The Evolution of Residential Property Management: From Caretaker to Income Maximization Managers

Abstract

The professional management of residential rental real estate in the United States had its true beginning during the Great Depression; however, the evolution began much earlier and continues today. This article addressed the evolving role of rental housing resulting from economic, demographic, social, and political changes. Using this historical framework, the authors traced the evolution of the role of the property manager from “caretaker” to “emerging professional manager” to “sales and marketing manager” to the “income maximization manager” of today.