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20242024International Transactions in U.S.Residential Real EstateNational Association of REALTORSAbout the ReportHighlightsEconomic Conditions International BuyersForeign Buyer Purchases of Existing-HomesOrigin of International BuyersDestinations of International BuyersPricesFinancingIntended Use of the PropertyType of Residential PropertyType of Area Where Property is LocatedReasons International Clients Did Not Purchase U.S.PropertyClient TransactionsTransactions with International BuyersSources of Leads and ReferralsInternational SellersClients Searching for Property Outside the United StatesAppendicesComputation of the Dollar Volume of Foreign Buyer PurchasesNARs Global PartnershipsNAR Research Group 23 4 6 10111317192021222324252626272829303132Profile of International Transactions in U.S.Residential Real Estate 2024NATIONAL ASSOCIATION of REALTORSPageContentsAs the largest economy in the world and a land of immigrants,the United States(U.S.)attracts people from across the globe who want to live,work,and study here.International clients are an important market niche served by REALTORS.Since 2009,the National Association of REALTORS(NAR)has conducted an annual survey of its members to measure the volume of U.S.residential real estate transactions with international clients,gather information on the origin,destination,and buying preferences of international clients,and identify the challenges and opportunities faced by REALTORS in serving foreign clients.The 2024 Profile of International Transactions in U.S.Residential Real Estate presents information regarding REALTOR transactions with international clients who purchased and sold U.S.residential property during the 12-month period of April 2023March 2024.This report is based on an online survey that was conducted from April 4May 19,2024.The survey was sent to 150,000 randomly selected REALTORS and to members of state and local associations,which also conducted surveys of foreign buyers.1 To correct for over/under-sampling at the state level,NAR weighted the distribution of responses to the distribution of NAR members by state as of May 2024.A total of 17,060 REALTORS responded to the national market survey,of which 1,407 reported an international residential foreign buyer.Information about the characteristics of international clients is based on the most recent closed transactions of the respondents during the 12-month period.The term international or foreign client refers to two types of clients:Non-resident foreigners(Type A):Non-U.S.citizens with permanent residences outside the U.S.Resident foreigners(Type B):Non-U.S.citizens who are recent immigrants(less than two years at the time of the transaction)or non-immigrant visa holders who reside for more than six months in the U.S.for professional,educational,or other reasons.In this report,the number of foreign buyers and the number of properties purchased are used interchangeably,assuming that one foreign buyer purchased one property.1 Responses from oversample surveys of the Canopy Association of REALTORS,Central Carolina Association of REALTORS,Chicago Mainstreet Organization of REALTORS,Greater Metropolitan Association of REALTORS,Houston Association of REALTORS,Long Island Board of REALTORS,Piedmont Regional Association of REALTORS,California Association of REALTORS,Ohio REALTORS,and Texas REALTORS were added to the national random sample.The total set of responses was weighted by the distribution across states of NAR members with a primary specialization in residential real estate.3NATIONAL ASSOCIATION of REALTORSAbout the ReportProfile of International Transactions in U.S.Residential Real Estate 20244NATIONAL ASSOCIATION of REALTORS$42 Billion Dollar volume of foreign buyer residential purchases during April 2023March 2024(2.0%of$2.1 trillion of the dollar volume of existing-home sales)54,300 Number of foreign buyer existing-home purchases during April 2023March 2024(1.3%of 4.06 million existing-home sales)57%Foreign buyers who reside in the United States(recent immigrants;less than two years at the time of the transaction)or non-immigrant visa holders(Type B)Top Foreign BuyersCanada(13%of foreign buyers,$5.9 B)China(11%of foreign buyers,$7.5 B)Mexico(11%of foreign buyers,$2.8 B)India(10%of foreign buyers,$4.1 B)Colombia(4%of foreign buyers,$0.7 B)Top DestinationsFlorida(20%)Texas(13%)California(11%)Arizona(5%)Georgia(4%)$475,000Foreign buyer median purchase price(compared to$392,600 for all U.S.existing homes sold)2024 HighlightsProfile of International Transactions in U.S.Residential Real Estate 20245NATIONAL ASSOCIATION of REALTORS50%Foreign buyers who paid all-cash(compared to 28%among all existing-home buyers)45%Foreign buyers who purchased a property for use as a vacation home,rental,or both(compared to 16%among all existing-home buyers)76%Foreign buyers who purchased a detached single-family home or townhome(compared to 90%of all existing-home buyers)45%Foreign buyers who purchased in a suburban area(similar to 47%among all existing-home buyers)2024 HighlightsProfile of International Transactions in U.S.Residential Real Estate 20246Economic Conditions17NATIONAL ASSOCIATION of REALTORSEconomies around the globe have continued to battle growing worldwide inflation and have attempted policies to maintain spending while dealing with slower-than-expected recovery following the COVID-19 pandemic.Additionally,the ongoing conflicts in Russia/Ukraine and Israel/Palestine have had global economic effects.Following a V-shaped economic recovery in 2021,the world gross domestic product rose by 3.2%in 2023,with the strongest growth in Emerging and Developing Asia(5.6%),the United States(2.5%),and Latin America&the Caribbean(2.3%).With COVID travel restrictions and bans almost entirely removed,international travel has been in full recovery.However,even with rebounds in international tourism,many travelers may be held back by global inflation keeping travel costs high.As of February 2024,the largest increase in monthly arrivals compared to one year ago were from Mexico( 222,027),Japan( 65,212),and China( 62,736).With a rebound in international travel,tourist arrivals are close to pre-pandemic levels.As of February 2024,the 4.7 million monthly tourist arrivals to the United States were just below the nearly 5 million arrivals in February 2020.Global Economy Remains Stubborn Amidst Tourist Travel RecoveryProfile of International Transactions in U.S.Residential Real Estate 20245.890.02.04.06.08.010.02019:Jan2019:May2019:Sep2020:Jan2020:May2020:Sep2021:Jan2021:May2021:Sep2022:Jan2022:May2022:Sep2023:Jan2023:May2023:Sep2024:JanMillionsTourist Arrivals to the United States-500,000 1,000,000 1,500,000 2,000,000 2,500,000Jan/2021Apr/2021Jul/2021Oct/2021Jan/2022 Apr/2022 Jul/2022 Oct/2022 Jan/2023Apr/2023Jul/2023Oct/2023Jan/2024Monthly Tourist Arrivals to the United StatesCanadaAsianMexicoWestern Europe-8-6-4-202468102018 2019 2020 2021 2022 2023GDP Growth(Annual Pecent Change)Emerging andDeveloping AsiaEuro areaLatin America andthe CaribbeanWorldUnited StatesCanadaSource:IMFSource:National Travel and Tourism OfficeSource:National Travel and Tourism Office8The U.S.housing market experienced its lowest annual level of sales since 1995 in 2023(4.09 million).Mortgage rates raised in efforts to combat inflation,along with historically low inventory,kept many buyers on the sidelines and maintained low domestic buyer activity.As of April 2024,existing-home sales were at an annualized rate of 4.14 million,down 1.9%year-over-year.Even with elevated mortgage rates,pent-up demand and low available housing inventory have kept U.S.median home prices strong and increased on a year-over-year basis.With the slowed buyer activity,as of the end of March 2024,unsold homes on the market were 14ove the level one year ago but were equivalent to just 3.2 months of the monthly sales pace,well below the ideal level of 6 months.The median existing-home sales price hit$407,600 in April 2024,up 5.7%year-over-year.When a currency depreciates against the U.S.dollar,more of the local currency is needed to buy a U.S.dollar,making the price of a U.S.home more expensive in terms of the foreign buyers local currency.As of March 2024,more Chinese yuan(9.4%),Euros(3.7%),and Canadian dollars(3.6%)were needed to purchase a U.S.dollar compared to one year ago.However,fewer pesos were needed to purchase a U.S.dollar(-4.6%).However,stock market and wealth gains have allowed foreign buyers to spend in the U.S.where single-family home prices remain affordable compared to the cost of a property in a central business district in many other countries.NATIONAL ASSOCIATION of REALTORSSource:NARLow Supply,Pent-Up Housing Demand Keeping Home Prices StrongSource:NARProfile of International Transactions in U.S.Residential Real Estate 2024010000002000000300000040000005000000600000070000002014/Jan2014/Sep2015/May2016/Jan2016/Sep2017/May2018/Jan2018/Sep2019/May2020/Jan2020/Sep2021/May2022/Jan2022/Sep2023/May2024/JanMonthly Existing-Home Sales on an Annualized Rate$407.6$0$50$100$150$200$250$300$350$400$4502014/Jan2014/Sep2015/May2016/Jan2016/Sep2017/May2018/Jan2018/Sep2019/May2020/Jan2020/Sep2021/May2022/Jan2022/Sep2023/May2024/JanMedian Existing-Home Sales Price($000)9%4%4%0%-5%Year-over-Year Percent Change in the U.S.Median Existing-Home Sales Price Measured in the Local Currency as of March 2024Source:NAR9NATIONAL ASSOCIATION of REALTORSHome prices in many U.S.metro areas are comparatively inexpensive compared to prices in the central areas of global cities.Profile of International Transactions in U.S.Residential Real Estate 2024Home Price Comparison Among Global Cities and U.S.MetrosGlobal CitiesPrice Per Sq.Meter(as of June 24)U.S.MetrosMedian Home Price(in 000)Price Per Sq.MeterHong Kong$18,845San Jose-Sunnyvale-Santa Clara,CA$1,840$10,650Singapore$17,610Anaheim-Santa Ana-Irvine,CA$1,365$7,900Switzerland,Zurich$17,495San Francisco-Oakland-Hayward,CA$1,300$7,520Israel,Tel Aviv$17,208Urban Honolulu,HI$1,086$6,280Luxembourg$13,217San Diego-Carlsbad,CA$981$5,680Canada$12,504San Luis Obispo-Paso Robles,CA$909$5,260United Kingdom,London$10,806Oxnard-Thousand Oaks-Ventura,CA$909$5,260France,Paris$10,295Salinas,CA$899$5,200Norway,Oslo$8,926Naples-Immokalee-Marco Island,FL$850$4,920Austria,Vienna$8,274Los Angeles-Long Beach-Glendale,CA$823$4,760Netherlands,Amsterdam$8,192Boulder,CO$822$4,760Denmark,Copenhagen$7,719Seattle-Tacoma-Bellevue,WA$755$4,370Sweden,Stockholm$7,682Boston-Cambridge-Newton,MA-NH$705$4,080Taiwan,Taipei$7,027Barnstable Town,MA$702$4,060Ireland,Dublin$5,830Nassau County-Suffolk County,NY$696$4,030Italy,Milan$5,776New York-Jersey City-White Plains,NY-NJ$663$3,840Finland,Helsinki$5,524New York-Newark-Jersey City,NY-NJ-PA$659$3,810Puerto Rico,San Juan$5,470Bridgeport-Stamford-Norwalk,CT$658$3,810Germany,Berlin$5,359Denver-Aurora-Lakewood,CO$651$3,770Czech Republic,Prague$5,278Santa Fe,NM$631$3,650Spain,Madrid$4,680Miami-Fort Lauderdale-West Palm Beach,FL$625$3,620Japan,Tokyo$4,473Newark,NJ-PA$610$3,530Portugal,Lisbon$4,382Reno,NV$606$3,510United Arab Emirates,Dubai$4,260Fort Collins,CO$605$3,500Slovenia,Ljubljana$4,236Washington-Arlington-Alexandria,DC-VA-MD-WV$600$3,470Poland,Warsaw$4,154Riverside-San Bernardino-Ontario,CA$580$3,360Belgium,Brussels$3,717Portland-Vancouver-Hillsboro,OR-WA$574$3,320India,Mumbai$3,317St.George,UT$555$3,210Slovakia,Bratislava$3,310Salt Lake City,UT$551$3,190Thailand,Bangkok$3,280Sacramento-Roseville-Arden-Arcade,CA$534$3,090Sources:Global Property Guide for prices in global cities.The price is the cost per square metre in the centre of the premier city.National Association of REALTORS for existing home prices in U.S.metro areas in 2024 Q1 converted to price/sq.m.based on median home area of 1,860 median square feet from the 2024 Profile of Home Buyers&Sellers.U.S.median prices are as of 2024 Q1.Prices in global cities are based on latest data available compiled by Global Property Guide.See https:/ Buyers211As global economies continue to recover and a stronger dollar makes it more expensive to purchase in the U.S.,the number of existing homes purchased by foreign buyers during April 2023March 2024 decreased to 54,300,the lowest level since NAR estimated foreign buyer purchases in 2009.This is a 36cline from the prior period,or 30,300 fewer buyers.Non-resident(Type A)buyers accounted for 43%of home purchases.Along with the decrease in number of homes purchased,the dollar volume of foreign buyer purchases decreased to$42.0 billion,a 21.2crease from the prior period.With increased home prices,the average foreign buyer purchase price rose to$780,300,a significant 21.9%year-over-year increase.From April 2023 to March 2024,foreign buyers made up a slightly smaller share of declining US existing-home sales.The share of foreign buyer purchases to existing-home sales was 1.3%(1.8%in the prior period)and the dollar volume of foreign buyer purchases to the total existing-home sales volume decreased slightly to 2.0%(2.3%in the prior period).NATIONAL ASSOCIATION of REALTORSForeign Buyer Purchases of Existing-HomesProfile of International Transactions in U.S.Residential Real Estate 2024118 99 89 120 105 73 60 45 42 42 23 115 110 126 165 162 111 94 62 57 43 31 232.6208.9214.9284.5266.8183.1154.0107.098.684.654.320142015201620172018201920202021202220232024Number of Existing-Home Purchases by Foreign Buyers(Thousand Units)Non-resident(Type A)Resident(Type B)Number of Homes PurchasedNote:Based on transactions in the 12 months ending March of each year.12NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 2024$46.7$54.5$43.5$74.9$53.0$33.2$33.0$22.0$24.9$29.9$19.4$45.5$49.4$59.1$78.1$67.9$44.7$41.0$32.4$34.1$23.4$22.6$92.2$103.9$102.6$153.0$121.0$77.9$74.0$54.4$59.0$53.3$42.020142015201620172018201920202021202220232024Dollar Volume of Existing-Home Purchases by Foreign Buyers(Billion Dollars)Non-resident(Type A)Resident(Type B)TotalNote:Based on transactions in the 12 months ending March of each year.Survey YearAll Foreign BuyersNon-resident foreign buyer purchases(Type A)Resident foreign buyer purchases(Type B)All Foreign BuyersNon-resident foreign buyer purchases(Type A)Resident foreign buyer purchases(Type B)Dollar VolumeUnits2011$66.4$33.2$33.2210,800 105,398 105,398 7.1%4.9 12$82.5$41.2$41.2206,200 103,096 103,096 8.9%4.7 13$68.2$34.8$33.4192,500 98,137 94,363 6.3%4.1 14$92.2$46.7$45.5232,600 117,846 114,797 7.4%4.6 15$103.9$54.5$49.4208,900 99,388 109,560 8.1%4.2 16$102.6$43.5$59.1214,900 88,546 126,338 7.2%4.0 17$153.0$74.9$78.1284,500 119,514 164,941 10.0%5.2 18$121.0$53.0$67.9266,800 104,821 161,933 7.6%4.9 19$77.9$33.2$44.7183,100 72,573 110,512 5.0%3.5 20$74.0$33.0$41.0154,000 59,576 94,386 4.4%2.8 21$54.4$22.0$32.4107,000 44,600 62,400 2.8%1.8 22$59.0$24.9$34.198,600 42,000 56,600 2.6%1.6 23$53.3$29.9$23.484,600 41,500 43,100 2.3%1.8 24$42.0$19.4$22.654,300 23,300 31,000 2.0%1.3%Reference period is April of the preceeding year to March of the current yearDollar VolumeNumber of Homes PurchasedAs a Percent of SalesDollar Volume and Number of Foreign Buyer Purchases of Existing-home Sales13Origin of International Buyers By region of origin,Asian buyers remained the largest group of buyers,with a buyer share of 36%.Latin American buyers were the second largest group,with a 29%share.