General Property Management Industry

The property management industry oversees both residential and non residential real estate for property owners, primarily in the form of apartment buildings. The very nature of this industry means that the majority of the consumer base in this industry are high net worth individuals, since real estate as a whole is generally reserved for the wealthy who can afford to buy and sell multiple properties. Responsibilities of owners in the property management industry include, but are not limited to rent collection, trash removal, indoor plumbing, and other general maintenance. This sub industry is distinct from the actual investment and transaction of real estate, even though those in the property management sector frequently deal with accounting matters.

Real Estate Industry Trends

The real estate industry has not been exempt from the debilitating economic impacts of the COVID-19 pandemic. At the base level, stay at home orders and fear of transmission has limited open-houses, and economic insecurity has reduced demand in the housing market. However, changes in the real estate industry has largely been regional — real estate in rural areas have experienced a surge in demand while real estate in metropolitan areas have declined as remote work becomes a prominent alternative to traditional work. The temporary halt of rent payments in 2020 and tenants continuing to struggle to pay rent thanks to the economic downturn brought on by the pandemic has also affected the real estate industry significantly, especially small-scale landlords and property owners who depend on rent payments to make mortgage payments.