According to a report from Harvard University, 60 percent of residents in major U.S. cities now rent their homes.

Property management firms have been handed a golden opportunity: the demand for rental property is on the rise and it isn’t expected to slow. According to a report from Harvard University, 60 percent of residents in major U.S. cities now rent their homes. Investors are responding by turning real estate investments into rental properties, leading to an increased need for property management services.

Property management firms are ready to seize the opportunities the booming rental market offers, yet many question how to grow their portfolios without affecting their profitability.

Here are five innovative technologies that could give property management firms the edge they need to succeed by being more effective and efficient in today’s ultra-competitive market.

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