Property Management Industry Report 2022
Property Management Industry Report 2022
Property
Management
Industry
RE PORT
2 Introduction
Introduction Property managers know better than anyone that the months since March
2020 have been tough for a lot of people. Regulations enacted to keep
renters in their homes at the beginning of the pandemic have created
incredible hardships for small-business rental owners and property managers
downstream. At times, animosity simmered between renters and landlords,
though their plights had far more in common than they had differences.
Rental assistance, once available, was too difficult for many renters and rental
owners to access, requiring property managers to devote time to filling out
scores of paperwork.
Above all else, property managers remain confident in the value that their
services provide for their customers—and this value has never been more
clear to renters and rental owners than it is now. In the face of incredible
uncertainty, property managers’ customers have continually turned to them
for guidance. And property managers have turned to technology to bring
their capabilities online, making their services more convenient for customers
determination to adapt and grow back and watch certain things unfold
before our eyes. We cannot wait to
in the constantly shifting conditions
be able to get back into our on-site
that are now a matter of course. role 100% in order to provide for our
clients and tenants to the best of our
abilities. (Buffalo, NY)
TA B L E OF
Contents
2022
º Household Composition
4 Property Managers’ Relationships
º Demand for Single-Family &
with Owner Clients Suburban Rentals
• The Value of Property Managers’ º Renters’ Changing Amenity
Services During the Pandemic Preferences
• Why Rental Owners Hire Property • Opportunities for Property Managers
Managers to Satisfy Renters’ Needs
• Owners’ Outlook on the Current
Rental Market 6 Property Managers’ Use of Technology
º Property Managers’ Shifting • The Tools Property Managers Have
Client Base
Found Most Useful in 2021
º Rental Owners’ Stressors & • The Interplay Between Technology
Demand for Services
& Customer Service
• Rental Owners’ Technology Preferences
5 Property Managers’ Relationships
• Residents’ Technology Preferences
with Residents
S E C T I O N TWO
A Snapshot of Property
Management Companies
in 2021
Our Respondents’ Portfolios
1 Los Angeles, CA
2 Chicago, IL
3 Phoenix, AZ
4 Tampa, FL
5 Boston, MA
6 Atlanta, GA
7 Houston, TX
8 New York, NY
9 Dallas, TX
10 San Francisco, CA
11 Denver, CO
12 Miami, FL
13 Detroit, MI
14 Seattle, WA
15 Minneapolis, MN
Their Top 10 Priorities for the Year How Large Their Teams Are
(Including Themselves)
1 Residents
2 Growth 1 17%
9 Staff
10 Technology
SE C T I O N TH REE
Property Managers’
Growth Plans
Property Managers’ Burgeoning Plans to Expand
1. Portfolio growth is a top priority for property managers in 2021, with 41% of property
managers reporting that it’s one of their three main areas of focus for the year.
2. The vast majority of the property managers we surveyed plan to expand their portfolios
over the next two years. 86% say they plan to add new properties to their portfolios in the
near future—the highest growth expectations that we’ve seen since 2016. This includes a
sudden, unprecedented jump in growth expectations of nine percentage points between
August 2020 and July 2021.
3. Most property managers we surveyed have added new properties to their portfolios
over the last two years. This is the highest rate of portfolio growth we’ve seen in our
population since 2017, with 73% of property managers reporting that they’ve recently
acquired new properties.
4. Property managers are seeing the benefit of diversifying their portfolios. The pandemic
revealed how a single event can cause dramatic shifts in demand. As a result, property
managers who have previously focused their business model on a particular type of
housing or population are considering branching out to provide greater stability.
Until the market settles down and prices stabilize, I feel that
we will still see a volatile market for retaining properties to
manage. We are looking to manage more associations and/or
commercial sites to create a more solid base. (Boston, MA)
18%
Stayed the same
9%
Shrank
35%
37%
Expanded
Expanded significantly
a little
Note: In this year’s survey, more rental owners report that they plan to
acquire new properties over the next two years than in the previous four
years of surveys we’ve run.
2. Through Referrals
♦ 17% of property managers who manage properties they own plan to sell off
resource-intensive or unprofitable properties as they grow over the next
two years.
