The Property Management Trends Report 2024
This study surveyed over 750 U.S.-based residential real estate investors who own long-term rental units (3 properties median), capturing insights into investor attitudes toward property managers and property management services.
This research on U.S. residential real estate trends provides valuable insights into property management best practices and investor decision-making processes.
What are some key findings?
➡️ A surge in professionally managed U.S. rentals: 36% of U.S. rentals now managed by pros
➡️ 52% of rental property owners currently use a professional property management service.
➡️ Net Promoter Score (NPS) of +39 for property managers among current users, a favorable score by industry standards.
➡️ Common deterrents for non-users of property managers: High cost (54%), control preferences (43%), and maintenance concerns (32%).
➡️ Top reasons for discontinuing property management services: Decline in service quality (42%), fee increases (27%), and tenant placement delays (29%).
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What Are Investors Looking For?
This study was fielded by Harris Poll and carefully weighted to reflect diverse perspectives. You’ll gain an in-depth look at what investors are looking for and where property managers bring the most value. Looking into 2025, priorities include increasing profit margins, upgrading property facilities and expanding portfolios.
How Are Property Managers Valued?
Our findings show that property managers are highly valued for making property management easier, boosting profitability, and reducing legal risks. Over 85% of landlords agree that property managers ease the burden of property ownership and help with everything from property maintenance and tenant vetting to compliance with complex regulations.
Why Do Some Landlords Hesitate?
Despite the cost and desire for control being the primary reasons some investors have hesitated to hire property managers, those who do work with property managers feel the investment is worthwhile. Nearly 75% of investors using property management services think they bring value that justifies their fees, and 71% report an increase in overall profitability.
"Investors today face more than just property upkeep; they're navigating a landscape where regulatory, economic, and market dynamics are in constant flux. This report highlights the clear, data-backed advantage of investors working with property management partners who bring stability and efficiency."- Jay Parsons, Rental Housing Economist
Authors
Peter Lohmann
CEO & Principal Broker of RL Property Management
RL Property Management is a residential property management company located in Columbus Ohio and manages over 650 units. Peter is a property management industry expert and thought leader, contributing with his podcast and weekly property management newsletter.
Jordan Muela
CEO, LeadSimple
LeadSimple is the leading property management operations system focused on driving revenue and streamlining operations for property managers. Jordan has started five ventures in the single family residential space and provides thought leadership via his podcast.
Rob Hahn
Managing Partner, 7DS Associates
Rob is the managing partner at 7DS Associates, where he advises leading and emerging real estate companies on strategy and industry transformation. Known for his candid insights, Rob publishes Notorious R.O.B., a blog offering bold analyses of real estate trends, policy and technology. Through writing, speaking and consulting, he challenges conventional wisdom, fostering informed discourse among industry professionals. You can learn more about Rob here: https://notoriousrob.com/
Jay Parsons
Rental Housing Economist, Madera Residential
Jay Parsons is a rental housing economist, consultant and speaker. He has advised numerous multifamily and single-family rental housing stakeholders – from institutional investors, REITs, owner-operators, regional investment groups, lenders, regulators and government agencies.Currently he serves as principal, head of investment strategy and research, at Madera Residential, a multifamily owner/operator with 11,000+ units, and as a partner with WayMaker multifamily investment group. Previously, Jay was the chief economist at RealPage, a leading rental housing software and analytics provider.
Sponsors
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