(Mexico is included in Latin America/Caribbean,although it is geographically part of North America).European buyers accounted for 17%of foreign buyers,while Canadian buyers alone accounted for 13%.Measured by the number of homes purchased,Canada returned as the top country of origin among foreign buyers during April 2023-March 2024,accounting for 13%of the number of homes purchased by foreign buyers(10%in the prior period).NATIONAL ASSOCIATION of REALTORSChina,which was the top country of origin of foreign buyers in the previous survey period,was the second most common,with an 11%share.Mexico was the third largest origin of foreign buyers,with an 11%share(same as the prior period).India remained the fourth largest foreign buyer,with an increased 10%share.Colombia maintained the fifth-largest share with an increased 4%share.Brazil,The United Kingdom,Germany,Cuba,and Israel round out the top 10 countries of origin of foreign buyers.Profile of International Transactions in U.S.Residential Real Estate 2024CanadaChina*MexicoIndiaColombiaBrazilU.K.GermanyCubaIsrael200710%9%6%3%3%3%0%0 0823%8%9%6%1%2%4%0%0 0918%7%9%1%1%5%0%0 1023%9%5%1%1%9%4%0%2 1123%9%7%7%1%3%7%4%0%1 1224%8%6%1%3%6%3%0%1 1323%8%5%1%2%5%3%0%2 1419%9%5%1%2%5%3%0%2 1514%9%8%1%2%4%3%1%1 1612%8%7%2%3%4%3%0%1 1712%5%1%4%5%2%1%1 1810%8%5%2%3%3%2%0%2 1911%9%5%1%2%3%2%0%1 2012%9%6%4%3%2%2%0%1 218%6%7%4%2%1%4%1%0%2 2211%6%8%5%3%3%2%2%1%2 2310%7%3%2%3%2%0%2 2413%4%4%4%4%2%2%Top 10 list is based on the most recent year.Percent Share of Top 10 Countries of Origin to Foreign Buyer Purchases 14NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 2024*China includes buyers from the Peoples Republic of China,Hong Kong,and Taiwan.Purchases decreased among all of the top five foreign buyers.Despite the decrease in purchases,China remains the largest foreign buyer in terms of the dollar volume of homes purchased.Chinese buyers purchased$7.5 billion of existing homes,down significantly from$13.6B in the prior period but remaining the largest due to the average purchase price of$1.3 million($1.2 million in the prior period).Dollar Volume of Existing-Homes Purchased by Top 5 Foreign Buyers in Billion DollarsCanadaChina*MexicoIndiaColombiaAll Foreign BuyersShare of Top 52010$17.1$11.2$6.5$5.0$0.5$66.061 11$13.1$7.0$4.2$5.1$0.6$66.445 12$15.9$12.0$6.5$5.2$0.6$82.549 13$11.8$12.8$3.6$3.9$0.5$68.248 14$13.8$22.7$4.5$5.8$0.5$92.251 15$11.2$28.5$4.9$8.0$0.9$103.952 16$8.9$27.3$4.8$6.1$1.2$102.647 17$19.0$31.7$9.3$7.8$1.0$153.045 18$10.5$30.4$4.2$7.2$1.2$121.044 19$8.0$13.4$3.7$4.2$0.8$77.939 20$9.5$11.5$5.8$5.4$1.3$74.045 21$4.2$4.8$2.9$3.1$1.1$54.429 22$5.5$6.1$2.9$3.6$1.0$59.032 23$6.6$13.6$4.2$3.4$0.9$53.354 24$5.9$7.5$2.8$4.1$0.7$42.050%Number of Existing-Homes Purchased by Top 5 Foreign BuyersCanadaChina*MexicoIndiaColombiaAll Foreign BuyersShare of Top 5201069,100 27,100 30,100 15,000 3,000 300,600 48 1148,500 19,000 14,800 14,800 2,100 210,800 47 1249,500 24,700 16,500 12,400 2,100 206,200 51 1343,900 23,100 15,800 10,400 1,600 192,500 49 1443,700 38,400 20,000 12,600 2,100 232,600 50 1529,400 34,300 17,900 17,300 3,000 208,900 49 1626,900 29,200 17,900 14,500 3,500 214,900 43 1733,800 40,600 28,500 14,900 3,300 284,500 43 1827,400 40,400 20,200 13,100 4,400 266,800 40 1919,900 19,900 15,900 9,700 2,300 183,100 37 2018,300 18,400 14,400 9,600 5,500 154,000 43 218,800 6,700 7,100 4,700 1,600 107,000 27 2211,300 6,100 7,800 5,100 3,000 98,600 34 238,500 11,000 9,300 5,900 2,500 84,600 44 247,100 6,000 6,000 5,400 2,200 54,300 49NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 2024*China includes buyers from the Peoples Republic of China,Hong Kong,and Taiwan.Chinese buyers continue to have the highest average purchase price at$1.3 million,as buyers purchased in expensive states:25%of Chinese buyers purchased a property in California,and 10%purchased in New York.Canadian buyers had the second-highest average purchase price at$834,000,primarily purchasing in resort areas which typically bring higher price tags.Chinese buyers also had the highest median purchase price of$697,900,followed closely by Indian buyers at$625,000(significantly higher than the prior period).Indian buyers were more likely to purchase in current hot markets like Florida or Texas.Average Purchase Price of Top 5 Foreign BuyersCanadaChina*MexicoIndiaColombiaAll Foreign Buyers2010$247,300$412,200$214,700$333,300$175,000$311,4002011$269,100$370,900$283,000$346,400$277,500$315,0002012$321,700$484,000$396,200$419,000$269,400$400,0002013$269,100$555,900$225,500$372,700$330,000$354,2002014$314,700$590,800$224,100$459,000$220,800$396,2002015$380,300$831,800$274,800$460,200$307,100$499,6002016$332,100$936,600$266,200$420,400$341,500$477,5002017$560,800$781,800$326,800$522,440$293,100$536,9002018$383,900$752,600$208,800$547,700$267,600$454,4002019$400,000$674,900$233,700$431,500$336,300$426,1002020$517,200$622,300$403,500$561,800$227,500$480,8702021$473,600$710,400$407,500$662,600$672,200$508,4002022$485,000$1,005,700$365,700$702,600$334,300$598,2002023$779,300$1,234,500$448,800$576,500$355,400$639,9002024$834,000$1,255,600$462,700$751,800$301,700$780,300Median Purchase Price of Top 5 Foreign BuyersCanadaChina*MexicoIndiaColombiaAll Foreign Buyers2010$200,000$320,800$134,400$283,300$175,000$219,4002011$177,300$282,100$168,800$305,600$150,000$228,3002012$171,900$333,300$200,000$308,300$275,000$274,2002013$183,000$412,500$156,300$300,000$175,000$225,9002014$212,500$516,400$141,100$321,400$225,000$268,3002015$196,300$486,100$171,200$380,000$250,000$284,9002016$222,300$542,100$176,500$333,400$425,000$277,4002017$288,600$529,900$180,900$340,600$275,000$302,3002018$292,000$439,100$189,100$412,800$225,000$292,4002019$268,200$454,900$170,100$358,600$325,000$280,6002020$292,300$449,500$249,900$448,300$216,200$314,6002021$400,900$476,500$341,400$538,900$342,300$351,8002022$416,100$470,600$315,100$501,100$236,600$366,1002023$572,900$723,200$278,100$515,600$458,300$396,4002024$548,600$697,900$329,500$625,000$280,000$475,00016NATIONAL ASSOCIATION of REALTORSWhere Top 5 Foreign Buyers Purchased U.S.Residential Property Profile of International Transactions in U.S.Residential Real Estate 202442%7%6%5%4%4%3%3%3%3%3%2%1%TexasCaliforniaIllinoisArizonaFloridaGeorgiaTennesseeNorth CarolinaOhioColoradoDelawareOklahomaNew MexicoMichiganMajor Destinations of Foreign Buyers from Mexico17%9%9%8%8%7%6%5%5%5%3%3%2%1%FloridaTexasNew JerseyMassachusettsCaliforniaNorth CarolinaMichiganWashingtonGeorgiaPennsylvaniaArkansasIllinoisOklahomaOhioNew YorkMajor Destinations of Foreign Buyers from India77%8%5%3%3%3%3%FloridaConnecticutTexasNorth CarolinaMichiganIllinoisNew YorkMajor Destinations of Foreign Buyers from Colombia25%9%7%4%4%4%3%3%3%3%3%2%2liforniaFloridaNew YorkNevadaTexasMichiganNew JerseyNorth DakotaIllinoisGuamUtahVirginiaWashingtonNorth CarolinaOhioMajor Destinations of Foreign Buyers from China41#%9%6%4%4%3%3%2%2%1%1%FloridaArizonaHawaiiCaliforniaNew YorkTexasNorth CarolinaPennsylvaniaMichiganSouth CarolinaIllinoisOhioMajor Destinations of Foreign Buyers from Canada 17Florida remains the top destination for foreign buyers,with 20%of all foreign buyers purchasing in the state.Floridas main buyers were from Latin America(35%)and Canada(27%).It was the top state destination among Canadian,Indian,and Colombian buyers.Texas increased to the second-most popular foreign buyer destination,with a 13%share.Forty-nine percent of Texas buyers came from Latin America/Caribbean,and 31%from Asia/Oceania.Texas was the top destination among Mexican buyers and the second top destination among Indian buyers.California had the third-largest foreign buyer share,at 11%.The majority 55%of Californias foreign buyers came from Asia/Oceania,followed by Latin America(20%).It was the top destination among Chinese buyers and the second top destination among Mexican buyers.NATIONAL ASSOCIATION of REALTORSArizona was the fourth-most popular destination,with 5%of all foreign buyers,slightly higher than in the prior period.The far majority of Arizonas foreign buyers 60%were Canadians.Georgia rose in the ranks and was the fifth top destination and attracted 4%of all foreign buyers.Georgias foreign buyers were relatively evenly spread between Latin America/Caribbean(31%),Asia/Oceania(28%),Africa(21%),and Europe(21%).Other major destinations were New Jersey,New York,North Carolina,Illinois,and Michigan.Destinations of International BuyersProfile of International Transactions in U.S.Residential Real Estate 2024FLTXCAAZGANJNYNCILMI200923%7%1%1%2%3%4%1 1022%8%5%2%4%2%1%2 1131%9%6%2%3%3%2%3%1 1226%7%7%4%1%4%2%3%3 1323%9%9%2%2%3%1%2%2 1423%6%2%3%3%2%3%2 1521%8%5%2%3%3%2%3%2 1622%4%2%4%4%3%4%2 1722%4%3%4%3%3%3%2 1819%9%5%4%4%5%3%3%3 1920%5%3%4%3%3%3%2 2022%9%3%3%4%5%3%3%2 2121%9%5%3%4%4%3%3%3 2224%8%7%2%3%4%4%3%1 2323%4%2%2%3%4%4%1 2420%5%4%4%4%4%3%2%Top 10 list is based on the most recent year.Share of Top 10 States to Total Foreign Buyer Purchases 18NATIONAL ASSOCIATION of REALTORSForeign Buyers*in the Top 5 States Profile of International Transactions in U.S.Residential Real Estate 202435%0%Latin America/CaribbeanNorth AmericaEuropeAsia/OceaniaAfricaRegion of Origin of Floridas Foreign Buyers 491%9%7%4%Latin America/CaribbeanAsia/OceaniaEuropeAfricaNorth AmericaRegion of Origin of Texas Foreign Buyers 55 %7%5%Asia/OceaniaLatin America/CaribbeanEuropeNorth AmericaAfricaRegion of Origin of Californias Foreign Buyers 60%0%North AmericaLatin America/CaribbeanAsia/OceaniaEuropeAfricaRegion of Origin of Arizonas Foreign Buyers 31(!%0%Latin America/CaribbeanAsia/OceaniaAfricaEuropeNorth AmericaRegion of Origin of Georgias Foreign Buyers*Mexico is geographically part of North America,but it is reported in theLatin America/Caribbean region.19PricesThe median purchase price among foreign buyers was$475,000,which is higher than the median price of$392,600 for existing homes sold in the U.S.from April 2023March 2024 and the median purchase price the prior year.The price difference reflects the choice of location and types of properties purchased by foreign buyers.Eighteen percent of foreign buyers purchased properties worth more than$1M from April 2023March 2024.Typically,foreign buyers who reside in the U.S.(Type B)tend to purchase more expensive properties than those purchased by buyers who live abroad(Type A).However,this year,foreign buyers who live abroad purchased higher-priced properties.From April 2023March 2024,the median existing-home purchase price among Type A buyers was$478,200 compared to$469,900 among Type B buyers.Buyers who reside in the U.S.tend to purchase single-family homes for primary residence in the suburbs compared to buyers who live abroad,who tend to purchase homes for vacation or rental use,a greater fraction of which are condominiums in central cities and urban areas.NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 2024$277,380$302,290$292,400$280,600$314,600$351,800$366,100$396,400$475,000$223,100$235,800$249,300$259,600$274,600$305,500$355,700$384,200$392,600201620172018201920202021202220232024Median Purchase Price Among Foreign and All BuyersAll Foreign BuyersAll Existing Home Buyers$253,684$298,045$294,900$277,700$282,300$331,900$349,200$400,000$478,200$298,701$304,818$290,300$282,500$342,500$375,800$378,300$389,500$469,900201620172018201920202021202220232024Median Purchase Price Among Foreign BuyersNon-resident(Type A)Resident(Type B)20FinancingDue to tight competition among the limited homes on the market,differing currency exchange rates,difficulty in obtaining mortgage financing,and other reasons,foreign buyers tend to make all-cash purchases.The share of foreign buyers who made all-cash purchases was 50%compared to 28%among all buyers of existing homes.Foreign buyers who live abroad are more likely to make an all-cash purchase than foreign buyers who reside in the U.S.Sixty-eight percent of non-resident foreign buyers made an all-cash purchase compared to 36%among foreign buyers who live in the U.S.More than two-thirds of Canadian(69%)and Chinese(68%)buyers made an all-cash purchase,compared to just under half of Mexican(44%)and Colombian buyers(42%).Asian Indian buyers had the lowest share of cash sales,at 27%,as most(89%)reside in the U.S.and can obtain mortgage financing.NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 202473rrcYaRh350%$026 1620172018201920202021202220232024All-Cash Purchases by Type of Foreign BuyerNon-resident(Type A)Resident(Type B)69hDB%All-Cash Purchases Among Top 5 Foreign Buyers55bbcUPPGA99DBP!)002$!