More property managers expect their revenue to increase over the next
two years than we’ve seen since 2018, a significant improvement since
the early months of the pandemic.
43%
Expect it to increase significantly
48%
Expect it to increase a little
7%
Expect it to stay the same
2%
Expect it to decrease
47%
Increased a little
31%
Increased significantly
13%
Stayed the same See charts in appendix for more detail:
1. By Raising Rents
♦ 55% of property managers plan to raise rents on new leases, making this the
most popular tactic for generating additional revenue over the next two years.
♦ 48% of property managers plan to raise rents upon lease renewal, making this
the second most popular revenue generation tactic.
Rents are on the rise again in many markets, particularly for new leases in single-
family rental communities; rentals that are affordable to low- and middle-income
renters; and popular metros in the South and West. One motivation behind rising
rents, besides the reality that rental demand continues to outpace the available
supply, is the need to balance out the rent payments that property managers and
owners didn’t receive over the last year.
Rents are increasing to cover the added cost of no/slow payers, [and] I've
got owners who want shorter leases to avoid potential eviction issues if the
CDC issues more moratoriums. (Fort Wayne, IN)
2. By Raising Fees
♦ 36% of third-party property managers plan to raise rates/fees for new clients—the third
most popular tactic for revenue generation that property managers plan to use over the
next two years.
♦ 30% of third-party property managers plan to raise rates/fees for existing clients.
3. By Updating Properties
♦ 33% of property managers plan to make value-add updates to the properties they manage,
particularly those who manage multifamily rentals.
Note: This includes 38% of property managers who manage properties they own,
and 31% of third-party property managers.
We're engaging in flips of unwanted properties to either resell or add to our portfolio.
(Dayton, OH)
We have added new amenities to our complex in order to increase rental rates and
have more to work with for repairs and improvements. (Logan, UT)
We have recently created a tenant insurance packet to boost the credit score of
our tenants and our revenue stream. (Reno, NV)
We added a resident benefit package and updated our pet fees and policies.
(Wausau, WI)
♦ 27% of third-party property managers plan to expand the services they provide to
clients through their in-house staff, while 23% will expand their services with the help
of external vendors.
WH AT P R OP ERT Y M A NAGER S A R E D O I N G :
S E C T I O N FOU R
Property Managers’
Relationships with
Owner Clients
The Value of Property Managers’ Services During the Pandemic
27% of third-party property managers selected ‘clients’ as one of their top three priorities
for the coming year. This reflects the energy that property managers are exerting to fulfill
their clients’ expectations around responsiveness and personalization of services during the
pandemic, and as clients have required additional support with their properties’ finances.
Property managers have never had more responsibilities than they have during the
pandemic; but between the spread of the virus, the uncertainty of rent payments, and the
increase in regulations on the rental market, many feel like they’ve never had less control
over the environment they’re operating in.
Many property managers have reported the pandemic, even as owners have had to
feeling like there’s nothing they can do to become more cost-conscious. In particular,
completely satisfy their clients’ expectations, rental owners have been grateful for property
motivating them to work harder than ever managers’ expertise on regulatory changes,
to prove their value. We saw this dynamic property finances, and local market conditions;
play out in this year’s survey responses: 3 as well as their ability to manage maintenance
in 5 property managers believed that they and residents—especially for the 57% of
provided more value to their clients than owners who hired a property manager because
ever before during the pandemic, while 3 in 5 they don’t live near their rental properties.
rental owners felt that their property managers’
value stayed the same. (Notably, just 5% of Ultimately, after the financial instability and
rental owners felt that their property managers’ increase in regulations that their clients have
services had decreased in value.) experienced since March 2020, property
managers feel confident that the owners who
Despite this difference in perception, both remain in the rental market going forward
property managers and rental owners agree will be far less likely to try to manage their
that the value of property management properties without the support of a professional.
services has come into clear focus during
Even when the pandemic is over, I think our client base will not be willing to switch back
to 'normal.' They will expect us to continue to provide the same online and convenient
services. (Eugene, OR)
Given that all of our tenants are in stressful situations, we were expected to handle or
excuse more lease breaks, complaints, etc. at our expense.
