What was the primary reason for the increased demand for professional property management around the end of the nineteenth century?

The primary reason for the increased demand for professional property management around the end of the nineteenth century was indeed related to the invention of the high-speed elevator. This innovation significantly transformed urban living by enabling the construction of taller buildings, particularly in city centers. As skyscrapers became practical, property owners faced the challenge of managing larger, multi-story buildings that catered to a growing urban population.

The necessity for efficient management of these complex properties created a need for professionals to handle tasks such as tenant relations, maintenance, and financial management. Property owners recognized that specialized skills were required to maximize the value and functionality of these high-rise structures. Therefore, as urban environments changed and buildings became more sophisticated due to the high-speed elevator, so did the demand for skilled property management to oversee these developments effectively.

While suburban living, increased rental prices, and new building materials were factors in the real estate landscape, they did not directly correlate to the specific surge in demand for specialized property management services in the same way that the advent of high-speed elevators did.