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Property Management Industry Statistics and Growth Trends 2023

Posted On:   Aug-2022   |   Categories : Information and Communication Technology

Property Management Industry Statistics 2023

The United States Property Management Software Market accounted for USD 1,588.6 million in 2021 and will reach up to USD 2,082.6 million by 2027 with a CAGR of 4.6%. The three largest property management markets in the United States are California, Texas, and Florida, together accounting for around 40% of the country’s share.

There are over 310,000 property management companies registered in the United States and the property management market size in the country is estimated to be in excess of $90 billion.

Number of Property Managers in the United States, by Top States:

  • California – 37,600 property managers

  • Texas --- 28,200 property managers

  • Florida --- 23,500 property managers

  • New York --- 21,150 property managers

The Number of Active Property Management Software Installations (Units) As of July 2022 Are:

  • California – 19,248 units

  • Texas --- 14,436 units

  • Florida --- 12,030 units

  • New York --- 10,827 units

  • Pennsylvania -- 6,015 units

  • Illinois -- 5,053 units

  • Ohio -- 4,211 units

  • Georgia – 3,609 units

  • North Carolina --3,609 units

  • Michigan -- 3,248 units

California Property Management Statistics

  • California accounts for 11.5% of the United States population size and the GDP per capita in the state is USD 86,153.

  • The real estate industry stands at USD70.8 billion in the state and 1.12 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 254.2 million in 2021 and will reach USD 324.9 million by 2027.

  • Market size for residential property management software in California was USD 145.2 million in 2021 and USD 185.5 million in 2027.

  • There are around 3,173,376 commercial properties in California as of 2022.

  • Market size for commercial property management software in California was USD109.05 million in 2021 and USD 139.3 million in 2027.

  • Employment statistics of California state that 1, 71,782 people are working in the real estate sector.  The number of people who are employed in the sector of Real Estate Sales & Brokerage in the California industry surged by 2.1% on average over the span of five years between 2017 & 2022.

  • The Construction laborer’s employment status showed that in California, the number of construction workers employed in 2022 is 102,510, the rate of employment per thousand jobs is 6.2, location quotient is 0.9, hourly mean wage is USD 25.4, and the annual mean wage is USD 52,790.

Texas Property Management Statistics

  • Texas accounts for 9% of the United States population size and the GDP per capita in the state is USD 67,202.

  • The real estate industry stands at USD 53 billion in the state and 0.83 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD190.6 million in 2021 and will reach USD252 million by 2027.

  • Market size for residential property management software in Texas was USD 108.83 million in 2021 and will reach USD 143.89 million by 2027.

  • There are around 4,846,104 commercial properties in Texas as of 2022.

  • Market size for commercial property management software in Texas was USD81.76 million in 2021 and USD108.11 million in 2027.

  • Employment statistics of Texas show that there are 577,370 people working in the real estate sector in 2022. The rate of sales of single-family homes sold across the state plummeted by 5.6% in the second quarter of 2022, as compared to the same time frame in 2021. Although the home sales declined slightly, still, the demand for buying a home in Texas was still impressive with more than around 100k homes sold during the time of second quarter of 2022.

  • The Construction laborer’s employment status showed that in Texas the number of construction workers employed in 2022 is 103,870, the rate of employment per thousand jobs is 8.50, the location quotient is 1.24, hourly mean wage is USD 17.24, and the annual mean wage is USD 35,850.

Florida Property Management Statistics

  • Florida accounts for 6.5% of the United States population size and the GDP per capita in the state is USD44,267

  • The real estate industry stands at USD44.3 billion in the state and 0.69 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 158.9 million in 2021 and will reach USD 214.5 million by 2027.

  • Market size for residential property management software in Florida was USD 90 million in 2021 and will reach USD 122 million in 2027.

  • There are around 2,923,870 commercial properties in Florida as of 2022.

  • Market size for commercial property management software in Florida was USD68.16 million in 2021 and USD 92.02 million in 2027.

  • Residential property statistics of Florida state that: -  

            a.) Median home value in Florida is USD 378,104 as of April 2022.

            b.) Florida median home values have grown by 33.1% over the past year.

            c.) Over the past five years the price of residential properties in Florida has increased by over 78%.

            d.) Single-family home prices in Florida surged by 17.7% as of October 2021 compared to the last year.

  • The Construction laborer’s employment status showed that in Florida the number of construction workers employed in 2022 is 66,980, the rate of employment per thousand jobs is 7.78, the location quotient is 1.13, hourly mean wage is USD 17.25, and the annual mean wage is USD 35,880.

New York Property Management Statistics

  • New York accounts for 5.6% of the United States population size and the GDP per capita in the state is USD 93,463.

  • The real estate industry stands at USD 39.8 billion in the state and 0.62 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 143 million in 2021 and will reach USD 191.6 million by 2027.