We do not live in the same country as our rental property. Our property managers have been
invaluable. Tenants left and property managers marketed the property, showed it, found good
tenants, handled leasing, cleaning, and renovations—everything! (Newark, NJ)
I feel that [the value of my property manager’s services] stayed consistent and steady.
Nothing up or down or out of the ordinary, which says a lot considering what the world and
economy has gone through. (Logan, UT)
3. Distance is the most common reason why Why Rental Owners Work with
rental owners hire property managers, but a Property Manager in 2021
less so than in the past. In 2021, 57% of rental
owners have a property manager primarily
Don't live near their property 57%
because they don’t live near their properties;
but this represents a decrease of ten Need help managing their
48%
residents
percentage points since January, potentially
indicating that rental owners who don’t live Need help managing
47%
maintenance
near their rentals (who tend to be Accidental
Landlords) were more likely to sell their Need help with regulatory
25%
compliance
properties over the past year.
Need help with property
21%
accounting
4. Resident management is an increasingly
Need help increasing their
popular reason why rental owners hire 19%
profitability
property managers. 48% of rental owners
reported this as a primary reason why they Want to be able to focus on
6%
growth
work with a property manager in 2021—up
from 42% in 2020—as the need for hands-on
problem-solving and on-the-ground support of
resident-related issues has increased due to See charts in appendix for
the pandemic. more detail:
Between January and May 2021, we saw a slight decrease in the number of rental owners who
planned to acquire new properties over the next two years. Even so, 46% of investors and 36%
of rental owners overall plan to expand their portfolios—more than we’ve seen since 2017, and
far more than during the initial months of the pandemic. As we expected, in areas where the
overheated housing market has inflated prices, some investors are delaying their acquisition
plans. However, it’s promising to see that most investors who don’t plan to grow in the next
two years do plan on holding onto their properties.
7%
17%
50%
19%
47%
29%
19%
12%
I feel that the rental freezes essentially scared the type of first-time
investors that didn't really understand the risks involved in investment
property ownership. By that, I mean the type of buyer that stretched
themselves too thin in order to purchase, but never understood that a
property could sit vacant for periods of time, or need substantial repairs, or
a pandemic may come and freeze that revenue flow. This isn't necessarily
a bad thing, as these owners were always the last to spend money on
repairs, upgrades, or preventative maintenance. So this led to an uptick in
properties being snatched up in the area by seasoned investors who do
pour money into upgrades in order to keep their properties competitive
against others on the market, as well as get the highest and best use in
terms of what they make in rent. (New Orleans, LA)
Some clients intend to hold onto their investment for life, no matter what
the changing market holds for them. For them, we are valuable and will
never lose our worth. For other clients, we feel that our role has changed
and we are only helping transition their properties from a mediocre rental
to a sellable house. They intend to sell as soon as the time is right. More
and more, we believe that more clients are switching over to the second
scenario. (Eugene, OR)
R ENTA L OWNER S’ P ER SP EC TI V E :
22%
29%
3. Unintentional Investors came to own 49%
rental property for circumstantial reasons,
but now consider themselves investors.
Intentional Investors
Accidental Investors
Unintentional Investors
[The pandemic has] highlighted the need for knowledge around current and
legislative events in their local markets. Landlords and tenants need to know
their current rights, and there are so many that don't. (Denver, CO)
We have moved from rent collector to advisor on rentals. In California, with eviction
moratoriums, we were often the bearer of bad news, but the only source of info for both
owners and renters. (Riverside, CA)
We deal more in information. [Our role as a] trusted advisor has increased. (Nashville, TN)
Maintenance & Repairs During the Pandemic Rental Owners' Top 10 Sources
of Stress in 2021
Across the board, there’s one area where rental
owners remain more stressed than they were
Maintenance 55%
prior to the pandemic: Maintenance and repairs.
This remains a top source of stress for 55% Filling vacancies 24%
requiring rental owners and property managers Finding/working with vendors 16%
to spend more time communicating with them,
Renovations 15%
coordinating maintenance work, and addressing
issues on-site. In addition, supply chain issues Rent collection 14%
and a shortage of vendors are resulting in delays
Portfolio/business growth 11%
that they worry will cause dissatisfaction among
their residents.
