![]() * For more information, see our report on Renting Statistics. The total market size for renters is 35%.During that same period, the number of homeowners decreased by just over 1%.In one decade, the number of renters increased by 25%.Monthly rent for a two-bedroom averages $1,588.In order to afford a two-bedroom apartment, the average American must make an estimated $24 per hour.If trends from the last decade continue, the vacancy rate should drop below 4 percent by 2025.The current nationwide rental vacancy rate is 5.8%.Between 20, the national rental vacancy rate decreased by 85%.In the past decade, rental vacancy has drastically decreased to its lowest point since the 1980s. Too few property managers cite maintenance as a primary concern to be statistically meaningful.Fewer than 1-in-5 property managers call tenants a priority.Fewer than 1-in-4 managers call the property owner a priority.31.0% of property managers cite profitability as a top concern.45.1% express a desire to improve efficiency.47.8% of property managers consider growth a top priority.More than 70% of property managers perform property inspections, advertise vacancies, and facilitate leases.80% of property managers are involved in the coordination or performance of maintenance/repairs as well as rent and fee collections.Property managers are increasingly concerned about growth and owner satisfaction, with a declining interest in residents and property improvements. ![]() * Residential properties with more than 5 units or tenant groups are often classified as commercial property. Commercial rental properties with an owner or manager on-site are most likely to have fewer units.That’s 31.2% of all residential rental units in 2- to 4-unit properties.460,000 residential rental units in 2- to 4-unit buildings have a property manager living on-site.88% of survey respondents expected their revenues to go up in the next two years.5% of managers saw a decrease in revenue.81% of property managers have seen their revenues increase over the past two years.Since December 1995, the PPI for residential property management services has risen 39.2% for an annual growth rate of 1.537%.Since December 2003, the industry’s PPI has increased 33.3% for an annual growth rate of 1.903%.Industry experts expect a compound annual growth rate of 9.3% for the foreseeable future.Residential property management has seen more industry growth than nonresidential or commercial property management*. The average entry-level property manager has a high school diploma or equivalent.The lowest paid 10% earn $31,330 per year while the highest paid earn $134,570 per year.Median pay is $28.68 per hour or $59,660 per year.Their average wage is $35.20 per hour or $73,210 per year.That’s 59.95% of all working property managers.220,000 property managers work for property management companies.The job market among property management is expected to grow by an estimated 3.0% or 29,100 new jobs per year in the 2020s. Since December 2003, the producer price index (PPI) among real estate property managers nationwide has increased 20.0% for an annual growth rate of 1.143%.This is a 6.6% greater market share than the global average, which is 36.6%. ![]()
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