$&( 1020112012201320142015201620172018201920202021202220232024All-Cash BuyersForeign BuyersAll U.S.Existing-Home Buyers21Forty-five percent of foreign buyers purchased the property for use as a vacation home,rental property,or both,a five-percentage point decrease from last year.Sixty-eight percent of foreign buyers who live abroad purchased a property for vacation or rental compared to 27%of buyers who reside in the U.S.Nationally,homes purchased for vacation or rental use have been elevated for the past several years,accounting for 17%of existing-home sales this past year.The prominence of remote work and strong rent growth has increased the attractiveness of a home purchase for vacation or rental use.Canadian buyers were the most likely to purchase a home for vacation use at 49%.Asian Indian buyers were the most likely to purchase a home for primary residence use at 66%.Colombian buyers were the most likely to purchase a home for residential rental use,accounting for 68%of these buyers.Mexican(5%),Chinese(3%),and Colombian(3%)buyers were more likely to purchase a home for student use.NATIONAL ASSOCIATION of REALTORSIntended Use of the PropertyProfile of International Transactions in U.S.Residential Real Estate 202449%3%9%6%80%h%8%5QRf%3%5%3%4%5%3%6nadaChinaMexicoIndiaColombiaIntended Use Among Major Foreign Buyers Vacation HomeResidential RentalVacation and RentalPrimary ResidenceStudent UseOtherDont Know79spgifdgph! $%1 15 2016 2017 2018 2019 2020 2021 2022 2023 2024Percent of Foreign Buyer Purchases for Vacation or Investment RentalNon-resident(Type A)Resident(Type B)54RQFB979BDPE 12201320142015201620172018201920202021202220232024Percent of Foreign Buyers Who Purchased a Property for Use as a Vacation Home,Rental Property,or Both UsesForeign BuyersAll U.S.Existing-Home Buyers22Type of Residential Property The majority(65%)of foreign buyers purchased detached single-family homes,whether they live abroad(57%)or in the United States(72%).Nationally,90%of all existing-home buyers purchased single-family homes.Foreign buyers who live abroad had a higher preference for condominiums,with 23%purchasing condos,compared to foreign buyers who reside in the U.S.at 10%.Colombians were most likely to purchase a condominium as they are most likely to use the property as a residential rental.A higher fraction of Mexican buyers purchased residential land.NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 202457#%7%3r%3%4e%5%4tached Single-familyTownhouseCondominiumResidential LandOtherResidential Property Purchases by Type of Foreign Buyer Non-resident(Type A)Resident(Type B)All Foreign Buyers69gsv!%8%7%5%8f%4%8%3%7nadaChinaMexicoIndiaColombiaResidential Property Purchases of Major Foreign Buyers Detached Single-familyTownhouseCondominiumResidential LandOther23Type of Area Where Property is LocatedAlthough they purchase in central cities more often than domestic buyers,foreign buyers most often purchase property in suburban areas,garnering 45%of foreign buyer purchases.More than three-fourths of Asian Indian buyers purchased a property in a suburban area which correlates to the data showing that 66%of these buyers purchased a property for use as a primary residence.Canadian buyers were the most likely to purchase a property in a resort area,as nearly half purchased a vacation home property.NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 2024270#%(3)00)()51PCRPHFHRPDHIFEE%9%7%9%8%6%5%8%7%7%5%5%8 1020112012201320142015201620172018201920202021202220232024Location of Property PurchasedCentral City/Urban AreaSuburban AreaSmall Town/Rural AreaResort Area34133PEva %6%67%5%3nadaChinaMexicoIndiaColombiaLocation Preference Among Major Foreign Buyers Central City/Urban AreaSuburban AreaSmall Town/Rural AreaResort Area24Similar to the prior period,64%of REALTORS reported they had a client who decided not to or was unable to purchase U.S.residential property.The primary reasons why the client decided not to or was unable to purchase U.S.property included not finding a property available to purchase(36%),the cost of properties(32%),and not being able to obtain financing(17%).NATIONAL ASSOCIATION of REALTORSReasons International Clients Did Not Purchase U.S.PropertyProfile of International Transactions in U.S.Residential Real Estate 202450UGGEC88B68dd 1020112012201320142015201620172018201920202021202220232024Among REALTORS With International Clients,Percent Share Who Had Any Client Who Decided Not to Purchase U.S.Property8%7 0%1%4%6%7%9%926%Loss of home country benefitsExposure to U.S.tax lawsExchange rateCondo/maintenance feesInsurance costsProperty taxesImmigration laws which prevent foreignersfrom living in the U.S continuously year roundCan not move moneyCould not obtain financing/Not able to qualifyfor mortgageCost of propertyCould not find a property to purchasePercent of Respondents Who Reported These Reasons Why Their International Client Decided Not to Purchase U.S.Residential Property20242023Client Transactions25326Despite a significantly slowed housing market,the fraction of respondents who reported they worked with an international client whether the client purchased property or not remained stable at 15%during the 12-month period of April 2023-March 2024 from 16%in the prior period.NATIONAL ASSOCIATION of REALTORSTransactions with International BuyersProfile of International Transactions in U.S.Residential Real Estate 202427(51)# 12201320142015201620172018201920202021202220232024Share of Respondents Who Had an International Buyer Client Leads/ReferralsReferrals from former clients,personal contacts,and former clients and business contacts accounted for 72%of leads and referrals among agents who worked with foreign clients who purchased residential property.Website and online listings accounted for 14%of leads and referrals.25$%9%5%5%4%3%2%9%Referred by Previous ClientPersonal ContactsWas a Former ClientWebsite/Internet Organic SearchWebsite/Internet(Paid Ad)Walk-in/Open House/Phone CallFrom a Business contact in the U.S.From a Business Contact Outside the U.S.Signs/Ads on Boards or YardOtherSource of Referrals/Leads on Foreign Residential Buyers27NATIONAL ASSOCIATION of REALTORSInternational SellersFour percent of respondents reported working with international clients who sold U.S.residential property.Sixty percent of sellers who sold U.S.property lived abroad(Type A).The median sales price of properties sold by foreign owners of U.S.property was$392,600.Similar to foreign buying trends,Canada comprised the largest group of international clients who sold U.S.residential property from April 2023 to March 2024,accounting for 24%of international sellers.Chinese homeowners made up 11%of sellers,followed by Mexican(9%),Asian Indian(6%),and UK(6%)homeowners.Also following foreign buyer trends,Florida was the top location for properties sold by foreign clients,accounting for 27%of properties sold by international clients.California,Texas,Arizona,and New York rounded out the top 5.Profile of International Transactions in U.S.Residential Real Estate 20247%6%6%4%4%3%4%4%4 16 2017 2018 2019 2020 2021 2022 2023 2024Percent of Respondents Who Reported International Clients Who Sold Residential PropertyCanadaChinaMexicoIndiaUnited Kingdom IsraelAustraliaColombiaFranceBrazil201722%7%4%7%2%1%2%3%3 1820%8%5%4%3%2%2%2%2 1916%9%4%6%2%2%2%2%2 2019%6%4%6%3%1%1%4%6 2121%8%6%4%5%2%1%2%2%1 2221%7%6%4%3%1%1%4%2%4 2311%5%4%5%2%2%2%1%2 2424%9%6%6%3%3%3%2%2%*less than 1%Share of Top 10 International Clients Who Sold U.S.Residential PropertyFLCATXAZNYNVGAILMIDC201726%9%8%3%3%4%3%2%*201827%6%4%2%2%3%3%*201931%8%6%4%2%2%2%2%*202031%8%6%4%3%2%2%3%*202130%3%4%2%4%2%1%*202230%7%6%4%5%2%1%*2 2331%3%4%*3%3%1%1 2427%7%3%3%3%3%3%3%*less than 1%Share of Top States to Total International Clients Who Sold U.S.Residential Property28NATIONAL ASSOCIATION of REALTORSInternational real estate is multi-faceted.Not only do international clients choose to purchase U.S.real estate,but U.S.clients(whether U.S.citizens or non-U.S.citizens)are also interested in purchasing property abroad.Nine percent of respondents reported they had a client who was seeking to purchase property in another country,a decrease from 16%last year.One-third of U.S.clients(whether U.S.citizens or non-U.S.citizens)were interested in purchasing a property to be used as both a rental and vacation home(33%).Mexico remains the most popular country among clients seeking to purchase property abroad.Other Latin American countries of interest are Costa Rica,Colombia,and the Dominican Republic.Italy is the top European destination country of interest,followed by Spain,Portugal,the United Kingdom,and France.In addition to being the top country of origin of foreign buyers,Canada is also of interest to U.S.clients seeking to purchase property abroad.Clients Searching for Property AbroadProfile of International Transactions in U.S.Residential Real Estate 202414%9%7%7%8%9%9 16 2017 2018 2019 2020 2021 2022 2023 2024Percent of Respondents Who Reported a U.S.Client Seeking a Residential Property Abroad33%2%4%Why U.S.Clients Searched for Residential Property AbroadMexicoCosta RicaItalyColombiaSpainCanadaDominican RepublicPortugal United KingdomFrance201514%6%3%4%6%2%1%6%3 1613%4%2%4%3%3%2%1%1%2 1712%7%3%1%3%2%1%1%3%2 1810%3%3%*1%3%1%1%2%3 199%3%3%1%1%3%0%1%2%1 206%3%1%2%2%4%2%*1%2 217%3%1%1%2%5%2%1%1%1 2211%3%1%3%3%3%3%2%1%2 236%3%2%1%1%3%3%2%2%1 2416%8%6%5%4%4%4%4%3%3%*less than 1%Percent Share of Responses on Countries U.S.Clients Searched for Property AbroadAppendices430Foreign buyers as a share of existing-home sales:The foreign buyer share of U.S.existing-home sales are based on survey data from the monthly REALTORS Confidence Index Survey.Share of non-resident(Type A)and resident(Type B)foreign buyers:The split between Type A and Type B foreign buyers is computed from the NAR International Survey based on the most recent foreign buyer transactions of the respondents.U.S.Existing-Home Sales:Sales for the 12 months are obtained by summing the monthly non-seasonally adjusted sales.Average Price,Existing-Home Sales:Since total market value is being computed,the average rather than median price is used.The average is computed as the average of the monthly average price of U.S.existing-home sales.Average Prices,International Sales:The average prices for residential property purchased by non-resident(Type A)and resident(Type B)foreign buyers are estimated from the NAR International Survey based on the most recent foreign buyer transactions of the respondents.NATIONAL ASSOCIATION of REALTORSComputation of the Dollar Volume of Foreign Residential PurchasesProfile of International Transactions in U.S.Residential Real Estate 2024Foreign buyer and existing-home sales Line 1Existing homes purchased by foreign buyers as a share of existing-home sales 1.3%Line 2Share of non-resident foreign buyers(Type A)to total foreign buyers 43%Line 3Share of resident foreign buyers(Type B)to total foreign buyers57%Line 4Existing-home sales4,058,000 Line 5Average price of existing-home sales$515,300Line 6Average price of existing-homes purchased by non-resident(Type A)foreign buyers$832,600Line 7Average price of existing-homes purchased by resident(Type B)foreign buyers$729,800Calculation of Number of Existing-Home Purchases of Foreign BuyersTo get Line 8,multiply Line 1 by Line 4 by Line 2Line 8Number of existing-homes purchased by non-resident foreign buyers(Type A)23,300 To get Line 9,multiply Line 1 by Line 4 by Line 3Line 9Number of existing-homes purchased by resident foreign buyers(Type B)31,000 To get Line 10,add Line 8 and Line 9Line 10Total number of existing-homes purchased by foreign buyers54,300 Calculation of Dollar Volume of Existing-Home Purchases of Foreign BuyersTo get Line 11,multiply Line 6 by Line 8Line 11Dollar volume of existing-homes purchased by non-resident(Type A)foreign buyers,in billions$19.4To get Line 12,multiply Line 7 by Line 9Line 12Dollar volume of existing-homes purchased by resident(Type B)foreign buyers,in billions$22.6To get Line 13,add Line 11 and Line 12Line 13Dollar volume of existing-homes purchased by foreign buyers,in billions$42.0Line 14Foreign buyer purchases as a percent of existing-home sales1.3%Line 15Foreign buyer purchases as a percent of the dollar volume of existing-home sales2.0%Estimation of U.S.Existing-Homes Purchased by Foreign Buyers During April 2023March 202431NARs Global Partnerships The NATIONAL ASSOCIATION OF REALTORS plays an integral role in opening doors for REALTORS to compete in the global marketplace.By opening markets for business and keeping members informed of the latest developments occurring around the world,NAR gives REALTORS the tools they need to succeed in the global market.NAR maintains formal relationships with over 100 foreign real estate associations in 75 countries.These relationships are formed to advance the interests of REALTORS worldwide,to uphold the highest standards of real estate practice,and to facilitate international business arrangements in strategic markets for REALTORS and non-U.S.real estate practitioners.Additionally,the Certified International Property Specialist(CIPS)Designation offers specialized education and services to real estate professionals who aim to profit in the global market.For more information and resources about working with international clients,visit https:/www.nar.realtor/global To access the Research Groups reports on the housing market,visit https:/www.nar.realtor/research-and-statistics NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 202432NATIONAL ASSOCIATION OF REALTORS RESEARCH GROUPLawrence Yun,PhDChief Economist&Senior Vice President,ResearchJessica Lautz,Dr.RealEst.Deputy Chief Economist and Vice President,Research Lead Author:Matt ChristophersonDirector,Business and Consumer ResearchThe NAR Research Group acknowledges NARs Stephanie Aker,Global Council Engagement and Development Manager,for reviewing this report.2024 