price of homes sold in the United States was USD 391,800 in October 2023. [12]
  • The market size of property management software is expected to grow at a CAGR of 8.9% from 2024 to 2030. [24]

Property Management Market Trends

  • Most property managers, 39%, have worked in the industry for three to ten years. [6]
  • Over 367,000 professionals are employed in the property management industry, not counting self-employed managers. [6]
  • The average hourly wage for these professionals is $35.20 per hour. [6]

Real Estate Transactions And Market Performance

  • Existing-home sales fell 0.7% from April to May 2024. [8]
  • The nationwide median sale price in May was $419,300. [8]
  • A total of 32,621 U.S. homes had foreclosure filings in May 2024. [8]

Real Estate Investment And Market Analysis

  • The US Property Management Market size is expected to reach USD 81.52 billion by 2024. [7]
  • Property management software company RealPage predicts that the number of apartment units completed in 2024 will be 671,953. [7]
  • The apartment supply in the United States exploded in 2023, reaching its highest level since 1987. [7]

Digital Adoption And Employee Engagement

  • By 2025, 70% of organizations will use digital adoption platforms across the entire technology stack. [11]
  • Successful digital transformation is challenging, with only 16% of organizations reporting success. [11]
  • The software adoption process follows six phases: awareness, interest, evaluation, trial, activation, and adoption. [9]

Real Estate Market Projections

  • The US Property Management Market size was estimated at USD 78.31 billion in 2023. [7]
  • The report covers historical market size for years: 2020, 2021, 2022, and 2023. [7]
  • The report forecasts the US Property Management Market size for years: 2024, 2025, 2026, 2027, 2028, and 2029. [7]

Real Estate Market Metrics

  • The global property management market size is predicted to reach $23.63 billion by 2026. [15]
  • The real estate market is projected to expand at a CAGR of 5.2% from 2022 to 2030. [12]
  • The residential property segment dominated the market with a revenue share of 35% in 2021. [12]

Housing Market Statistics

  • The median home sale price rose 4.1% year-over-year from $319,100 to $332,100 in January. [18]
  • The number of homes sold declined by 0.4% YoY from 8,560 to 8,524. [18]
  • The average median home price in North Carolina is $353,300, up by 4.8% YoY. [18]

Real Estate Employment And Demographics

  • There are over 124,866 property managers currently employed in the United States. [16]
  • 61.9% of all property managers are women, while 38.1% are men. [16]
  • The most common ethnicity of property managers is White (63.9%). [16]

Property Management Companies And Market Leaders

  • Greystar Real Estate Partners has revenue of nearly USD 11.6 billion. [27]
  • Lincoln Property Company had a steady 210,000 managed units in 2022 and 2021. [27]
  • RPM living increased its unit count from 81,500 in 2021 to 112,000 in 2022. [27]

Market Segmentation And Software Adoption

  • North America asserted its dominance in 2023, capturing the largest revenue share at 45.1%. [24]
  • Yardi Systems serves a global customer base, with clients in over 80 countries. [24]
  • The services segment is expected to grow at the fastest CAGR of 9.5% over the forecast period. [24]

Technology Integration And Market Dynamics

  • The use of drones in property management has grown by 239% from 2016. [31]
  • Virtual and Augmented Reality in real estate is expected to reach $2.6 billion by 2025. [31]
  • The market for residential property management software is projected to exceed $3 billion by 2027. [31]

Real Estate Digital Transformation And Adoption

  • Around 45% of property managers utilize digital technologies for maintenance and repair. [31]
  • 70% of property management firms use digital marketing tools for tenant acquisition. [31]
  • 79.8% of property managers have found that technology has a positive impact on resident communication. [31]

Real Estate Metrics And Financial Performance

  • The global real estate market size was valued at USD 3.69 trillion in 2021. [26]
  • The real estate market is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. [26]
  • The residential property segment dominated the market with a revenue share of 35.5% in 2021. [26]

Real Estate Market Trends And Projections

  • The average 30-year fixed mortgage rate trended down over the course of June and into July 2024. [28]
  • Prices in this quarter are expected to increase 5.9% from a year ago and 1.5% from the prior quarter. [28]
  • The average rate for a 30-year fixed mortgage was 7.03% as of June 19, 2024. [28]

Property Management Industry Size And Growth

  • The property management industry in the U.S. generates $99.5 billion in annual revenue. [29]
  • There are an estimated 326,000 property management companies in the U.S. [29]
  • The average property management company manages around 300 properties. [20]