There are three main areas where property managers have an opportunity to supplement their
current offerings with the right technology and expertise.
1. Reporting: The number of rental owners who expect their property manager to offer
financial reporting capabilities—for each of their individual properties, as well as for
their overall portfolios—is rising as owners increasingly utilize their rentals as a passive
source of income. 1 in 2 rental owners agree that reporting and transparency are a top
consideration in choosing a property manager, particularly for investors; and that financial
reporting is a process that they want their property manager to offer to them using digital
tools or software.
2. Legal advice is the only service where the level of interest from rental owners exceeds the
number of property managers who provide it: 25% of rental owners want their property
manager to offer legal advice, but just 10% of property managers currently provide
it. Property managers can consider partnering with legal experts in their networks to
exchange referrals for clients interested in legal advice and property management.
3. Investment advice: A small but consistent number of investors want their property
managers to provide investment advice for rentals they’re considering purchasing—for
example, conducting walk-throughs of a property to point out potential issues and
opportunities. 22% of property managers currently offer investment advice to their clients.
S E C T I O N FIVE
Property Managers’
Relationships with Residents
A Shift in How Property Managers & Renters Relate
Since March 2020, property managers Some property managers feel that these
have devoted significant energy to resident pandemic-driven changes have brought
management as they took on a more active them closer to their residents by requiring
role in the collections process than ever them to communicate regularly about
before, including hammering out payment their personal and financial situations and
plans with struggling residents and helping prioritize empathy in their interactions.
them fill out cumbersome applications Several of our respondents told us that they
for rental assistance. In addition, due to see a direct connection between the trust
moratoria on evictions, the need for rigorous they’ve fostered with their residents and the
tenant screening and the retention of great loyalty they’ve received in return, with some
residents has become crystal-clear, making noticing fewer residents moving out than in a
this a key component of property managers’ normal year.
value to rental owners in 2021.
Renters living in small rental properties owned by small-business rental owners were hit
particularly hard by the pandemic. As of May, 10% of the renters we surveyed remained
worried about their ability to afford their rent—down from 18% the previous August—but
this remains an area of concern, particularly with many renters having depleted their
emergency resources to stay on track with rent payments during the pandemic, and rent
growth on the rise once again.
1
"The State of the Nation's Housing 2021," Joint Center for Housing Studies, https://
www.jchs.harvard.edu/state-nations-housing-2021, (June 16, 2021)
41%
Plan to remain in current rental
See chart in appendix for more detail: Renters' Reported Plans to Move, 2018 to 2021
R EN T ER S’ P ER SP ECT IV E :
When asked why they rent their homes, for many renters, the answer is simple:
They rent because their finances don’t allow them to own a home. But the
number of renters who rent primarily for this reason has been falling since 2019.
As a result, the number of renters who rent for other reasons—for example,
because they like the flexibility that renting gives them, or don’t want the
responsibility of owning a home—has been on the rise.
Home prices have risen further out of many renters’ reach over the last year as a confluence
of factors have increased the demand for homes, including low interest rates; evolving needs
for living spaces; the rise of remote work; an uptick in household formation; and rising savings
among higher-income workers.
However, the demand for homes is constrained by the available supply, resulting in a severe
shortage of houses that the average renter can afford. In addition, with rent growth outpacing
wage growth and the burden of student loan debt, many renters struggle to save enough to
make a sizable down payment—increasing the likelihood that those who are able to buy a
home will have higher monthly payments due to private mortgage insurance.
Renters who were able to purchase homes in the early months of the pandemic tended to
have higher household incomes, and paid more for their homes than buyers did in the months
preceding the pandemic2—evidence of how homeownership has become even less attainable
for low- and middle-income renters in recent months.
2
"The State of the Nation's Housing 2021," Joint Center for Housing Studies, https://www.jchs.harvard.edu/state-nations-
housing-2021, (June 16, 2021)
With buying a home remaining outside the realm of possibility for many renters, and with renters
(particularly young adults) forming new households at an increased pace, property managers are
experiencing an increase in rental demand.