National Association of REALTORSAll Rights Reserved.May not be reprinted in whole or in part without permission of theNational Association of REALTORS.For reprint information,contactdatanar.realtorCover photo:Brandon MowinkelThe National Association of REALTORS is Americas largest 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REPORT 2024PROPERTYMANAGEMENTINDUSTRYSTATE OF THETable of ContentsIntroduction1PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront Them4Portfolio Growth4Revenue Growth7Maintenance&Repairs10Staffing12What PM Industry Professionals Love About Their Jobs14PMCs Evolving Relationships with Rental Owners15Acquiring New Owners&Facing Competition15Rental Owners Demand for PM Services18Who Owns Rental Property Today?19Why Todays Rental Owners Choose to Hire a Property Manager21Rental Owners Growth Plans25Rental Owners Financial Health28Rental Owners Technology Preferences30PMCs Evolving Relationships with Residents32Renters Plans to Move33Renters Financial Health35Who Lives in Rental Housing Today?37Where Renters Want to Live39Renters Technology Preferences40Takeaways42About Our Respondents44Our Property Manager Respondents44Our Rental Owner Respondents47Our Renter Respondents491IntroductionIntroductionIts hard not to be impressed with property management companies ability to adapt as market conditions continue to shift at the rapid pace thats come to feel familiar over the last few years.Despite inflation falling since its peak of 9.1%in 2022,costs remain elevated.Although the labor shortage has abated somewhat,unemployment remains low at 3.6%.More apartment units are being built than weve seen in decades,the housing market is rebounding,and technologies like artificial intelligence are becoming increasingly commonplace.So many aspects of doing business look different than they did just a few years ago.But what hasnt changed is companies determination to expand,though new tactics may be required in 2024.In our ninth annual survey of thousands of property management professionals,85%of companies have reported portfolio growth in the last two yearsthe most growth our survey has ever recorded.92%of survey respondents have announced their intentions to expand their portfolios in the two years to come.89%of companies report that their revenue has grown in the last two yearsalso more than weve seen in previous surveys.94%of property management companies expect their revenue to increase in the next two years.SECTION 12IntroductionThis years survey respondents werent shy in telling us about the challenges they face in the current rental market:Resident retention is one of the top issues of the year as a slowing rental market,increasing apartment supply,and high rent prices mean there are fewer qualified renters to fill vacant units and as turn costs rise to new levels.But in the very next sentence,many were able to tell us about the many opportunities they see growing out of these difficulties.Client acquisition:Third-party property management companies are heavily focused on acquiring new property owner clients as well,and theyre investing more resources into marketing their businesses online and offline than they have in past years.Staffing:Property management companies are balancing the need to hire new employees to help them scale as they expand their portfolios with the need to keep overhead low to compensate for rising costs.BIDBIDCompetition:Businesses of all sizes are facing competition from real estate agencies looking to dabble in property management in the midst of a slowing sales market.Smaller PMCs continue to compete with larger firms that are able to offer lower prices due to economies of scale.Scaling:Companies are adapting their procedures and preparing their teams to scale as they add new clients and properties to their portfolios,without allowing rapid growth to compromise the quality of service they provide to their customers.TABLE OF CONTENTS3IntroductionThis years Industry Report will talk about the challenges companies face in growing their portfolios in a time when rental owners arent as interested in acquiring new properties,competition has increased,and current team members are overburdened.But it will also share the opportunities that industry professionals have discovered to differentiate themselves from the competition by better serving their customers needsand how technology is making it possible for companies to grow without compromising the level of service they provide.“We are currently understaffed,which makes it difficult to scale our company in the way wed like.I am currently working on finding different tech avenues to help streamline procedures to hopefully reduce workload on our current employees and streamline productivity.”PROPERTY MANAGER IN PANAMA CITY,FL“Our city is becoming a much more competitive market,with several hundred units entering the market.We plan to improve tenant retention rates through select tenant events and recognitions.”PROPERTY MANAGER IN MEMPHIS,TN“Competition with national PM companies.I hope to provide a more personal approach and display genuine care for the properties and the owners investment.”COMPANY OWNER IN ATLANTA,GAThe Challenges PMCs Face,and How They Plan to Confront ThemIN THEIR WORDSTABLE OF CONTENTS4PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemPM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemPortfolio GrowthWhats going on:Property management companies focus on growth is a familiar story:More property management companies than ever before have reported growth in the last two years.And for the third year in a row,more than 9 in 10 survey respondents have announced their intentions to expand their portfolios in the two years to come.SECTION 2However,going into 2024,this growth is playing out in a greater variety of ways than it has in the past.Heading into 2023,companies told us that they planned to grow primarily by recruiting new clients and encouraging current clients to acquire new properties.But with high property prices and interest rates slowing the pace at which rental owners are acquiring new properties,companies are turning to other tactics to continue their expansion.In addition to continuing to recruit new,growth-oriented clients,companies are considering purchasing or building new properties of their own,acquiring other companies portfolios,and expanding both the property types they manage and the geographic areas they serve.What hasnt changed over the past year is the dual set of challenges that companies face in achieving rapid growth:expanding the business without overtaxing their team or compromising the quality of their service.To overcome these challengesamidst rising costs and the ongoing labor shortagecompanies are turning to technology that reduces time spent on manual processes.More than 9 in 10 survey respondents have announced their intentions to expand their portfolios in the two years to come.TABLE OF CONTENTS5TRENDS IN PROPERTY MANAGERS PORTFOLIO GROWTH:Growth remains property management companies#1 priority for the sixth year in a row,followed by efficiency,as property managers search for effective ways to scale their operations as they expand.85%of third-party property management companies have expanded their portfolios in the last two yearsthe most growth theyve reported in the eight years that weve run our survey.92%of third-party property management companies*plan to expand their portfolios over the next two years,a rate thats on par with 2022.Recruiting new,growth-oriented clients is the primary portfolio growth strategy among third-party management companies today.Companies that exclusively manage their own investment properties plan to grow at a slower pace in comparison with third-party property managers.*Note:Throughout the report,we use the term“third-party property management companies”to refer to those that manage other investors properties,rather than or in addition to properties they own.PROPERTY MANAGERS PRIORITIES FOR 2024Growth41ciency34%Residents34%Profitability28%Clients19%Organization19%Renovations18%Marketing18%Communications17%Vendors15%Technology14lance13%Stafng11%PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemTABLE OF CONTENTS6IN THEIR WORDSChallenges PMCs FaceOpportunities PMCs SeeThe Impact of Technology“Finding new clients and expanding the portfolios of existing clients in a tight housing market.”LOS ANGELES,CA“Expanding/growing via purchase of new properties,or even renovating/updating properties,is a challenge financially due to inflation in supplies,labor,and properties.”VIRGINIA BEACH,VA“Growth and the opportunity to grow the right way,not so fast we lose sight of quality.Bringing on new talent to expand our services and brainstorm best practices.”OKLAHOMA CITY,OK“Adding more doors to our company to manage.Im currently working with realtors who sell to out-of-state investors who need a PM company.”MEMPHIS,TN“Technology has made it possible for us to expand the business.It frees up the time that we have to spend doing tasks that can now be done by the tenant.We used to have people manning the phones many hours a day to answer questions and field applications.”LANCASTER,PAPROPERTY MANAGERS EXPECTED PORTFOLIO GROWTH IN THE NEXT 2 YEARS*2023202220212020201920182017Expect it to grow significantly54TQ7DEU%Expect it to grow a little3889BCF8%Expect it to stay the same8%6%7%8%5%Expect it to shrink1%2%3%3%1%2%2%*Excludes companies that exclusively manage their own investment propertiesRecruitingnew clients71%Encouraging currentclients to grow46quiring othercompanies/portfolios35%Managing newproperty types33%Purchasing/buildingnew properties32%Expanding tonew metro areas26%HOW PROPERTY MANAGERS PLAN TO GROW THEIR PORTFOLIOS IN THE NEXT 2 YEARS*2023PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemTABLE OF CONTENTSREVENUEINCREASERISINGCOSTSPROPERTYTAXESINSURANCEMATERIALSLABORPROPERTIESRevenue GrowthWhats going on:More companies report that their revenue has grown in the last two years than weve seen in our previous seven years of surveys;and virtually all property management companies expect their revenue to increase in the next two years.However,the rising costs of property taxes,insurance,utilities,materials,labor,and property acquisitions continue to strain property management companies and their rental owner clients.As a result,companies are heavily focused on operating as efficiently as possible and finding new sources of revenue.In addition,theyre intent on proving the value of their services to rental owners whose shrinking margins may tempt them to self-manage their properties.MARKET CONTEXT:A recent study found that property insurance costs have risen by 26%in the last year alone.(Source:National Multifamily Housing Council)More companies report that their revenue has grown in the last two years than weve seen in our previous seven years of surveys.TABLE OF CONTENTS8PROPERTY MANAGERS EXPECTED REVENUE GROWTH IN THE NEXT 2 YEARS*2023202220212020201920182017Expect it to increase significantly47GF7GR%Expect it to increase a little47FFCIFB%Expect it to stay the same6%5%6%5%3%Expect it to decrease1%2%2%6%2%2%2%*Excludes companies that exclusively manage their own investment propertiesHOW PROPERTY MANAGERS PLAN TO INCREASE THEIR REVENUE IN THE NEXT 2 YEARS*Increasing rents/resident-paid feesLeveraging technologyto drive efciencyExpanding serviceoferingsMaking value-addupdates to propertiesIncreasing rates/client-paid fees62H98%TRENDS IN PROPERTY MANAGERS REVENUE GROWTH:Profitability is property management companies#4 priority for the coming year,selected by more respondents than in 2022,but outpaced by companies increased focus on residents this year(see chart on page 5).89%of third-party property management companies report that their revenue has increased in the last two yearsthe most growth theyve reported in the seven years weve tracked this figure.94%of third-party property management companies expect their revenue to increase in the next two years,a rate thats on par with 2022.Raising rents and/or resident-paid fees(where allowed)is the primary revenue growth strategy among third-party management companies today,though fewer companies plan to do so than in 2022.Companies that exclusively manage their own investment properties expect their revenue to grow at a slower pace than third-party property management companies.PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemTABLE OF CONTENTSIN THEIR WORDS“Inflation costs with rising payroll to retain good employees.We are trying to figure out how to increase our revenue to match the increased costs.”JACKSONVILLE,NC“Competition will squeeze margins.We will become more efficient with current revenue streams and add new ones.”MEMPHIS,TN“Creating an in-house maintenance company has made a substantial impact on our bottom line.Growing our staff,owned/leased equipment inventory,and offering more new services is a priority and will continue to be a major revenue stream for us.”CLEVELAND,OH“We are trying to rent out everything we can,from parking lot space to basement storage space.We are trying to be creative to keep our business going.”TRENTON,NJ“Being able to itemize each property and each unit,it is easy to see where we are losing money and making money.”LINCOLN,NENew Services&Property Types40%of property management companies plan to expand their services in the next two years,and 33%plan to expand the types of properties they manage to generate additional revenue.The most common services and property types they plan to add are:Cleaning servicesCommercial property managementCommunity association managementConstruction project managementIn-house maintenance servicesOutdoor servicesVacation rental managementChallenges PMCs FaceOpportunities PMCs SeeThe Impact of Technology9PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemTABLE OF CONTENTS10RenovationsAlthough property improvements arent a primary focus for property managers going into 2024,this priority rose up their list by six positions in the last year as property managers aim to improve profitability and resident retention within the properties they manage(see chart on page 5).Companies are also looking to create new revenue streams by managing renovation projects or completing them in house if they have the resources.Maintenance&RepairsWhats going on:Maintenance and repairs have become a challenge over the last several years.This is due to a shortage of high-quality vendors in the market,as trades professionals retire faster than they enter the industry.As a result,some property management companies are considering bringing maintenance services in house to ensure that they can resolve issues quickly and with consistent qualitywhile also generating revenue for their business.MARKET CONTEXT:Nearly 17 million infrastructure workers,including plumbers and electricians,are expected to leave their jobs over the next decade due to retirements,job transfers,and other shifts in the labor market.