  • Market size for residential property management software in New York was USD 81.65 million in 2021 and will reach USD 109.4 million in 2027.

  • There are around 2,053,438 commercial properties in New York as of 2022.

  • Market size for commercial property management software in New York was USD 61.34 million in 2021 and USD 82.19 million in 2027.

  • New York house prices were high in 2022 as compared to last year. The overall median sales price surged by 19.4 percent to around USD 370,000 for the year. The number of pending sales increased by 10.8 percent, thereby finishing in 2021 at 157,022. On the other hand, the closed sales were up 17.2 % to end the year at 153,110.

  • The Construction laborer’s employment status showed that in New York the number of construction workers employed in 2022 is 49,090, the rate of employment per thousand jobs is 5.66, the location quotient is 0.82, hourly mean wage is USD 29.04, and the annual mean wage is USD 60,410.

Pennsylvania Property Management Statistics

  • Pennsylvania accounts for 3.83% of the United States population size and the GDP per capita in the state is USD 64,751.

  • The real estate industry stands at USD 22.14 billion in the state and 0.35 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 79.4 million in 2021 and will reach USD 97.9 million by 2027.

  • Market size for residential property management software in Pennsylvania was USD45.33 million in 2021 and will reach USD 55.91 million in 2027.

  • There are around 2,321,831 commercial properties in Pennsylvania as of 2022.

  • Market size for commercial property management software in Pennsylvania was USD 34.06 million in 2021 and USD 42.01 million in 2027.

  • The number of real estate agents in the state of Pennsylvania summed up to 21,758 in 2022 out of which there are over 100k real estate agents. Moreover, there are also around 35,140 Realtors in the state.

  • The Construction laborer’s employment status showed that in Pennsylvania the number of construction workers employed in 2022 is 36,570, the rate of employment per thousand jobs is 6.55, the location quotient is 0.95, hourly mean wage is USD 22.86, and the annual mean wage is USD 47,550.

Illinois Property Management Statistics

  • Illinois accounts for 3.79% of the United States population size and the GDP per capita in the state is USD 74,052.

  • The real estate industry stands at USD 18.59 billion in the state and 0.29 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 66.7 million in 2021 and will reach USD 87.5 million by 2027.

  • Market size for residential property management software in Illinois was USD 38.11 million in 2021 and will reach USD 49.96 million in 2027.

  • There are around 2,391,008 commercial properties in Illinois as of 2022.

  • Market size for commercial property management software in Illinois was USD 28.61 million in 2021 and USD 37.53 million in 2027.

  • In June 2022, the prices of the residential properties in Illinois were over 6.2%, as compared to the last year, and the median price was around USD 297,400. The average number of homes sold was nearly 15.4% year-over-year & there were around 17,927 homes that were sold in the month of June this year, as compared to 20,995 homes sold in June 2021.

  • The Construction laborer’s employment status showed that in Illinois the number of construction workers employed in 2022 is 28,090, the rate of employment per thousand jobs is 5.00, the location quotient is 0.73, hourly mean wage is USD 29.77, and the annual mean wage is USD 61,930.

Ohio Property Management Statistics

  • Ohio accounts for 3.48% of the United States population size and the GDP per capita in the state is USD 62,981.

  • The real estate industry stands at USD 15.49 billion in the state and 0.24 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 55.6 million in 2021 and will reach USD 66.6 million by 2027.

  • Market size for residential property management software in Ohio was USD 31.74 million in 2021 and will reach USD 38.02 million in 2027.

  • There are around 2,406,251 commercial properties in Ohio as of 2022.

  • Market size for commercial property management software in Ohio was USD 23.85 million in 2021 and USD 28.57 million in 2027.

  • The total number of homes sold throughout the region of Ohio in June plummeted by 6.8% as compared to the last year. Homes sales in June 2022 touched a landmark of 15,456, as compared to 16,587 sales recorded during the previous year. However, the average sales cost across Ohio in June summed up around USD 281,176, which is a 9.7% increase as compared to the USD 256,232 mark posted during the year 2021.

  • The Construction laborer’s employment status showed that in Ohio the hourly mean wage is USD 23.74, and the annual mean wage is USD 46,210.

Georgia Property Management Statistics

  • Georgia accounts for 3.21% of the United States population size and the GDP per capita in the state is USD 15,471.

  • The real estate industry stands at USD 13.28 billion in the state and 0.21 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 47.7 million in 2021 and will reach USD 62.5 million by 2027.

  • Market size for residential property management software in Georgia was USD 27.23 million in 2021 and will reach USD 35.68 million in 2027.

  • There are around 1,322,412 commercial properties in Georgia as of 2022.

  • Market size for commercial property management software in Georgia was USD 20.46 million in 2021 and USD 26.81 million in 2027.