Housing costs in the area have skyrocketed, which means that buying a house is out of
the question for now. Renting costs are also on the rise, making it doubly hard to find an
affordable rental. So when our current lease ends, we are in a quandary as to what to do next.
If our landlord raises the rent too much, we will have to move out of the area. (Austin, TX)
I’ve been trying to buy. Can’t afford it. And rent is so high that I can barely start saving for a
down payment. It’s a vicious cycle. (Provo, UT)
Household Composition
The Americans living in renter households are a more diverse group than ever before,
increasingly including children, older adults, and multigenerational families. To ride the wave
of demographic shifts over time, property managers should consider how they can adjust their
offerings to not just suit the needs of the average renter, but of the specific household types that
are likely to live in small rental properties, both now and in the future.
Other relatives 6%
1. Within our sample, the number of renters living in single-family rentals has been on the
rise for the last several years, and now stands at 37%. This represents an increase of five
percentage points since 2018, mirrored by a slight decrease in the number of renters living
in multifamily homes and apartment buildings.
2. Much of the demand for single-family rentals is coming from young and middle-aged
renters who can’t afford to buy homes of their own, but who need room for the children,
relatives, and pets who live in their households, as well as for remote work and learning.
Though older adults are more likely to live by themselves in apartment units, a significant
minority of retirees are interested in aging in place in a rental that feels like a home, driving
interest in single-family rentals among older adults as well.
3. Renters in our sample increasingly live in the suburbs rather than in downtown
neighborhoods, and we’ve seen growth in the number living in rural areas, too. In 2018,
the same number of renters lived in urban and suburban neighborhoods; and now, there’s
a 10-point gap between them. The number of residents who rent in order to live in a
central neighborhood has decreased as renters increasingly favor the affordability and
space that suburban rentals can offer.
Suburban 47% Which Property Types Renters Live In, 2018 to 2021
Rural 16% Which Property Types Renters Live In, by Age Group
REN T ER S’ P ER SP ECT IV E:
One aspect [of the pandemic’s effect on the rental market] is the 'work at home'
movement, with more residents in the apartment building than before. Another is
less desirability for apartment living vs. the suburbs, although I do think that the next
generation of young people will come back to the cities for economic opportunity and
social activities. (San Francisco, CA)
People will permanently be home more often, so bigger and nicer places are in
higher demand. [We're] doubling down on making homes nicer—upgrading to nice
appliances, etc. (Los Angeles, CA)
During the pandemic, the popularity of single-family rentals has surged among renters, investors,
developers, and builders alike. As of mid-2021, the size of the single-family asset class ($3.4 trillion)
has nearly caught up to the multifamily sector ($3.5 trillion), according to real estate lender Walker
& Dunlop3—one sign of the massive sea change that has occurred within the sector in recent years.
As a result, property managers are seeing increased competition within the sector from larger firms
and institutional investors—both those who buy up and manage existing properties, and those who
develop and run new rental communities. Because larger firms can generally offer economies of
scale that smaller businesses can't, it can be hard for property management companies to compete
on price. But they're determined to remain competitive in the industry by providing the kind of
personalized customer service that large firms can't.
It's estimated that 1 in 10 single-family homes are currently being built within build-to-rent
communities3, showing the enormous promise that institutional investors see in this space.
However, it's important to note that small-portfolio landlords still own the vast majority of
single-family rentals in the U.S. This is a population that will continue to seek the assistance of
knowledgeable, personable property management experts in their communities.
3
"Financing Your Build to Rent Vision," Walker & Dunlop, https://explore.walkerdunlop.com/financing-your-build-
for-rent-vision, (July 20, 2021)
Industry giants developing SFRs for leasing will have a long-term effect on our
business. (Las Vegas, NV)
[The pandemic] increased the number of properties held by a small group of large
players. (Sacramento, CA)
When deciding where to live, renters increasingly prioritize the comfort, safety, and
affordability of their units over the amenities that might be available in their rental
community or building. The popularity of shared spaces and amenities has increased since
the height of the pandemic, but is still below where it was before. This trend may also be
influenced by renters’ increasing interest in single-family rentals over apartment buildings.