(Source:Brookings)PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemTABLE OF CONTENTSNEWBroken Window at 11 Smith StreetCOMPLETEDQUARTERLY MAINTENANCEOct 15 Nov 15145 unitsPhase 1Phase 2Phase 3Source New VendorsTrash Debris at 23 Main StreetIN THEIR WORDS“In my town,people in the trades are retiring.The ability to source vendors is getting very difficult.Id hoped to retire by now or at least taper back,but the resources to lean on are fewer and less reliable.”KANSAS CITY,MO“Project management.We foresee large projects that we will manage to further the appeal and turnover for the properties we manage.”CRESTVIEW,FL“We have a great repair system that really makes sure nothing gets overlooked and everything gets fixed as quickly as possible.”LAS VEGAS,NV“I believe our biggest challenge will continue to be the lack of reliable handymen/vendors.I plan on making it a process where we are just looking for vendors all the time and have them on a back-up list.Or perhaps bring maintenance on-site.”TAMPA,FL“Managing maintenance requests and ensuring timely repairs can be challenging.We are considering implementing a proactive maintenance approach,conducting regular inspections,and establishing relationships with reliable contractors.Well utilize Buildium to streamline maintenance workflows and ensure efficient communication.”LOS ANGELES,CA“I like that my tenants are able to put in a request if they have an issue in their apartment.I also like how I can set up reminders for maintenance that needs to be done.”LINCOLN,NEChallenges PMCs FaceOpportunities PMCs SeeThe Impact of TechnologyTABLE OF CONTENTS12How Many PMCs Work with Virtual Assistants?Our survey found that 25%of property management companies currently employ virtual assistantscontractors who offer administrative services from a remote locationto extend the capabilities of their team.The most common virtual roles involve:StaffingWhats going on:Attracting and retaining high-quality team members and contractors has been a major source of stress for property management companies since the pandemic began.As the labor shortage has eased somewhat throughout 2023,Staff and Vendors both moved down property management companies list of priorities for the coming year(see chart on page 5).However,this years qualitative survey responses point to continued difficulties in finding and retaining high-quality labor,particularly when it comes to maintenance.Companies are frequently operating with a smaller team than they need to manage their workload,and are turning to technologyfrom property management software to virtual assistantsto compensate.MARKET CONTEXT:Right now,there are 9.8 million open jobs in the U.S.,but only 5.9 million unemployed workers.There are 2 million fewer workers in the labor force today than in February 2020 due to factors like increased retirements and limited access to childcare.(Source:U.S.Chamber of Commerce)PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemLeasing coordinationAccounting and bookkeepingAdministrative assistanceMaintenance coordinationMarketingTABLE OF CONTENTSIN THEIR WORDS“We are currently understaffed,which makes it difficult to scale our company in the way wed like.I am currently working on finding different tech avenues to help streamline procedures to hopefully reduce workload on our current employees.”PANAMA CITY,FL“We are struggling to keep maintenance techs,housekeepers,and leasing staff.We need to change our model from 1 maintenance tech per 100 units to 1 tech per 175 units via technology,automation,proactive maintenance,better construction.”DAVENPORT,IA“Outsourcing of certain property management tasks,such as accounting and maintenance,to third-party companies.”MIAMI,FL“Using AI technology to maximum advantage to streamline cumbersome tasks and increase property managers productivity and overall job satisfaction.”TRENTON,NJ“The positive impact of technology directly relates to efficiency,allowing staff to handle a larger number of contacts/connections.This leads to lower employee costs.”PORTLAND,OR“Technology has impacted overall job satisfaction for property managers,because its freeing up time to accomplish tasks that matter vs.being bogged down with cumbersome and rote tasks.”PORTLAND,ORChallenges PMCs FaceOpportunities PMCs SeeThe Impact of Technology13PM Company Operations:Their Growth Plans&Challenges,and How They Plan to Confront ThemHow Are PMCs Using Artificial Intelligence?When it comes to the use of artificial intelligence in the property management space,innovation in the industry is still in the early stages.Already,however,industry professionals are finding that tools like ChatGPT are helping them to generate text quickly for use in the following areas:Businesses will no doubt continue to experiment with AI to improve efficiency in their business,as regulators attempt to keep up.Templates for emails,letters,and noticesRental listingsSocial media postsWebsite Q&A sections14Introduction|TOCIN THEIR WORDSWhat PM Industry Professionals Love About Their Jobs“Building positive relationships with tenants,resolving issues and ensuring tenant satisfaction,and seeing well-maintained properties and communities flourish under our management.”PROPERTY MANAGER IN NEWARK,NJ“I enjoy helping people find housing that suits their needs and making sure their interactions with the property management company are warm,efficient,and fulfill their requirements;as well as providing owners with prompt communication.”OFFICE MANAGER IN PORTLAND,OR“Being a housing provider to the residents.Tracking financials with great detail to provide the best possible means for making solid business decisions.”ACCOUNTANT IN SAN DIEGO,CA“Helping our clients experience a better situation by fixing their maintenance issues and managing costs for owners to enjoy a better return on their investments.”MAINTENANCE MANAGER IN HARRISONBURG,VA“Meeting new people and creating a growth vision for our company.Realizing how we need to grow next and finding the right people and tools for the job.”COMPANY OWNER IN ST.LOUIS,MO“I find the success of my clients,whether tenant or landlord,to be of my utmost satisfaction.When a tenant is able to pay rent,or we can assist them with public offerings as needed,I have done my job.When a landlord achieves cash flow and buys more homes,I have done my job.”COMPANY OWNER IN KANSAS CITY,MO“Working with our team and evolving as needed to increase profit,advance customer experience,and create a rewarding work environment.”OPERATIONS MANAGER IN CHARLESTON,SCTABLE OF CONTENTS15PMCs Evolving Relationships with Rental OwnersPMCs Evolving Relationships with Rental OwnersAcquiring New Owners&Facing CompetitionWhats going on:Third-party property management companies are heavily focused on acquiring new property owner clients,and are investing more resources into marketing their businesses(both online and offline)than they have in past years.Finding clients who are a good fit for the way they do businessfor example,owners who are willing to invest in necessary property updates is also a focus.At the same time,property management companies of all sizes are facing competition from real estate agencies dabbling in property management as the sales market has slowed.Smaller property management companies also continue to face competition from larger firms that are able to offer lower prices due to economies of scale.In response,theyre differentiating themselves from the competition by offering more personalized customer service,and many are considering expanding their offerings to ensure they meet the full range of their clients needs.MARKET CONTEXT:In March 2023,there were 1.5 million Realtors,but just 563,000 homes on the market.(Source:Business Insider)SECTION 3RENTAL OWNERCOMPETING PMPROPERTY MANAGERRENTAL OWNERRENTAL OWNERRENTAL OWNERRENTAL OWNERRENTAL OWNERTABLE OF CONTENTSIN THEIR WORDS“As the real estate market softens,real estate agents will try to get into property management and it takes away opportunities.By the same token,it also creates opportunities because of their inexperience,which is where we can differentiate ourselves.”MIAMI,FL“Enhancing marketing efforts and building a strong brand to attract more property owners and tenants.Utilizing digital marketing techniques,creating engaging content,and actively managing online reviews and social media presence can help differentiate us from our competitors.”LOS ANGELES,CA“Competition with national PM companies.I hope to provide a more personal approach and display genuine care for the properties and the owners investment.”ATLANTA,GA“My goal is to work with Realtors/boutique brokerages who have investors as clients and have them turn these properties over to us to manage.Also to purchase books of business from property managers leaving the industry.”TAMPA,FLChallenges PMCs FaceOpportunities PMCs See17Introduction|TOCIN THEIR WORDS“The level of service we provide.A lot of the management companies in our area have bad reputations for poor communication with tenants,unsolved maintenance issues,etc.We take pride in quick turn-arounds and response times and its made a huge difference in separating ourselves from the rest of the market.”LOS ANGELES,CA“We put forth the extra effort to treat our clients investments/properties as if they were our own.We utilize market trends and sale data to assist our clients in making upgrades that generate revenue and increase property value,while simultaneously creating a better living experience for our tenants.”FARGO,ND“We are focused on(1)being nice and building healthy relationships with team members and tenants,(2)adding value to tenants however we can(security deposit free leasing,credit reporting,tenant events),(3)putting the resident at the center of every decision.”DAVENPORT,IA“The other area management companies are stuck in 1975;there is no utilization of technology.Many of them still cannot accept an online payment.We utilize technology to streamline our operations.This allows us to spend more of our time being proactive,as opposed to reactive,for our clients and the needs of their communities.”CLEVELAND,OH“Weve been told that were incredibly responsive to maintenance requests,kind and cooperative when dealing with unforeseen circumstances,and generally the best landlord most of our tenants have ever had.As a result,we have many tenants whove stayed with us for over a decade.”COLUMBUS,OHHow PMCs Differentiate Themselves from The CompetitionTABLE OF CONTENTS18IN THEIR WORDSWhats going on:The number of rental owners who work with a property manager to operate their rentals hit an all-time high during the pandemic as rental property ownership became significantly more complex.Regulations have been an area of particular concern for rental owners,with many local and state governments discussing rent control measures or interventions into procedures like evictions,resulting in a decrease in their ability to operate their properties as they see fit.Because it requires greater expertise to operate a rental property in compliance with changing laws,many property management companies view this as an opportunity to offer their services to more rental property owners.However,rising costsfrom property taxes and insurance to materials and laborhave also made rental property ownership more expensive,causing rental owners to search for ways to improve their margins by cutting costs.As a result,weve seen the number of rental owners working with a property management company recede slightly over the past year to 60%.In the grand scheme of things,however,more rental owners are relying on property managers assistance and expertise than in the past.With challenges such as maintenance,leasing,profitability,and regulatory complexity remainingas well as the reality that more than half of rental owners dont live near their propertieswe expect this to continue to be the case going forward.THE NUMBER OF RENTAL OWNERS WHO WORK WITH A PROPERTY MANAGER20232022H2-2021H1-2021202020192018Have a PM60cacdUV%Dont have a PM407976ED%Rental Owners Demand for PM ServicesHow Do Increasing Regulations and Costs Impact Owner Demand for PMCs?