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According to a research report “Property Management Market by Software Type (Lease Management (Portfolio Management, Document Storage & Management, AI Lease Abstraction, Lease Accounting & Administration), Facility Management, Reporting & Analytics), End User – Global Forecast to 2030″ published by MarketsandMarkets, the property management market is expected to reach USD 42.78 billion by 2030 from USD 26.49 billion in 2024, at a CAGR of 8.3% during 2024–2030.

MARKET DYNAMICS

DRIVERS

• Leveraging predictive analytics for proactive maintenance and repair management
• Smart building management with IoT and AI for energy-efficiency and sustainability
• Increasing demand for SaaS-based property management solutions for better scalability

RESTRAINTS

• Financial limitations encompass broader spectrum of risks
• Compliance risks in property laws, tenant rights, eviction procedures, and data privacy regulations

OPPORTUNITIES

• Revolutionizing property descriptions, lease agreements, and tenant communication with generative AI
• Advent of AR/VR technologies for higher efficiency and immersive buyer experience

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List of TOP Property Management Companies

• Oracle (US)
• IBM (US)
• Appfolio (US)
• SAP (Germany)
• Hitachi Vantara (US)
• Yardi (US)
• RealPage (US)
• SS&C (US)
• Trimble (US)
• Eptura (US)
• CoStar Group (US)

Recent Developments

Oracle Property Manager will provide important lease management enhancements in October 2024. It simplifies lease expiration and payment processes, automates lease liability accounting for SFFAS 54 leases, and incorporates payment tracking into purchase orders. These enhancements make it easier for government agencies to comply with regulations and report finances.

In October 2024, Yardi worked with Engrain, a pioneer in apartment mapping technology. To augment Engrain’s SightMap technology on Yardi’s RentCafe websites, multifamily clients can easily integrate interactive property maps to improve their rental search experience.

In August 2024, RealPage teamed with Flex to improve its LOFT resident portal by providing flexible rent payment choices. This integration enables households to divide their rent payments into smaller amounts, increasing financial flexibility and lowering stress. The alliance intends to improve property managers’ operational efficiency and resident happiness, making rent management easier and more predictable.

Trimble stated in July 2024 that they would extend their long-standing strategic agreement with Esri to improve collaboration in geographic information system (GIS) software, location intelligence, and mapping. The ongoing endeavor improves ways for optimizing procedures, supporting decision making, and automating workflows, resulting in greener infrastructure design, building, and operations for common customers.

“Rising demand for AI-based property management software for immersive tenant experience.”

The rising need to leverage predictive analytics for proactive maintenance and repair management, smart building management with IoT and AI for energy efficiency and sustainability, and the increasing demand for SaaS-based property management solutions for better scalability will drive the property management market growth. Moreover, revolutionizing property descriptions, lease agreements, and tenant communication with Generative AI and the advent of AR/VR technologies for better efficiency and immersive buyer experience will offer lucrative growth opportunities in the coming years.

“In channel mode, web-based mode to lead the market during the forecast period.”

Most property managers, owners, and real estate agents prefer web-based property management software due to the ease of accessibility and interconnectivity with other software systems. Web-based software offers easy setup options that will reduce the overall installation time and undercut some of the costs associated with the installation. Web-based property management software provides a secure environment with high-end infrastructure with automatic backups and recovery services.

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