8 Family-friendly neighborhood
10 Dishwasher
We asked renters what advice they would offer to help their property manager meet their
needs. Their feedback centered around eight main themes:
1. Respond to emails, phone calls, and maintenance requests right away—even if you
don’t have a solution just yet. With many processes being automated with technology,
it’s important to provide memorable customer service at every single touchpoint. Prompt
responses, even just to say you’ve received the message, are much appreciated by renters.
2. Give renters options to pay and communicate in the way that’s convenient for them. A
majority of renters appreciate the convenience of online payment and communication
options, but others value having the opportunity to interact with you in person or over the
phone. Find out your renters’ preferences, and make sure that your staff can support them.
In addition, the pandemic has opened up lines of communication between renters and
property managers regarding payments; so consider how alternative payment schedules—
for example, allowing renters to pay their rent by a different deadline, or in multiple
installments throughout the month—can help you to ensure on-time payments.
Focus on your digital efforts. Due to your number of renters, it is unlikely we will
ever get to know each other personally, but we could develop a professional
relationship; and the best way is for you to focus on improving how to interact
with you, particularly surrounding communications and payments. (Seattle, WA)
Do a walk-through to fix minor issues in between each lease renewal—all the little
things we put up with and don’t need immediate attention. I feel bothersome when
I ask my landlord to drive out and fix something so minor. Having those things fixed
before signing a new lease would be beneficial. (Boston, MA)
7. Get a sense of how often your residents want to hear from you. Some want to get to
know you, while others prefer to remain relatively anonymous in the place where they live.
Some want to know everything that’s going on in the community, while others only want to
be notified of issues that affect them directly. The residents that we surveyed suggested
getting a sense of each renter’s preferences during the lease signing process.
8. Make sure that your residents know that you care about their experience. Ask how
things are going, respond to requests quickly and empathetically, and care for the property
with the understanding that they consider it their home.
Ask tenants what would make them treat the rental as if it were their own home.
(Reading, PA)
SE C T I O N S IX
4 Trends in 2021
1 Online payments
The Top 5 Ways Renters The Top 5 Ways Renters Search for a
Want to be Contacted Place to Live
How Renters Currently Pay Rent vs. How They'd Prefer to Pay
We asked renters about their preferences, annoyances, and concerns when it comes
to paying their rent electronically. Based on their responses, here are the nine
recommendations that we have for encouraging your renters to start paying online:
1. Confirm when you’ve received their payment (or use a system that provides them
with time-stamped proof of payment), and reach out before charging a late fee if the
payment wasn’t received. Explain that paying online creates a full digital transaction
history, which provides much better documentation than easy-to-lose paper receipts.
3. Emphasize the convenience of being able to pay from anywhere, at any time.
Many renters work non-standard business hours, live far away from their bank, or
would simply prefer not to pay in person. A majority of respondents told us it’s been a
game-changer for them to be able to pay from the comfort of their home at any time.
4. Reassure them of the security of online payments in comparison with cash, checks,
and other physical payment methods. Older renters expressed a significant number of
anxieties and misconceptions about the security of making payments online. Be sure to
detail the ways that their payment information is kept safe and private.
5. Consider enabling credit card payments to allow renters to earn points by paying their
rent each month; and consider services that report on-time payments to credit bureaus
to help them build their credit.
6. Think about allowing residents to pay in installments throughout the month, or to pay
by a different due date, to accommodate alternative pay schedules.
7. Make clear how easy it is to get set up and start making online payments; and
provide them with self-serve resources in case they run into trouble.
8. Put some thought into the convenience fees you charge. Renters expressed
confusion about why they’re charged a fee if they’re being encouraged to pay online.
Setting fees at the right level requires balancing the revenue you generate with the
disincentive fees create. It might require some experimentation to find a fee that’s low
enough to not dissuade most renters from paying online, but that still provides you with
an additional revenue stream.
9. Give renters options. Some renters who have been paying via cash or check for
decades just don’t see the benefit in switching to a new method. Offering electronic
payments as one of several options can be a smart approach if you have renters who
are older, get paid in cash, or seem to appreciate the face-time with your staff.