“Increased rules and regulations and increased rent control,coupled with the tenant-friendly courts in California,make self-managing difficult.This makes property owners receptive to professional property management.Higher interest rates prevent real estate sales,and many of these properties will turn into rental units.”Opportunities PMCs SeePMCs Evolving Relationships with Rental Owners19PMCs Evolving Relationships with Rental OwnersWho Owns Rental Property Today?THE THREE TYPES OF RENTAL PROPERTY OWNERS:Accidental Landlords are those who fell into rental property ownership due to circumstance and dont consider themselves investors.They represent 27%of small-portfolio rental owners.69%of Accidental Landlords currently work with a property manager.Intentional Investors are those who purchased rental property as an investment from the start.They represent 51%of all small-portfolio rental property owners.59%of Intentional Investors currently work with a property manager to run their rentals.Unintentional Investors are those who fell into rental property ownership due to circumstance,but now consider themselves investors.They represent 22%of small-portfolio rental owners.55%of Unintentional Investors currently work with a property manager.TABLE OF CONTENTS20IN THEIR WORDSOpportunities PMCs SeeAre Accidental Landlords on the Rise?The population of Accidental Landlords had been in decline since 2018until now.Though investors continue to dominate the population of rental property owners,we see initial signs that a new generation of Accidental Landlords is on the rise.Why?A sluggish housing market has motivated some potential homesellers to rent out their properties rather than putting them up for sale,at least until conditions turn more favorable.This is good news for property managers,as Accidental Landlords are the most likely of the three investor types to hire an expert to manage their rentals.“One of the biggest opportunities that I foresee over the next year or so is the lack of properties being sold in the housing sector,which could give us an increased opportunity to help those owners rent out their properties,at least while the market changes into their favor of being able to sell.But if we run their properties efficiently and are able to reduce their stress in the process,we might be able to hold their properties as rentals for a longer term than planned.”SAN ANTONIO,TXPMCs Evolving Relationships with Rental OwnersINVESTOR TYPES WITHIN PROPERTY MANAGERS CLIENT BASE202327Q 2030I! 2224R$ 1929U%H2-202129I 1832D#%H1-202129H$%Intentional InvestorsAccidental LandlordsUnintentional Investors21Why Todays Rental Owners Choose to Hire a Property ManagerThe most common reasons why rental owners hire a property manager are:Residents:56%want an experts help in managing,retaining,and attracting residents,particularly Intentional Investors.Distance:55%of small-portfolio rental owners hire a property manager because they dont live near their rental property,particularly investors.Maintenance:52%want help with emergency repairs and preventative maintenance,particularly Accidental Landlords.Regulations:40%want assistance in running their properties in compliance with changing laws,particularly Accidental Landlords.Profitability:35%want an experts help in maximizing the revenue their properties generate,particularly investors.PMCs Evolving Relationships with Rental OwnersTABLE OF CONTENTS22Rental Owners Top Considerations When Choosing a Property ManagerRental owners primary considerations when hiring a property manager(besides price and service area)are:Service:67%say its paramount that their PMC provide best-in-class customer service.Local market expertise:47%focus on finding a property manager who offers advice on conditions in the markets where they invest.Reporting&transparency:41%prioritize finding a company that shares financial reports,profit/loss statements,and property insights regularly.Regulatory expertise:32%are focused on finding a PMC that offers advice on running properties in compliance with local laws.Online presence&reputation:27%say that a companys website and online reviews are a strong consideration when selecting a property manager.Referrals&word-of-mouth reputation:Endorsements from rental owners in their network are highly influential for 27%of rental owners.Technology:24%of rental owners look specifically for a PMC that uses online tools and best-in-class solutions to digitize rental processes.PMCs Evolving Relationships with Rental OwnersTABLE OF CONTENTS23Introduction|TOCWhat Rental Owners Look for in a PMCIN THEIR WORDS“Attentiveness to tenants needs and availability to me as the owner are just as critical.Transparency and regular communication with all parties is also important.Be available;make sure you can be reached over the phone and have a 24-hour service to tenants for emergency needs.Keep repair costs competitive and conduct efficient repairs.Maintain reasonable fees and provide accurate,easy-to-read reports.”INTENTIONAL INVESTOR IN SAN JOSE,CA“I expect a property manager to be reliable,professional,courteous,and knowledgeable.I expect that the manager will make a good effort to find and maintain the best tenants possible and to handle maintenance.”ACCIDENTAL LANDLORD IN BALTIMORE,MD“Experiencehas dealt with off-site owners and understands what they need(regular communication,assessment of any damages,where/how to market vacancies in this area);personable so renters feel heard and valued.”ACCIDENTAL LANDLORD IN TRENTON,NJTABLE OF CONTENTS24Introduction|TOCTHE SERVICES THAT RENTAL OWNERS WANT,THAT PMCS PROVIDE,AND THAT GENERATE REVENUEThe Services Owners WantAccounting/bookkeepingCleaningConstruction/renovationEvictionsInvestment adviceFinancial reporting/benchmarkingLeasing properties/marketing vacanciesMaintenance/repairsLegal advice/regulatory guidanceOutdoor servicesProperty inspectionsPurchasing/selling/brokering property salesThe Services PMs ProvideThe Services That Generate the Most Revenue44qsT %8%5%Rent/fee collection66x%4%22D%3dC%9B%1wv(%5vcY#%7$%The Services Property Management Companies Provide to Their Clients2491%PMCs Evolving Relationships with Rental OwnersTABLE OF CONTENTS25Rental Owners Growth PlansRental Owners Shifting Outlook on Residential RentalsThird-party property management companies have big plans to grow over the next two yearsbut are their plans in alignment with their clients intentions?Today,a majority of investors continue to point to real estates reputation as a smart long-term investment and a hedge against inflation,whether they plan to acquire new properties in the next two years or simply maintain their current holdings.But 34%of small-portfolio rental investors see factors such as rising rental market regulations,high mortgage rates and property prices,and inflated operating costs as a reason to stay on the sidelinesor to sell off their properties altogether.As a result,the number of rental owners who see residential rentals as a smart investment at this moment in time dropped from 79%to 66%over the past year.“With interest rates going up and property values going down,I am negative on rental property.Also,the laws related to rentals do not favor the landlord at all.It is downright scary.”ACCIDENTAL LANDLORD IN LOS ANGELES,CA“While it is true that house prices and interest rates have increased in the last year,an investment property is based on the deal and its cash flow.If the cash flow is sufficient,it does not matter what the interest rate is.The property can be refinanced at a later date.”INTENTIONAL INVESTOR IN GAINESVILLE,GAWhy Rental Investors See Residential Rentals as a Risky InvestmentWhy Rental Investors See Residential Rentals as a Smart InvestmentIN THEIR WORDSPMCs Evolving Relationships with Rental OwnersTABLE OF CONTENTS26How do rental owners plan to act based on current market conditions?We found that only 1 in 3 small-portfolio rental owners plans to acquire new properties in the next two yearsand that number has decreased by five percentage points over the past year.Among those who dont plan to grow,the good news is that most rental owners52%plan to stay the same size as they are now.In an environment where just 35%of rental owners plan to acquire new properties,how else can third-party property management companies grow?In addition to working with clients to find smart investments in the current market,here are five growth strategies in use by our property manager survey respondents:MARKET CONTEXT:With high home prices and mortgage rates causing the housing market to slow,sales of existing homes have dropped by one-third since the beginning of 2022.However,a decline in prices could bring more buyers into the market.(Source:The Wall Street Journal)Seeking out new,growth-oriented investor clients Acquiring other companies or investors portfoliosExpanding the types of properties they managePurchasing or building new propertiesExpanding to new geographic areasSomewhat smartarea to invest in34%Somewhat risky areato invest in24%Smart area to investin right nowToo risky to investin right now92%RENTAL OWNERS OUTLOOK ON RESIDENTIAL RENTALS71532&%PMCs Evolving Relationships with Rental OwnersOnly 1 in 3 small-portfolio rental owners plans to acquire new properties in the next two yearsand that number has decreased by five percentage points over the past year.TABLE OF CONTENTS27ASSOCIATIONPROPERTY MANAGERASSOCIATIONPROPERTY MANAGERASSOCIATIONPROPERTY MANAGERCOMMERCIAL,SINGLE-FAMILY&MULTIFAMILY PROPERTY MANAGER COMMERCIAL,SINGLE-FAMILY&MULTIFAMILY PROPERTY MANAGER SINGLE-FAMILY&MULTIFAMILYPROPERTY MANAGER SINGLE-FAMILY&MULTIFAMILYPROPERTY MANAGER SINGLE-FAMILY&MULTIFAMILYPROPERTY MANAGER SINGLE-FAMILY&MULTIFAMILYPROPERTY MANAGER SINGLE-FAMILY,MULTIFAMILY&VACATION HOME PROPERTY MANAGER SINGLE-FAMILY,MULTIFAMILY&VACATION HOME PROPERTY MANAGER On the Hunt for New Clients?Property owners and associations use All Property Management more than any other service to find qualified property managers.APM connects you with property owners requesting information specifically for your company.Leads are targeted to your exact property types and geographic areas.Plan to staythe same size52%Plan to growa little27%Plan to growsignificantlyPlan to shrink13%8%Slightly likely20%Likely tosellUnlikelyto sell56%Slightly unlikely13%RENTAL OWNERS PLANS FOR THEIR PORTFOLIOS IN THE NEXT 2 YEARSRENTAL OWNERS PLANS TO SELL ANY OF THEIR PROPERTIES IN THE NEXT 2 YEARSPMCs Evolving Relationships with Rental OwnersTABLE OF CONTENTSLEARN MORE 28Rental Owners Financial HealthMost rental owners report that their properties are in good financial health.However,just 1 in 3 rental owners say that their properties are consistently profitable,creating an opportunity for property management companies to attract and retain owner clients by helping them run their rentals more effectively and efficiently.TRENDS IN RENTAL OWNERS FINANCIAL HEALTH:77%of small-portfolio rental owners say their properties are in good or excellent financial healtha slight decrease since 2022.23%of small-portfolio rental owners are sometimes or frequently spending more than theyre making on one or more of their properties,though just 1%report that theyre struggling to pay their properties mortgage and expenses.66%of small-portfolio rental owners are reliant on their rental income to make ends meet to some degree.The number of small-portfolio rental owners who are somewhat or slightly reliant on their rental income has increased significantly since 2022.80%of rental owners own rental property primarily as a source of income,most often as a passive income stream(54%)vs.an active income stream(26%).Since 2019,weve seen a sizable shift from rental owners operating their property as an active income stream to operating their property as a passive income stream.“We have had many owners come to us who had bought properties when the price was high,were promised to make big money,and now are struggling to keep up with their purchases.I think being completely open and honest with new clients can be hard.But we do not over-promise anything in order to manage expectations and give owners an honest opinion.Rent prices are coming down in our area and that can be a hard conversation to have with owners.”BLOOMSBURG,PAJust 1 in 3 rental owners say that their properties are consistently profitable.IN THEIR WORDSChallenges PMCs FacePMCs Evolving Relationships with Rental OwnersRENTAL OWNERS RELIANCE ON THEIR RENTAL INCOME THE FINANCIAL HEALTH OF RENTAL OWNERS PROPERTIESEXCELLENT Consistently able to generate a profit35%GOOD Consistently covers properties mortgages/expenses,not consistently profitable43%INCONSISTENT Sometimes spend more than they make,sometimes able to pay mortgage/expenses15%VERY POOR Not consistently able to pay properties mortgage/expenses in full1%POOR Consistently spend more than they make,but havent fallen behind on mortgage/expenses6%VERY RELIANT:Rental income is critical to ability to pay household bills and properties mortgage/expensesSOMEWHAT RELIANT:Rental income pays for properties mortgage/expenses,but household bills are coveredSLIGHTLY RELIANT:Rental income pays for retirement,but household bills and mortgage/expenses are coveredNOT RELIANT:Rental income tends to be supplemental,able to cover bills without it141!4%TABLE OF CONTENTS30Rental Owners Technology PreferencesThe pandemic significantly accelerated the pace at which rental owners became comfortable with technologyand this trend has not slowed down over the past year.As of 2023,a full 95%of rental owners are comfortable doing business with their property manager onlinean increase of 15 percentage points in the last year alone.Investors were the quickest to catch on to the benefits of technology,and have now come to expect their property manager to allow them to send and receive payments,sign documents,view reports,and communicate with their property management team online.Though customer service quality remains the most important consideration for rental owners when hiring a property management company,we see investors placing more importance on companies reporting capabilities,online presence,and technological offerings than they did in the past,creating an opportunity for companies to differentiate themselves from the competition through the use of technology.The rental processes that many rental owners want their property manager to handle electronically are:43%Property inspections58%Financial reports63%Document signing,sharing&storage47%Maintenance ticketing61%Communications59counting,bookkeeping&tax preparation69%Payments PMCs Evolving Relationships with Rental OwnersTABLE OF CONTENTSAnalytics&insightsOwner portalsProperty accountingFinancial reportingMaintenance request trackingMobile property inspectionsFeatures That Allow You to Share the Information Owners Want Without Slowing You DownThe right property management software can give you access to the information you need to make data-driven decisions and keep your rental owners happy.Communicate with your clients and give them self-service access to the information they wantwhenever and wherever its convenient for themwith features like:See how Buildiums all-in-one platform lets you control your operations,compete on experiences,and thrive.See how Propertywares open and customizable platform makes it possible for you to reach and exceed your business goals.TABLE OF CONTENTSREQUEST PROPERTYWARE DEMOREQUEST BUILDIUM DEMO32PMCs Evolving Relationships with ResidentsPMCs Evolving Relationships with ResidentsWhats going on:Property management companies are devoting more resources to resident retention as the rental market cools and the supply of new apartment units grows.To hold onto their best renters,property managers are searching for ways to improve the resident experience,including providing high-quality services,renovating units,and limiting rent increases.Theyre also more focused on tenant screening to ensure theyre signing renters who can afford to stay in the long term,including in the event of an economic downturn.SECTION 4MARKET CONTEXT:960,000 multifamily units are under construction in metros across the countrythe largest amount in decadescausing rent growth and occupancy to slow at the upper end of the rental market.However,the shortage of low-and moderately-priced rentals is expected to continue.