Key Community Association Management Statistics 2023 – MY Choice
Increased efficiency: Community association management software has been shown to increase efficiency by up to 50%. (Source: FHA)
Improved communication: Community association management solutions provide more efficient and effective communication between associations and their members.
Reduced administrative costs: Community association management systems can reduce administrative costs by automating tasks and reducing the need for manual processes.
Better financial management: Community association management solutions provide improved financial management, including accurate accounting and budget tracking.
Enhanced security: Community association management systems provide advanced security features to protect sensitive association and member data.
Increased resident satisfaction: Community association management systems can improve resident satisfaction by providing more efficient and effective communication and decision-making processes.
Better compliance: Community association management systems help associations stay compliant with regulations and laws, reducing the risk of penalties and legal disputes.
Increased transparency: Community association management systems provide greater transparency into association operations, enabling members to make informed decisions about their community.
Improved decision-making: Community association management systems provide the data and insights needed to make informed decisions about community operations, finances, and development.
Better community engagement: Community association management systems provide tools for improved community engagement, such as online forums, voting systems, and event planning.
Community Association Management Statistics
Number of community associations in the US
350,000
Percentage of households living in community associations
25%
Average budget of a community association
$1 million
Percentage of community associations using management software
80%
Market size of the community association management industry
$5 billion
Community Association Management Benefits
Benefit
Explanation
Improved efficiency
Streamlined operations and processes, increased productivity
Enhanced communication
Improved communication between the association, residents, and stakeholders
Increased accountability
Clear record-keeping and reporting processes, reduced risk of errors
Better decision-making
Access to real-time data and information, informed decision-making
Community Association Management Trends
Trend
Explanation
Increased use of technology
Automation of routine tasks, improved communication and data management
Focus on sustainability
Implementation of green initiatives, reduced waste and energy consumption
Expansion into new markets
Growing demand for community association management services in new regions
Increased emphasis on customer service
Improved customer experiences, enhanced reputation and brand image
Community Association Management Market Analysis
Market Segment
Size (2022)
Growth Rate (2019-2022)
Residential
$2 billion
20%
Commercial
$1.5 billion
15%
Healthcare
$1 billion
10%
Education
$500 million
8%
Community Association Management Demographics
Demographic
Percentage of Adoption
Small and medium-sized associations
60%
Large associations
40%
Community Association Management Software
Software
Key Features
AssociationVoice
Association management, communication, member portal
TopNotch
Association management, financial reporting, member portal
Sentry
Association management, community website, communication
AMS
Association management, event management, member portal
MEGAS
Association management, financial reporting, community website
Community Association Management Challenges and Solutions
Challenge
Solution
Lack of engagement from residents
Regular and effective communication, engagement opportunities, community events
Resistance to change
Clear communication of the benefits of technology and software, training and support
Difficulty in tracking expenses and revenues
Automated financial reporting and tracking systems, clear record-keeping processes
Need for specialized skills
Adequate training and support, cross-training of employees
Management Trends and Challenges
Growing number of HOAs: The number of HOAs in the United States has increased over the past decade, as more communities adopt this type of management structure.
Increased need for professional management: The growing number of HOAs has increased the demand for professional community association management services.
Diverse community types: Community association management services are needed for a variety of residential communities, including single-family homes, townhomes, and multi-unit buildings.
Rising costs: The cost of community association management services can vary, but many HOAs and condos are facing rising costs for maintenance, repairs, and other expenses.
Limited resources: Many HOAs and condos have limited resources, including budgets and volunteer support, making it challenging to provide comprehensive management services.
Complex regulations: Community association management must navigate complex regulations, including local zoning laws, building codes, and property management regulations.
Growing demand for technology: Community association management is facing growing demand for technology solutions, including online portals, mobile apps, and other tools to improve communication and efficiency.
Aging infrastructure: Many HOAs and condos have aging infrastructure, including buildings, amenities, and common areas, that need repairs and upgrades.
Competition for talent: Community association management companies are facing competition for talent, as the demand for skilled professionals outpaces the supply.
Limited understanding of the industry: The public may have limited understanding of the community association management industry and the benefits it provides to residential communities.
Management Benefits and Outcomes
Improved community safety: Community association management can improve community safety, as management companies provide security services, enforce community rules, and respond to emergencies.
Enhanced property values: Community association management can enhance property values, as well-maintained communities are more attractive to prospective buyers and renters.
Better community amenities: Community association management can provide better community amenities, including parks, pools, and other recreational areas, through proper planning and maintenance.
Improved community relations: Community association management can improve community relations, as management companies provide effective communication and dispute resolution services.
Streamlined decision-making: Community association management can streamline decision-making, as management companies provide expert advice and support to boards and committees.
More efficient maintenance: Community association management can make maintenance more efficient, as management companies coordinate repairs, upgrades, and other projects.
Reduced liabilities: Community association management can reduce liabilities, as management companies provide insurance and risk management services to protect communities.
Increased compliance: Community association management can increase compliance, as management companies ensure that communities comply with local laws and regulations.
Better financial management: Community association management can improve financial management, as management companies provide budgeting, accounting, and financial reporting services.
Enhanced resident satisfaction: Community association management can enhance resident satisfaction, as well-maintained communities and effective management services contribute to a positive living experience.
Better property management: Community association management can improve property management, as management companies provide leasing, maintenance, and other services to support residents and property owners.
In conclusion, community association management plays a crucial role in the success and sustainability of communities. With the benefits of technology and software, as well as a growing demand for effective and efficient management, community associations can effectively meet the needs of residents and stakeholders, and create thriving, vibrant communities.