  • The value of residential property in Georgia has surged by 27.7% over the past 12 months. Over the last 5 years, the median home values in Georgia rose over 80%. The average sales price of a house in Georgia surged by almost 17% to USD 406,102.

  • The Construction laborer’s employment status showed that in Georgia, the hourly mean wage is USD 15.34, and the annual mean wage is USD 34,620.

North Carolina Property Management Statistics

  • North Carolina accounts for 3.14% of the United States population size and the GDP per capita in the state is USD 62,077.

  • The real estate industry stands at USD 13.26 billion in the state and 0.20 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 47.7 million in 2021 and will reach USD 58.3 million by 2027.

  • Market size for residential property management software in North Carolina was USD 27.21 million in 2021 and will reach USD33.28 million in 2027.

  • There are around 1,755,110 commercial properties in North Carolina as of 2022.

  • The Construction laborer’s employment status showed that in North Carolina, the hourly mean wage is USD 13.11, and the annual mean wage is USD 35,530.

  • Market size for commercial property management software in North Carolina was USD 20.46 million in 2021 and USD 25.01 million in 2027.

  • The real estate statistics of North Carolina stated that:

  1. Median Home Value: $248,950

  2. 1-Year Appreciation Rate: +15.4%

  3. Median Sales Price: $328,168 (+19.6% year over year)

  4. Homes For Sale: 16,279 (-42.0% year over year)

  5. New Listings: 10,841 (-6.9% year over year)

  6. Median Days On Market: 34 (-20 days year over year)

  7. Median Rent Price: $1,145

  8. Price-To-Rent Ratio: 18.11

  9. Unemployment Rate: 4.6% (latest estimate by the Bureau Of Labor Statistics)

  10. Population: 10,488,084 (latest estimate by the U.S. Census Bureau)

  11. Median Household Income: $54,602 (latest estimate by the U.S. Census Bureau)

Michigan Property Management Statistics

  • Michigan accounts for 2.98% of the United States population size and the GDP per capita in the state is USD 56,554.

  • The real estate industry stands at USD 11.95 billion in the state and 0.18 million residential properties were sold in the state in 2021.

  • Property management software market in the state was USD 42.9 million in 2021 and will reach USD 54.1 million by 2027.

  • Market size for residential property management software in Michigan was USD24.49 million in 2021 and will reach USD 30.89 million in 2027.

  • There are around 1,342,742 commercial properties in Michigan as of 2022.

  • Market size for commercial property management software in Michigan was USD18.40 million in 2021 and USD 23.21 million in 2027.

  • In June 2022, the prices of residential properties in Michigan increased by 9.6%, as compared to the last year, selling for a median price. On average, the total number of houses sold surged by 8.0% year-over-year. But, there were around 12,517 homes sold in June 2022, as compared to 13,605 homes sold in the month of June last year.

  • The Construction laborers employment status showed that in Michigan, the hourly mean wage is USD 23.24, and the annual mean wage is USD 48,674.

 

Frequently Asked Questions -

1. How big is the property management industry (U.S and Global)?

  • The property management industry in the U.S. is worth $109 billion in 2022. On the global level, the industry is worth $650 billion.

 

2. How many property managers are there in the U.S?

  • As of 2022, there are 310,250 property managers in the United States. California is the state that has the largest number of property managers, approximately 30% of the total.

 

3. How many people rent in the United States?

  • As of 2022, there are 115 million renters in the United States. This means, over 30% of the U.S. population is living on rent.

 

4. How much do people spend on rent in the U.S?

  • As per the U.S. Bureau of Labor Statistics, the average spend on rent on the United States is over $5,000/month.

 

5. How many people rent their property in the U.S?

  • 36% of the houseowners are open to renting their property in the United States. This has decreased slightly in the last 10 years.

 

6. Average Annual Income of a Renter in the U.S?

  • Average annual income of a renter in the United States is $70,000 per year. This is slightly lower than the average annual income per capita in the country which is around $75,000.

 

7. What is the percentage of millennial renters in the U.S?

  • Millennials account for approximately 28% of the total renters in the U.S. Most of these are working professionals.

 

8. Which City has the Highest number of rental units in the U.S?

  • California has the highest number of renters in the United States followed by Texas.

 

9. What is the increment (in Percent) of renters in United States?

  • During the period (2015 to 2022), there has been a rise of 12% in the total number of U.S. residents who are living on rent.

 

10. How many property managers are involved in the coordination or performance of maintenance/repairs as well as rent and fee collections?

  • Over 75% of the property managers in the United States are also involved in maintenance/repairs and rent & fee collections. In fact these are the most critical aspects of the daily business for most of them.

Sources:

https://www.strategicmarketresearch.com/market-report/property-management-software-market

https://www.eia.gov/todayinenergy/detail.php?id=46118

https://www.bls.gov/oes/current/oes472061.htm