AppFolio’s Second Annual Property Manager Benchmark Report Reflects Changing Dynamics of 2024 Real Estate Market

AI adoption, data security, and resident experiences expected to redefine property management strategies this year

Santa Barbara, Calif., February 15, 2024 — AppFolio, Inc. (NASDAQ: APPF), the technology leader powering the future of the real estate industry, today released its second annual AppFolio Property Manager Benchmark Report, offering insights into the industry’s strategies and priorities for 2024.

Based on responses from more than 5,000 U.S. property management professionals, this comprehensive study encompasses a diverse cross-section of the property management sector. It reveals that maintaining high occupancy is a top concern, due in part to rising vacancy rates. More than one-third (35%) of respondents report maintaining high occupancy rates as a top threat for 2024 – a 12% increase compared to 2023.

Additionally, respondents are less likely to raise rents this year when not also making improvements to the unit or building, decreasing from 70% of property management professionals in 2023 to just 42% in 2024. All signs point to a more competitive rental market in 2024 — highlighting the need for property managers to find new ways to attract residents, uncover cost savings, and make their businesses more resilient.

“As we navigate a changing rental market in 2024, property managers are looking to improve operational efficiencies to maintain a competitive edge,” said Stacy Holden, Senior Director, Industry Principal at AppFolio. “We believe the biggest levers they have to address today’s challenges are adopting AI to boost productivity, improving resident experiences through technology, and prioritizing safe and secure processes.”s

Other takeaways from the 2024 AppFolio Property Manager Benchmark Report include:

Survey Methodology

AppFolio surveyed 5,350 U.S. based property management professionals with 50 or more residential units in their portfolio from November 16, 2023 to December 4, 2023.

About AppFolio, Inc.

AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

For more information, please contact:
Mission North for AppFolio
appfolio@missionnorth.com