Digital Transformation And Real Estate Market

  • The global digital transformation market is expected to grow to as much as $1,548.9 billion by 2027. [13]
  • AI and big data have made it possible for property investors to find and analyze investment opportunities with unprecedented speed and efficiency. [22]
  • The global metaverse in the real estate market is projected to reach a value of $5953.6 million by 2028. [13]

Digital Adoption And Real Estate Tools

  • The digital real estate market is expected to grow by $5.37 billion at a 61.74% annual rate from 2022 to 2026. [17]
  • The number of active property management software installations in the U.S. is increasing. [27]
  • Digital lock systems can reduce turnover costs by reducing key replacement and lock changes by up to 25%. [31]

Real Estate Metrics And Financial Analysis

  • The global property management software market is valued at $3.04 billion, with a projected CAGR of 45.6% from 2022 to 2030. [25]
  • The property management market size is anticipated to reach USD 39.32 billion by 2030, with a CAGR of 8.4% from 2024 to 2030. [23]
  • The property management software market size was estimated at USD 5.51 billion in 2023 and is expected to grow at a CAGR of 8.9% from 2024 to 2030. [24]

Market Performance And Real Estate Trends

  • The property management industry in the U.S. generates $99.5 billion in annual revenue. [29]
  • The property management market size in the United States reached $101.3 billion in 2021. [21]
  • The property management software market was worth 2.9 billion in 2020. [21]

Real Estate Digital Transformation And Innovations

  • AI-powered chatbots automatically respond to tenant inquiries and pre-screen prospects. [30]
  • The augmented and virtual reality market in the U.S. reached 19 billion US dollars in 2020. [30]
  • Property managers are adopting augmented reality and virtual reality for immersive property showings. [30]

Real Estate Metrics And Market Insights

  • The average median home price in North Carolina is $353,300, up by 4.8% YoY. [18]
  • The property management industry CAGR for that time period is 9.2% during the forecast period. [21]
  • The average property managers’ salary at the end of 2021 was $104,035. [21]

Real Estate Market And Digital Integration

  • The residential segment accounts for 66% of the property management software market. [6]
  • North America dominates the property management software market with a revenue share of 62.5%. [6]
  • The property management market size in terms of software is expected to grow at a CAGR of 45.6% between 2022 and 2030. [6]

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Sources

  1. icemortgagetechnology – https://www.icemortgagetechnology.com/products/property-data/residential
  2. nar – https://www.nar.realtor/research-and-statistics/housing-statistics
  3. hqo – https://www.hqo.com/property-technology/
  4. ncrealtors – https://www.ncrealtors.org/resources/news-data/market-data/
  5. cloudbolt – https://www.cloudbolt.io/blog/software-adoption-is-more-important-than-deployment/
  6. 99firms – https://99firms.com/blog/property-management-statistics/
  7. mordorintelligence – https://www.mordorintelligence.com/industry-reports/us-property-management-market
  8. bankrate – https://www.bankrate.com/real-estate/is-the-housing-market-about-to-crash/
  9. userpilot – https://userpilot.com/blog/software-adoption/
  10. wifitalents – https://wifitalents.com/statistic/real-estate-tech/
  11. apty – https://www.apty.io/blog/driving-digital-transformation-through-software-adoption/
  12. bluetree – https://bluetree.digital/real-estate-online-growth-trends-and-statistics/
  13. pixelplex – https://pixelplex.io/blog/digital-transformation-in-real-estate/
  14. statista – https://www.statista.com/statistics/1040248/property-management-market-size-usa/
  15. Unknown URL – Unknown URL
  16. zippia – https://www.zippia.com/property-manager-jobs/demographics/
  17. houzeo – https://www.houzeo.com/blog/digital-real-estate/
  18. houzeo – https://www.houzeo.com/blog/north-carolina-real-estate-market/
  19. steadily – https://www.steadily.com/blog/north-carolina-real-estate-market-overview
  20. profiletree – https://profiletree.com/property-management-industry-statistics-and-trends/
  21. truelist – https://truelist.co/blog/property-management-statistics/
  22. com – https://www.beepo.com.au/blog/digital-trends-in-real-estate
  23. nextmsc – https://www.nextmsc.com/report/property-management-market
  24. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/property-management-software-market
  25. olivermuller – https://olivermuller.com/2024/07/07/property-management-statistics/
  26. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/real-estate-market
  27. strategicmarketresearch – https://www.strategicmarketresearch.com/blogs/property-management-industry-statistics
  28. bankrate – https://www.bankrate.com/real-estate/housing-trends/
  29. rubyhome – https://www.rubyhome.com/blog/property-management-stats/
  30. lethub – https://www.lethub.co/blog/property-management-industry-trends
  31. wifitalents – https://wifitalents.com/statistic/technology-in-property-management/

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