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Insightful Statistics About White Plains Property Management

White Plains Property Manager Presenting a Lease Agreement For rental property owners, an important decision must be made whether to manage your properties or get a professional White Plains property management company. On the one hand, do-it-yourself property management can certainly make sense for owners with repair and maintenance skills who enjoy interacting with their renters. But, managing rental properties daily is a true job that can be very time-consuming. This is why for others, professional property management makes more sense. Enlisting a professional to handle all the day-to-day management frees up a lot of time, which rental property owners can use to form and develop leads and quickly grow their investment portfolio.

So, how do rental property owners who hire property management companies compare to rental owners who manage their properties? To deal with this question, here are particular recent statistics referring to rental property management that impart useful insight into the processes and practices of rental property owners nationwide.

Individual Investors Own 20.5 Million Rental Units

Of the close to 50 million rental housing units in the United States, around 41% – or 20.5 million rental units – are owned by individual investor landlords. Generally known as “mom and pop” landlords, individual investors make up a large percentage of rental property owners nationwide, definitely in owning single-family rental homes.

More (Multi-Family) Rental Units Are Owned by Businesses than by Individuals

Meanwhile, closely 25.8 million rental units aren’t owned by individual investors but by several other business entities or collectives. The rental units that aren’t owned by individual investors or families could be in multi-family properties and apartment buildings.

The Average Landlord Owns Three Properties

On average, landlords own about three rental properties. And for plenty of landlords, the combined value of these three properties is below $400,000. Almost 40% of landlords own properties with a combined value of less than $200,000, while 30% own properties valued between $200,000 and $400,000. Another 30% of landlords own properties with a total value above $400,000, with just 7% owning properties worth $1 million or more.

Single Property Landlords Tend to Buy as a Primary Residence

While, indeed, owning three properties is the average nationwide, quite a lot of landlords got their start in rental property ownership by changing a primary residence into a rental. Definitely, about 50% of landlords who obtain just one rental property owned it as a primary residence and then later reformed it into a rental.

Half of All Landlords Manage Their Own Properties

Looking more specifically at property management, statistics impart that practically 45% of property owners manage their own properties. Plenty of these are individual investors and own three or fewer properties.

But really, on the other hand, 44% of property owners outsource their property management works to a professional. These rental property owners could be investors who own properties in more than one state, those looking to add to their wealth by investing, and those who own multi-family properties.

The remaining 11% of landlords are individuals who manage properties owned by others, or professional landlords.

The Benefits of Hiring a Property Management Company

When considering these statistics, it’s very interesting to stress that landlords who manage their own properties tend to find their investment opportunities limited. It’s no coincidence that landlords who manage their own properties tend to own a smaller number of rental properties. Whenever done well, managing rental homes requires a relevant investment in time and resources.

Investors keen to run their investment properties like a business – which they are – tend to work with a qualified professional to manage their properties for them. Plenty of DIY landlords distinguish that professional management is a critical part of their strategy to continue to invest in rental properties.

Savvy and profitable rental property owners hire professional property managers for a lot of very good reasons. Commonly, these reasons comprise gains such as saving time and being able to focus on other important aspects of the rental business. Other likable benefits include having access to more resources, for instance, for marketing purposes, and best financial management and reporting. Hiring an excellent property manager can offer you essential insider information into local rental markets, enable you to successfully find off-market bargain properties, and save money on maintenance and repairs through preferred vendor programs.

Just suppose you’re a rental owner taking into consideration hiring a property management company. These statistics simply mean that it can be a good decision that will aid you to build up your rental business. Whether you’re looking to save time, maximize your rental income, or expand your rental portfolio more rapidly, hiring a company similar to Real Property Management DePenn can benefit you in various ways.


So why wait? Contact us online today to learn more!

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