Four forces shaping the industry.
Assessments are owed whether the housing market is hot or cold. Even with home sales and new construction slowed by affordability, established communities keep paying, and IBISWorld rates association revenue volatility as low. For management firms, that means multi-year contracts tied to a very stable customer base.15
Insurance, labor and reserve requirements are pushing up assessments, and climate exposure is lifting premiums and deductibles in storm- and wildfire-prone markets. Owners are feeling it: HOA liens rose 8.6% in 2025 to nearly 285,000. Boards need more help budgeting, collecting and communicating.59
States are adding rules on fines, collections, elections, registration and disclosure. Colorado now caps most fines and requires cure periods; California has expanded electronic voting procedures; Florida and several other states license managers. Volunteer boards are turning to professionals to stay compliant.58
IBISWorld expects the management market to consolidate as PE-backed platforms and large regional firms acquire smaller local providers. At least eight sponsor-backed platforms are actively buying, offering sellers a deep pool of well-capitalized acquirers.511
Two out of three new homes come with an HOA.
Builders rely on associations to maintain shared roads, amenities and landscaping, so most new single-family communities are formed with one. In 2024, 65.7% of new single-family homes started were in a community association, the second-highest share since tracking began in 2009.3
The installed base keeps growing too. The number of associations has climbed from about 10,000 in 1970 to 373,000 in 2025, and the CAI Foundation expects 374,000–377,000 in 2026.1
A few national leaders, thousands of local firms.
Two national firms dominate the top of the market, but most associations are served by small regional and local companies. That fragmentation, plus the 30–40% of associations that still manage themselves, is what makes the industry attractive to consolidators.1
FirstService Residential
The industry’s only public pure play. Q2 2026 revenue of $616.8M rose 4% (5% organic, driven by new contract wins), with an adjusted EBITDA margin of about 11%.10
Associa
More than 7.5 million homeowners served, 23,000+ employees and 340+ offices. Entered Europe in May 2026 with a majority stake in Spain’s Mediterráneo Global.12
Thousands of regional firms
Most of the 9,000–10,000 management companies are owner-led businesses serving one metro area, often with deep board relationships and long tenure.1
Community Management HoldingsCharlesbank
Continuum CompaniesCIVC Partners
RowCalMorgan Stanley Capital Partners
Oakline PropertiesAlpine Investors
Pioneer HOAFFL Partners
KW Property ManagementOdevo (CVC)
InframarkNew Mountain Capital
Platform and sponsor as publicly reported.11
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A steady stream of platform launches and add-ons.
Most deals in this space are private and undisclosed, so the headline is the pace: new sponsors entering, established platforms adding regional firms, and investors backing the software that runs the industry.
| Date | Buyer / investor | Target | Notes |
|---|---|---|---|
| May 2026 | Associa | Mediterráneo Global (Spain) | Majority stake; ~10,000 communities and 400,000+ homeowners |
| Mar 2026 | FFL Partners | Launch of Pioneer HOA | New platform anchored by a Western U.S. full-service HOA manager; terms undisclosed |
| Oct 2025 | Associa (PMG Holdings) | Douglas Elliman Property Management | Reported $85M |
| Oct 2025 | Cove Hill Partners | VantacaCommunity association management software | $300M+ growth investment at a reported $1.25B valuation |
| Sep 2025 | Alpine Investors | Launch of Oakline PropertiesWith Cirrus Asset Management | New platform; 20,000+ units at launch |
| Aug 2025 | Community Management HoldingsCharlesbank | HOAMCO and Alamo Management Group | Add-ons extending CMH’s national footprint |
| Jul 2025 | InframarkNew Mountain Capital | RCP Community Management (Phoenix) | Add-on; terms undisclosed |
| 2024–2025 | Continuum CompaniesCIVC Partners | 13 regional management firms | Serial add-ons over roughly a year |
Not an exhaustive list; most transactions don’t disclose terms. Sources: company press releases and industry deal trackers.11
How the market prices management firms.
With only one public pure play, valuation in this industry is set mostly by private transactions. Private management firms typically trade at 6x to 9x EBITDA, below FirstService’s public multiple of about 12.9x. Scale matters: larger platforms with dense regional coverage, strong contract retention and modern technology sit at the top of the range, while small single-market firms sit closer to the bottom.
FirstService Corporation (FSV)
S&P Capital IQ, as of October 20, 2026. Includes FirstService Brands, so the multiple reflects more than community management.
Private management firms
What moves a firm up the range
- Size and market density
- Contract retention and tenure
- Depth of the manager bench
- Ancillary revenue (accounting, maintenance, insurance)
There have rarely been more well-funded buyers for a quality management firm. The ones that command premium prices can prove their contracts are durable and their people will stay.
Buyers will ask how long you keep communities and why you lose them. Have contract terms, renewal history and door counts ready.
Board relationships often sit with the founder or a few senior managers. Spread them across your team before you go to market.
National leaders, PE platforms and regional consolidators value culture, geography and integration differently. Competition among them drives price.
- Foundation for Community Association Research (CAI Foundation), 2025 Statistical Review.
- U.S. Census Bureau, “Condo or Homeowners Association Fees Topped $500 Monthly for About 3 Million Households,” September 2025 (2024 American Community Survey).
- U.S. Census Bureau, Survey of Construction; National Association of Home Builders, “Community Associations a Growing Trend in 2024,” December 2025.
- CAI Foundation, 2026 Homeowner Satisfaction Survey (3,000 residents; ±1.8 points).
- IBISWorld, Homeowners’ Associations in the US (NAICS 81399), September 2026.
- IBISWorld, Property Management in the US (NAICS 53131), May 2026.
- IBISWorld, Residential Property Managers in the US (OD6136), April 2025.
- Community Associations Institute, manager licensing resources; state statutes as summarized by IBISWorld.
- Scotsman Guide, “HOA liens rise sharply in 2025 on higher dues, assessments,” April 2026 (Benutech data).
- FirstService Corporation, second quarter 2026 results, July 23, 2026.
- Company press releases (FFL Partners, Associa, Community Management Holdings, Alpine Investors, Vantaca); CT Acquisitions HOA platform tracker.
- Associa company information and press release, May 2026.
This report is for general information only and is not investment, legal or tax advice. Figures from third-party sources are presented as published and have not been independently verified.