(Source:Joint Center for Housing Studies)“Retaining great tenants.Increasing communications/relations between tenants and staff.Using value-added renovations to assist in keeping great tenants.Making sure we understand what our tenants need and supplying those needs.”MACON,GA“Downtown Memphis is becoming much more competitive,with several hundred units entering the market.We plan to improve retention rates through select tenant events and recognitions(handwritten birthday cards,wine down Wednesday,etc.).By keeping tenants for longer stretches,we can maximize profitability,maximize occupancy,and impress clients.”MEMPHIS,TN“The biggest issue is finding quality tenants.Having a great screening process is invaluable.The rental market is such that we have no end of applicants,but we spend a significant amount of our time screening them.Our hope is to streamline and fine-tune this process to reach quality tenants and make them want to stay long term.”FORT SMITH,AR“Making sure every tenant is appreciated and a smiling face greets them on their first visit to our offices and properties.”MACON,GAChallenges PMCs FaceOpportunities PMCs SeeIN THEIR WORDSTABLE OF CONTENTS33Renters Plans to MoveWhats going on:After three years of dramatic fluctuations in the number of renters who chose to stay put or move out,we might finally be seeing signs of normalization.We asked renters about their moving plans between the mid-point of 2023(when our survey was run)and the mid-point of 2024.In comparison with last year,more renters plan to stay in their current rental,and the number who plan on moving out closely resembles pre-pandemic leasing seasons.TRENDS IN RENTERS PLANS TO MOVE:41%of renters planned to stay in their current rental between mid-2023 and mid-2024an increase of five percentage points since last year.24%of renters had plans to move when their lease is up,while 34%of renters were still on the fence at the time of our survey.Apartment renters are slightly more likely to have plans to move out than residents of smaller rental properties,likely due to the increase in multifamily supply.27%of renters with plans to move out are hoping to buy a home in the next year,a decrease since 2022 as the housing market has slowed.RENTERS PLANS TO MOVE IN THE NEXT YEAR41 232022H2-2021H1-202120202019201834$631A0)I0!&B23A7#%Plan to remain in current rentalOn the fence about whether or not to movePlan to move when lease is upPMCs Evolving Relationships with ResidentsTABLE OF CONTENTS34“Provide much advance notice on intentions to renew,and provide guidelines at move-in for what they deem normal wear and tear.If inspections are performed,provide guidelines for what they are looking for.”AGE 30How Can Property Managers Influence Renters Decision to Move?Some reasons for moving are beyond property managers control.But when we asked renters which factors most influence their decision to stay or go,their responses pointed to something important:their perception of value in their current rental.This perception of value encompasses three main areas:The quality of service they receive from their property manager or landlordThe condition of the property and attention paid to maintenance issuesThe amenities and services that are available to themMost renters would rather not deal with the hassle and expense of moving if their current rental meets their needs.That means that property managers have inertia on their side,as well as the reality that rent prices tend to be higher for those who are signing a new lease than for those renewing a lease.With this in mind,property managers should consider reaching out well in advance of the leases expiration date to find out what might improve residents experience enough for them to consider renewing.“Be open to utilizing technology as a means of communication and rent collection.”AGE 45“Be proactive in preventative maintenance and upkeep.Enforce rules that are for the betterment of the community.”AGE 56“Check in every 6 months at least and see what is new and what you can do to make the experience better.”AGE 22“Have someone available to communicate with after hours/on weekends.”AGE 33“Provide flexible payment options and expedient maintenance repairs.”AGE 45“Look into fixing something the first time it is reported.If its worth reporting,it is at the very least an inconvenience,or at the very worst,a danger to your residents.”AGE 26Renters Advice for Property ManagersPMCs Evolving Relationships with ResidentsIN THEIR WORDS35Renters Financial HealthWhats going on:Due to their position on the front lines of processes like rent collection and tenant screening,property managers are often the first to know when renters financial health is in decline.And indeed,in 2023,property managers have flagged three issues in this area:Renter quality is a concern as high rent prices mean that fewer renters can afford three times the monthly rent with their current incomes.Property management companies are more focused on tenant screening than ever as the pool of qualified renters shrinks,and as the difficulty of evicting non-paying residents grows.In some hot markets,however,rental demand is so strongand housing inventory is so limitedthat the supply of qualified renters is less of an issue when vacancies arise.Collections:Property management companies are still having trouble collecting rents from the small segment of residents who have struggled to pay throughout the pandemic,and no longer have access to aid programs that previously helped to make ends meet.They worry that should a recession materialize,more residents will experience job instability and have trouble paying.Rent prices remain a contentious area as property management companies seek to set prices at levels that new and existing residents can afford,and that cover their clients property expenses.Property management companies play the dual role of providing a level of service that justifies high rent prices for residents,and of convincing their clients to keep prices at reasonable levels in spite of costs that have risen to never-before-seen levels,though rent growth has slowed down significantly in 2023.MARKET CONTEXT:In the first quarter of 2023,rents in professionally managed apartment buildings rose 4.5%year over yeardown from 15.3%one year earlier.Rents for single-family properties increased by 4.3%during the same time period,down from 13.6%the previous year.(Source:Joint Center for Housing Studies)MARKET CONTEXT:In the first quarter of 2023,rent collections in professionally managed apartment buildings hit their highest rate since the start of the pandemic,with 96%of renters paying their rent on time.(Source:RealPage Analytics)12In our own data,weve noticed multiple signs of deterioration in renters financial health since 2022.More renters are reporting late or missed payments and debt,and fewer are reporting the ability to save,as household incomes have held steady while inflation has remained high.PMCs Evolving Relationships with Residents3TABLE OF CONTENTS36TRENDS IN RENTERS FINANCIAL HEALTH:Renter households incomes have stayed roughly the same since 2022 as inflation has continued to strain affordability.50%of renter households earn less than$50,000 per year,and 83rn less than$100,000 per year.Fewer renters are able to pay their bills on time and in full.55%of renters report that theyre able to pay all of their bills on time and in fulla nine-point decrease since 2022.An additional 29%are able to pay most bills on time and in fulla decrease of three points in the last year.17%report that theyve had a hard time keeping up with their bills,representing an increase of six points since 2022.Debt among renters is on the upswing.79%of renters report having debt,an increase of three percentage points since 2022.The most common forms of debt are a revolving credit card balance,car loans,student loans,and medical debt.Renters savings are on the decline.22%of renters are consistently able to set aside a portion of their income as savingsa decrease of four percentage points since 2022.28%havent been able to set aside savings in the last year and have either depleted their existing savings,or never had savings to begin withan increase of two percentage points since 2022.MARKET CONTEXT:The number of cost-burdened rentersthose whose housing costs exceed 30%of their incomeincreased to a record 21.6 million between 2019 and 2021.11.6 million renters are considered severely cost-burdened,spending more than 50%of their income on housing.(Source:Joint Center for Housing Studies)55)le to payall bills on timeand in fullAble to paymost bills on timeand in fullStrugglingto keep upwith billsRENTERS ABILITY TO PAY THEIR BILLSNot able to save and havedepleted existing savingsNot able to save,but havemaintained existing savingsSometimes ableto saveConsistently ableto save223(%RENTERS ABILITY TO SET ASIDE SAVINGSPMCs Evolving Relationships with ResidentsTABLE OF CONTENTS37Who Lives in Rental Housing Today?The Growth of Family Renters,and How to Retain ThemWhats going on:For the second year in a row,Multigenerational Households and Couples with Kids are the two fastest-growing household types in the population of renters we survey.Although Couples Without Kids remain the most common type of household in our sample,families are rapidly catching up,thanks to the growth of two household arrangements:families with kids and parents with adult children living together in rental housing.As households grow slightly largerand as couples and families continue to be priced out of the housing marketwe expect to see demand remain strong for single-family rentals.THE 6 MOST COMMON TYPES OF RENTER HOUSEHOLDSPMCs Evolving Relationships with ResidentsCouplesWithout Kidsand rising27%CouplesWith Kidsand rising18%RoommateHouseholdsand holding steady12%Single-ParentHouseholdsand holdingsteady4%MultigenerationalHouseholdsand rising25%One-PersonHouseholdsand falling24%TABLE OF CONTENTS38In 2023,families with kids are more likely to be considering moving out of their current rental by a significant difference of 14 percentage points.How can property managers attract and retain this growing population?Highlight family-friendly features in the neighborhood,community,and unit.For example,is there a playground or highly-rated school nearby?Will the layout of the unit allow a larger family to spread out and enjoy the space?Make the unit more accessible to residents evolving needs.Take steps to child-proof the unit by covering up unused outlets,padding sharp corners,etc.Consider making the unit more accessible for residents with mobility issues.Give residents some of the benefits associated with homeownership.You could enable them to feel more at home by allowing them to adopt a pet,hang pictures,or paint the walls;and allow them to build their credit by having on-time rent payments reported to credit bureaus.Provide incentives to move to another unit in your network,since young families move around more frequently than other demographics.Consider simplifying the processes or bringing down the costs involved in applying for a rental and moving in.12341 in 2 renters would prefer to own a home,but rent out of financial necessitya rate thats increased as the housing market has become less accessible to many Americans over the last few years.Nearly 1 in 3 renters rent because their current rental meets their needs and they dont want to deal with the hassle of moving.This rate has also increased as renewal rents have remained more affordable than rents on new leases.Renters Reasons for RentingIn 2023,there are two leading reasons why residents rent their homes:PMCs Evolving Relationships with ResidentsRENTERS REASONS FOR RENTING50%Finances prevent them from buying a home29%Current rental meets their needs/dont want to move21%Dont want the responsibility of maintaining a home16%Prefer to live in a centrally located neighborhood21%Like the flexibility renting gives them12%Like the amenities/community they have access to39Where Renters Want to LiveThe Increasing Influence of Neighborhood Characteristics&In-Unit AmenitiesWhats going on:For multiple years now,weve seen renters prioritizing the