To date, there are over 23 million landlords and over 114 million renters in the United States. With so many more renters versus landlords, the time is ripe with opportunities for property managers. While many people cannot afford to buy vast amount of property, the good news is you don’t have to. The demand for rental properties is on the rise, meaning the need for property managers to help property owners effectively manage their rental properties is also on the rise. Below are a few of the many reasons why the property management industry is experiencing a major boom.
Homeownership is Declining
According to the Census Bureau, over one-third of occupied houses are rentals. The number of homeowners hit an all-time low in 2017 and has not recovered much in the following years. As more and more people opt to rent instead of own, the demand for property management services will undoubtedly increase as more investors buy property and find themselves in need of services to help manage their investments.
Technology Simplifies the Process
Property managers need to be ready to go at any time to solve any problem a tenant may have and to also manage workflow. Apps like Guesty and Buildium allow property managers to effectively streamline their processes by automating tasks, improving communication with tenants, and organizing work.
Vacation Rentals Are On the Rise
Hotels have fierce competition from the vacation rental industry. While there are hotels in every city and town all over the world, travelers are choosing something more unique. Hotels don’t typically need property managers, but vacation rental investors do, especially if they have a wide variety of offerings spanning several cities, states, or even countries. This demand will create a greater need for experienced property managers and allow the industry to keep on thriving.