S E C T I O N S EVEN
rentals and (like property managers) plan smaller property management companies
to grow at far higher rates than in the in direct competition with institutional
conditions, regulatory changes, and real increased efficiency for staff and vendors,
A P P E ND IX
Property Managers
About the 2021 Industry Survey
Our survey of property managers was conducted in June and July of 2021. Our 2,178
responses were drawn from Buildium, NARPM, Propertyware, and All Property Management’s
databases of property managers.
Restaurants 9%
4% 2%
5%
7% 15%
1 0
14%
13% 2 8% 1
3 2
17%
49% 4 68% 3
5+ 4
5+
The Top 10 Job Titles How Old Are How Many Years
They Identify With Property Managers? They've Worked in
Property Management
More common
9 Asset manager
Custom-built software 1%
Being a NARPM member has helped me grow both my business and myself as a property
manager. A serious professional should have a sense of obligation to be a part of an
organization that is dedicated to the betterment of your profession and yourself.
NARPM helps tremendously in bettering business operations and growing the business.
Worth its weight in gold. It wasn’t until I joined NARPM that my business really took off and
I had the tools, help, and technology to understand how to make my business grow.
H2- H1-
2021 2019 2018 2017 2016
2020 2020
Increased significantly over the last 2 years 31% 32% 34% 36% 34%
Increased a little over the last 2 years 47% 48% 47% 47% 47%
Stayed the same over the last 2 years 13% 13% 13% 13% 14%
Property
10% 11% 13% 16% 17%
improvements
Note: Additional data on our respondents’ portfolios, teams, services, and priorities can be
found in Section 2.
A P P E ND I X
Rental Owners
About the 2021 Owners’ Surveys
Our 2021 surveys of rental owners were conducted in January and May. Our 1,051 responses
between the two surveys were drawn from All Property Management’s database of rental owners.
5%
2% The Number of Units in 1 49%
9% Rental Owners' Portfolios 2-5 34%
6-10 9%
34%
11-20 5%
49% 21-40 2%
41-150 1%
>150 1%
What Rental Owners Do for Work The Number of Metros Where Rental
Owners Own Property
Full-time job unrelated to
46%
their properties
1 Los Angeles, CA
2 Phoenix, AZ
3 Chicago, IL
4 Seattle, WA
5 San Francisco, CA
6 Denver, CO
7 Dallas, TX
8 Riverside, CA
9 San Diego, CA
10 Washington, DC
11 New York, NY
12 Houston, TX
13 Arlington, VA
14 Atlanta, GA
15 Baltimore, MD
3% — Retail properties
2% — Offices
1% — Industrial properties
1% — Parking lots/garages
1% — Storage units
92%
Residential only
1% — Restaurants
18-29 1%
20% 20%
30-39 7%
40-49 18%
50-59 25%
60-69 30%
70-79 17%
80 or older 3%
11%
11%
10%
9%
How Many Years
Rental Owners Have
7%
Owned Property
6%
1-2 12%
3-5 13%
3%
3%
6-10 19%
11-15 20%
16-20 13%
>20 24%
<$10,000
$10,000-24,999
$25,000-49,999
$50,000-74,999
$75,000-99,999
$100,000-124,999
$125,000-149,999
$150,000-174,999
$175,000-199,999
>$200,000
A P P E ND I X
Additional Charts
Rental Owners' Expected
Portfolio Growth, 2020 & 2021 H2-2021 H1-2021 H2-2020
Expect to grow a little over the next 2 years 29% 29% 21%
Expect to stay the same size over the next 2 years 47% 49% 56%
Rental Owners'
Expected Portfolio H2- H1-
2020 2019 2018
Growth, 2018 to 2021 2021 2021
Waiting for a good time to sell 11% 12% 17% 15% 16%
The Services Rental Owners Want Property Managers to Provide, 2019 to 2021
Accounting/
19% 24% 18% 18%
bookkeeping/taxes
Finding/working with
18% 22% 31% 30%
property manager
Legal issues/regulatory
17% 21% 15% 13%
changes
Finding/working with
16% 18% 19% 19%
vendors
Portfolio/business
11% 16% 10% 8%
growth
Communication 8% 14% 7% 6%
Efficiency 4% 7% 4% 3%
Document storage/
42% 39% 49% 43%
sharing
Lease signing/
66% 62% 64% 64%
storage
Maintenance
69% 58% 55% 62%
requests/tracking
A P P E ND I X
Renters
About the 2021 Renters’ Surveys
Our 2021 surveys of renters were conducted in January and May. Our 3,974 responses between the
two surveys were recruited from SurveyMonkey’s database of U.S. adults who rent their homes.