characteristics of their neighborhood and the amenities in their rental unit over shared community amenities.Renters are gravitating toward neighborhoods that are safe and quietthough still convenient to stores and restaurantsleading half of the renters we surveyed to rental properties in the suburbs.When it comes to the amenities within their rental unit,renters are looking for a space with all the comforts of home,from air conditioning and a washer and dryer to the option to own a petfeatures that have drawn a third of the renters we surveyed to single-family rentals.Community amenities like a fitness center or pool still hold appeal to residents;theyre just seen as perks rather than necessities for todays cost-conscious renters.Air conditioning2Dishwasher7High-speed internet4Proximity to stores&restaurants9Quiet neighborhood5Private outdoor space10NEIGHBORHOODORGANIZEDAGAINST CRIME1Safe neighborhood6Option to have a pet3In-unit washer&dryer8RESIDENTPARKINGParkingPMCs Evolving Relationships with ResidentsTHIS YEARS MOST DESIRABLE AMENITIES&CHARACTERISTICS40Renters Technology PreferencesOver the last two years,weve seen a sea change in renters level of comfort with technology.Today,90%of renters are interested in completing at least some(if not all)rental processes onlinean increase of 19 percentage points since 2021.This preference for digital processes cuts across generations:Its not surprising to see that 96%of Generation Z,94%of Millennials,and 89%of Generation X renters would like to complete rental processes online.However,so do 82%of Baby Boomers and 72%of Silent Generation renters,showing just how much residents sense of familiarity with online methods of paying rent,communicating,submitting maintenance requests,and signing leases has improved since the start of the pandemic.THE 5 GENERATIONS:Generation Z:Born in 19972012Millennials:Born in 19811996Generation X:Born in 19651980Baby Boomers:Born in 19461964Silent Generation:Born in 19281945(Source:Pew Research Center)TRENDS IN RENTERS TECHNOLOGY PREFERENCES:Payments:61%of renters would like to be able to make rent payments online,an increase of nine percentage points since 2022 and 20 points since 2021.Communications:Text messaging is now the preferred method of contact for 59%of renters,a sizable increase of 13 points since 2022 and 22 points since 2021.Email remains the second-most-preferred method of contact.Resident portals:70%of renters say that its important to them that their property manager or landlord provide access to an online resident portal where they can pay rent,submit maintenance requests,and complete other rental processes.PMCs Evolving Relationships with ResidentsRenters interest in completing the following processes online has increased significantly since 2022:Applying and qualifying for a rental property: 9 percentage pointsMaking rent payments: 9 pointsSearching for rental properties: 8 pointsCommunicating with their PMC: 8 pointsSetting up utilities and paying bills: 8 pointsFiling and tracking maintenance requests: 8 pointsSigning and viewing their lease: 7 pointsHaving rent payments reported to credit bureaus: 6 pointsToday,90%of renters are interested in completing at least some(if not all)rental processes onlinean increase of 19 percentage points since 2021.How to Deliver the Features&Information Renters Want Without Slowing You DownThe right property management software will allow your residents to take care of all of their needs on their own schedule,without adding unnecessary tasks to your teams plate.Give renters access to all of the features they want in one central location,including:Online paymentsMaintenance request trackingText and email communicationsRenters insurance Document signing,sharing and storageOnline rental listings and applicationsSee how Buildiums all-in-one platform lets you control your operations,compete on experiences,and thrive.See how Propertywares open and customizable platform makes it possible for you to reach and exceed your business goals.TABLE OF CONTENTSREQUEST PROPERTYWARE DEMOREQUEST BUILDIUM DEMO42Introduction|TOCTakeawaysSECTION 5Property management companies are searching for new ways to grow as their plans for portfolio expansion outpace those of many rental owners,who are being held back from growing at their preferred pace by high property prices and interest rates.As a result,in addition to encouraging their current clients to grow,many property management companies are actively recruiting new,growth-oriented clients.Theyre also considering expanding by acquiring other companies portfolios,purchasing or building properties of their own,or broadening the services they provide.Rising costs continue to strain property management companies and their clients,from increased insurance premiums and property taxes to higher prices on materials and labor.As a result,companies are focused heavily on operating as efficiently as possible and finding new sources of revenue.Rising costs have rental owners searching for ways to improve their margins.This has resulted in a very small decrease in the number of rental owners working with a property manager,though overall,the complexity of operating a rental property in todays environment means rental owners are more reliant on property managers expertise than ever.12TABLE OF CONTENTS43TakeawaysProperty management companies of all sizes are facing competition from real estate agencies dabbling in property management as the sales market has slowed.Smaller property management companies also continue to face competition from larger firms that are able to offer lower prices due to economies of scale.In response,small and mid-sized companies are differentiating themselves from the competition by offering more personalized,tech-enabled customer service,and many are considering expanding their offerings to ensure they meet the full range of their clients needs.Companies are devoting more resources to resident retention as the rental market cools and the supply of new apartments grows.Property managers are searching for ways to improve the resident experience to hold onto their best renters,including providing high-quality services,renovating units,and limiting rent increases.Theyre also more focused on tenant screening to ensure theyre signing tenants who can afford to stay in the long term,including in the event of an economic downturn.Technology has never occupied a more pivotal role in property management companies operationsor in the employee and customer experiencethan it does now.By reducing the time spent on manual processes,property management software makes it possible for companies to focus on expansion without reducing the quality of their customer service,compensate for rising costs that threaten their margins,and navigate the ongoing labor shortage.Renters and rental owners have also grown significantly more comfortable with technology during the pandemic,and have come to expect to be able to complete a variety of transactions online.345TABLE OF CONTENTSAbout Our RespondentsOur Property Manager RespondentsWe conducted our survey of property management professionals in May and June of 2023.Our 1,885 participants were drawn from the Buildium,NARPM,and Propertyware databases.THE RESIDENTIAL PROPERTY TYPES THEIR COMPANY MANAGESTHE PROPERTY TYPES THEIR COMPANY MANAGESTHEIR COMPANYS PORTFOLIO TYPETHE NUMBER OF UNITS THEIR COMPANY MANAGES13021A100716005%1,0012,50014!40301400511,0002%2,5015,0005,0002g&%Residential rentalsMix of rentals&associations43%None of the above18%Short-term/vacation housing29%Subsidized/low-income housing12%Student housing21%Luxury housing7%Senior housing5%Military housing7%Community associations72%Single-family homes65%Multifamily homes43%Apartment buildings:50 units11%Mobile homesAPPENDIX45 About Our Respondents401)%Other investorspropertiesOwn investmentpropertiesMix of own&other investors propertiesWHOSE PROPERTIES THEIR COMPANY MANAGESTHE PRIMARY METRO AREA WHERE THEIR COMPANY OPERATES1Los Angeles,CA2New York,NY3San Diego,CA7Phoenix,AZ4Chicago,IL5Miami,FL6Atlanta,GA8Detroit,MI9San Antonio,TX10Tampa,FL11Houston,TXTHE SIZE OF THEIR TEAM(INCLUDING THEMSELVES)180%3 to 53 to 2019& to 1515%6 to 1010 HOW MANY OFFICE LOCATIONS THEIR COMPANY HAS216%2 to 51 58 to 203%6 to 10APPENDIXTABLE OF CONTENTS“Being able to learn from other professionals on how they run their businesses has been extremely beneficial to my career and for our company.”“NARPM has helped me take our property management division to the next level through education,meetings,and workshops.”“A property manager invited us to a NARPM meeting when we first started our company.This was the most important thing for our success.The people we met,experienced property managers that gave us tools to succeed and continue to be a support system for us,have been extremely important.”“NARPM membership enhances ones professional credibility and industry recognition.The organization requires members to adhere to certain ethical and professional guidelines,which convey professionalism and commitment to clients,landlords,and other business partners.”“The organization provides outstanding services to its members and is always there to help if you have a question or a concern.I simply would not want to do what I do without them.”The Value of NARPM Membership46About Our RespondentsTHE PROPERTY MANAGEMENT SOFTWARE THEIR COMPANY USESRATES OF NARPM MEMBERSHIP AMONG OUR RESPONDENTSReal estateagent8Companyowner/CEO2Real estatebroker4Operationsmanager6Leasingmanager7Maintenancemanager9Propertymanager1Accountant/bookkeeper3Ofcemanager5Real estateinvestor10TOP 10 JOB TITLES AMONG OUR RESPONDENTS1%RentVine1%DoorLoop1%Yardi Breeze2%Cozy3%None10%AppFolio8%Other8%Propertyware77%Buildium3%Rent Manager24v%Yes,Im a national,state,or local NARPM memberNo,Im not a NARPM memberAPPENDIXOur Rental Owner RespondentsWe conducted our survey of small-portfolio rental property owners during the first quarter of 2023,recruiting our 207 participants from the All Property Management database.THE NUMBER OF RENTAL UNITS THEY OWNWHY RENTAL OWNERS OWN THEIR PROPERTYFOR HOW MANY YEARS THEYVE OWNED RENTAL PROPERTY394Q02!4034$9203THE RENTAL PROPERTY TYPES THEY OWN68%Single-family homes39%Multifamily homes8%Apartment buildings:50 units4%Mobile homes1211510a02115172016 25T&%7%6%Passive income streamActive income streamSentimental reasonsTo move into eventuallyWaiting for a good time to sellTo make available to family/friendsAPPENDIX48THE TOP METRO AREAS WHERE THEY OWN RENTAL PROPERTY1Los Angeles,CA2San Francisco,CA3Chicago,IL7Boston,MA4Phoenix,AZ5Riverside,CA6Orlando,FL8Washington,DC9Tampa,FL10Baltimore,MD11Minneapolis,MN12New York,NY13Arlington,VAWHAT RENTAL OWNERS DO FOR WORKJob thats unrelated to propertiesFull-time landlordFull-time real estate investorNone of the aboveRetired41 %65%RENTAL OWNERS HOUSEHOLD INCOME IN 2022$200,000$100,000$124,999$125,000$149,999$150,000$174,999$175,000$199,9993%5%7#%9%7%5out Our Rental Owner RespondentsAPPENDIXOur Renter RespondentsWe conducted our survey of U.S.adults who rent their homes during the second quarter of 2023,recruiting our 1,578 respondents through SurveyMonkey.THE PROPERTY TYPE RENTERS LIVE IN32%Single-family rental16%Multifamily rental11%Apartment building:50 units5%Mobile homeTOP METRO AREAS WHERE OUR RESPONDENTS LIVE1Los Angeles,CA2New York,NY3Chicago,IL7Newark,NJ4San Francisco,CA5Dallas,TX6Seattle,WA8Riverside,CA9Boston,MA10Philadelphia,PAHOW OLD OUR RESPONDENTS ARE14%Generation Z:Born in 1997 or later31%Generation X:Born between 1965 and 19803%Silent Generation:Born in 1945 or earlier32%Millennial:Born between 1981 and 199620by Boomer:Born between 1946 and 1964APPENDIXTABLE OF CONTENTS5035%Spouse/domestic partner24%No one12%Roommates/friends12%Significant other4%Other relatives24%Minor children13ult children12%ParentsWHO LIVES IN RENTERS HOUSEHOLDSHOW MANY PEOPLE LIVE IN RENTERS HOUSEHOLDS2466Sas5!3%4RENTERS HOUSEHOLD INCOME IN 2022$200,000$100,000$124,999$125,000$149,999$150,000$174,999$175,000$199,9999$%3%8%3%3%1out Our Renter RespondentsAPPENDIXRENTERS TENURE IN THEIR CURRENT PROPERTY35 yrsTABLE OF CONTENTSBuildiumBuildium,a RealPage company,delivers an industry-leading,cloud-based property management platform that lets managers of residential rental and association properties take control of their business,whether in the office or fully remote.Backed by expert advice and relentless support,Buildium outfits property management businesses with intuitive software thats the perfect balance of simplicity and sophistication.Buildium services customers in more than 50 countries,totaling over 2 million residential units under management.PropertywarePropertyware,a RealPage company,is a powerful,customizable,and open software solution designed to help single-family property management companies run their business their way.Propertyware provides unmatched customization,an open API for two-way data exchange,portfolio-level accounting and reporting,and the industrys ideal solution for multi-regional expansion and growth,allowing managers to easily monitor local operations and view holistic reporting.The National Association of Residential Property ManagersEstablished in 1988,NARPM is the only national organization focused primarily on residential property management.NARPM is committed to bringing the highest level of professionalism and ethics to the property management profession.Education is a fundamental component of the organization,with a growing number of classes and materials being developed for members.In addition to the many educational opportunities at local,state,and national conferences,NARPM has developed a core of courses that are required to earn NARPM designations.Learn more about joining the organization on their website:narpm.org/join VISIT BUILDIUM REQUEST DEMO VISIT PROPERTYWARE REQUEST DEMO TABLE OF CONTENTS
2024-08-26
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