Did you know that there are over 280,000 property management companies in the U.S.? The property management industry is booming and generated around $76 billion in revenue in 2018, with midterm rental properties emerging as a significant factor in this growth. These properties, which cater to tenants looking for rentals lasting a few months to a year, present unique management challenges and opportunities, from tenant acquisition to maintenance and legal compliance. iPropertyManagement recently published some of this data and a comprehensive overview of the 2019 Property Management Industry, including insights into adapting strategies for the increasing demand for midterm rentals. Here is a closer look at the findings on the top industry concerns and strategies to combat them as well as a look at the overall industry performance in the last few years.
10 Top Reported Property Management Concerns
- Efficiency- 32%
- Maintenance- 31%
- Growth- 26%
- Vendors- 25%
- Staff-23%
- Tenants- 20%
- Profitability- 19%
- Balance- 17%
- Technology- 14%
- Profit Losses- 13%
Top 8 Reported Property Management Strategies
- Improve Customer Service- 55%
- Update Properties- 43%
- Implement New Technology- 42%
- Create Community- 16%
- Improve Amenities- 15%
- Extend Geographic Base- 14%
- Expand Demographic- 12%
- Add More Housing Options- 11%
Property Management Companies Reported Profitability
- Significant Revenue Growth- 36%
- Some Revenue Growth- 47%
- No Change to Revenue- 13%
- Decreased Revenue- 4%
Overall, despite the concerns of profitability and efficiency, over 80% of property managers have experienced growth. To learn more about the state of the property management industry in 2019, see the full iPropertyManagement report. For additional industry insights and tips, see our Resources Page.
Related: Top 10 Reasons Renters Move, The Danger of Vacant Homes