OU R RE NT E R R E S POND E NTS
18-29 27%
30-39 16%
40-49 16%
50-59 16%
60-69 15%
70-79 8%
80 or older 2%
Middle-aged adults — 26% Generation X 26% Born between 1965 and 1980
*Note: There are more middle-aged and older renters in our pool of respondents than in the U.S. population
overall to ensure that the generational differences we discover are statistically significant.
5+ 11%
Freelancer/entrepreneur 6%
Full-time student 5%
Stay-at-home parent 4%
3 Chicago, IL 13 Portland, OR
4 Boston, MA 14 Seattle, WA
5 Dallas, TX 15 Las Vegas, NV
6 Miami, FL 16 Newark, NJ
7 Atlanta, GA 17 Baltimore, MD
8 Phoenix, AZ 18 Columbus, OH
9 San Francisco, CA 19 Denver, CO
10 Tampa, FL 20 Cleveland, OH
<1 14%
1 13%
2 17%
3 12%
4 7%
5 6%
6-10 17%
11-15 6%
16-20 3%
>20 5%
Senior housing 7%
Luxury housing 6%
Co-living 5%
Student housing 4%
Military housing 2%
A P P E ND I X
Additional Charts
Renters' Reported Plans
to Move, 2018 to 2021 H2- H1-
2020 2019 2018
2021 2021
Plan on moving when their lease ends 29% 21% 32% 27% 23%
Finances prevent them from buying a home 34% 32% 40% 45%
Current rental meets their needs/don't want to move 21% 18% 12% 13%
How to read this chart: In the single-family rental properties that you manage, 21.1% of your residents are likely
to be One-Person Households, 23.9% are Couples Without Kids, and 25.3% are Multigenerational Households.
Multi-
Couples One-Person Couples Roommate Single-Parent
Generational
Without Kids Households with Kids Households Households
Households
Renters who live Renters who live Renters who live Renters who live Renters who live
with a significant Renters who live with their parents, with a significant with roommates with children
other and no kids by themselves adult children, or other and kids who they're not under age 18 and
under age 18 other relatives under age 18 related to no other adults
Single-family rental
35% 19% 30% 19% 14% 4%
homes
Multifamily rental
32% 24% 30% 15% 12% 2%
homes
Apartment buildings
29% 41% 15% 9% 10% 3%
(all sizes)
Apartment buildings:
28% 38% 18% 11% 10% 3%
<11 units
Apartment buildings:
29% 44% 14% 7% 9% 3%
11-50 units
Apartment buildings:
32% 40% 13% 10% 9% 4%
>50 units
Mobile homes/
32% 18% 29% 13% 16% 2%
other types
Change Between
↑ 5 points ↓ 2 points ↑ 5 points ↑ 5 points ↓ 1 point ↓ 1 point
January & June 2021
*Note: These numbers don't add up to 100% because there's some overlap between household types (for example, Couples with Kids
may live in Multigenerational Households).
Which Property
Types Renters Live
In, 2018 to 2021 H2- H1- H2- H1-
2019 2018
2021 2021 2020 2020
Apartment buildings:
14% 15% 13% 15% 15% 13%
<11 units
Apartment buildings:
12% 15% 13% 11% 14% 13%
11-50 units
Apartment buildings:
15% 16% 14% 14% 18% 19%
>50 units
Which Property
Types Renters Live
In, by Age Group Young Middle-Aged Older Renters
Adults Adults Adults Overall
Apartment buildings:
14% 14% 15% 14%
<11 units
Apartment buildings:
10% 11% 17% 12%
11-50 units
Apartment buildings:
14% 10% 21% 15%
>50 units
Spacious/low-density
21%
neighborhood
Uninterested in neighborhood
5%
characteristics
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