Affordable housing using PMS allocates accurate rent payments depending on the amount paid by the tenant compared to government payment are the factors propelling the Residential Property Management Software Market growth.
According to TechSci Research report, “Residential Property Management Software Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Residential Property Management Software Market is experiencing a surge in demand in the forecast period. This is attributable to a few challenges faced by apartments and townships, including receiving payments, leasing agreements, and tracking tenants, among others. However, all these challenges have compelled market players to provide solutions for inspections, tracking payments, transparent and comprehensive reporting, and maintenance.
Affordable housing using PMS allocates accurate rent payments depending on the amount paid by the tenant compared to government payment. This is attributable to increasing investments in real estate. The residential segment is further distributed into sub-segments, namely multi-family housing/ apartments, single-family housing, and others. The commercial segment is expected to register considerable growth over the forecast period. The growing commercial sector across the globe is one of the major factors propelling market demand. The rising cyber risk management, growing disposable income, and changing consumption technologies, among others, are other factors expected to fuel investments in the commercial sector, thus driving the PMS market growth.
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Moreover, the commercial segment comprises various sub-segments, namely retail spaces, office spaces, hotels, and others. PMS has become an essential tool in the hotel management industry. It helps in handling the interface of numerous departments within a hotel to manage the estate or land effectively. Also, it helps in automating hotel operations such as guest bookings, guest details, materials management, online reservations, food and beverage costing, point of sale, accounts receivable, HR and payroll, maintenance management, sales and marketing, quality management, and other amenities.
The increasing demand for property management software to address consumers’ real estate preferences and growing need for improved consumer handling and support are driving the market expansion. For instance, Yardi Systems, Inc. launched Rent Relief by Yardi. This launch will help households and landlords manage payments quickly and easily. Similarly, Planon partnered with AddOnn to combine AddOnn’s SaaS solution with Planon’s software platform for building & service digitization to offer an end-to-end solution to customers across the globe.Real estate is undergoing a rapid shift, supported by the robust growth of hotel and tourism brands and emerging usage of a platform for customer retention. As part of their strategy, market players are spending a lot of money on research and development operations, which has increased the demand for property management software. For instance,
Major companies operating in the Global Residential Property Management Software Market are:
- Yardi Systems, Inc
- MRI Software LLC
- AppFolio, Inc.
- RealPage, Inc
- Entrata, Inc
- InnQuest Software
- Buildium LLC
- CoStar Group, Inc
- ResMan
- Storable, Inc
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“The effects of COVID-19 pandemic were felt globally, with real estate enterprises witnessing major disruptions. Short-term concerns for real estate management included keeping visitors & tenants safe, maintaining value, using advanced cleaning procedures, and adhering to governmental norms. Furthermore, many schools and offices were closed and companies were forced to explore various “work from home” options. The COVID-19 pandemic gave residential property managers a chance to rethink their strategies. As a result, smart processes and Artificial Intelligence (AI)-based technologies saw a notable increase in their popularity. For instance, in June 2020, during the COVID-19 pandemic, the Building Engineering Services Association (BESA) and SFG20 partnered with the U.K. BIM Alliance. This partnership aimed to improve the building performance and maximize cost-saving. Furthermore, as more companies urged their employees to return to work, building managers faced new challenges in designing operation plans that centered around COVID-19 to meet the expanding needs of their tenants. Also, as the situation returned to normal, residents and tenants continued to occupy new areas for residential and commercial purposes. These factors are expected to contribute to the market’s growth. Also, various governments are significantly investing in real estate assets. For instance, according to the IBEF, India invested USD 2.4 billion in real estate assets in the first half of 2021, a 52% increase year-on-year. Similarly, according to Savills India, real estate demand is estimated to rise by 15-18 million square feet by 2025. These increasing investments and demand for real estate are further driving the property management software market growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Residential Property Management Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Deployment (Cloud Based and On-premises), By Application (Residential and Commercial), By End-User (Property Managers, Housing Associations, Real Estate Agents, and Others) , By Region, By Competition, 2019-2029”, has evaluated the future growth potential of Global Residential Property Management Software Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Residential Property Management Software Market.
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