How Much do Property Managers Make? – Full Analysis with Helpful Charts


(**) Disclosure: This post may contain affiliate links, meaning our company, JCHQ Publishing will get a commission if you decide to make a purchase through the links, but at no additional cost to you.

Property managers make an average annual income of $100,874. It typically ranges between $87,568 and $116,050.  In addition to the base salary, property managers may get compensated with a bonus, health coverage, pension, and other benefits, which add up to a total of $145,310 per year. (*) 

The average hourly rate for property managers is $48, and it usually ranges from $42 to $56. (*)

Your earning as a property manager would depend on your skills, education, certification, and experience in managing the properties. The type and number of real estate in your managing portfolio will also affect your compensation.

If you enjoy coordinating tasks and communicate with different people, this can be an amazing career path.

To prepare for this guide, I have spent several days researching and reviewed a ton of data from different sources.

Here, you’ll find the income figures for residential and commercial property managers. What makes one earn more than others? How do education, experience, and certification play a factor in earning?

I hope this could give more insights into the property management profession.

(*) Source: Salary.com Feb 26, 2021

How do property managers get paid?

Salaried property managers get paid with a base salary, a bonus, disability, health coverage, time off pay and other benefits. On average, base salary makes up nearly 70% of the total compensation. 

Property Manager Compensation Breakdown Pie Chart

However, if you are running your own property management company, your business revenue would be the fees you collect from the property owners. The amount is usually calculated using a certain percentage of the monthly rent.

Does education affect a property manager’s income?

Does education affect a property manager's income?

According to Salary.com, property managers with ten years of experience but no degree has an average annual income of $96,505. At the same time, those with the same experience level with a Bachelor’s degree make $99,881 per year.

Although there is earning difference, whether it worth pursuing a Bachelor’s degree is a huge consideration. After all, it could take years of extra earning to break even the tuition. If you are not studying at school, you could use that time in the field and start generating income. Even if you were to pursue a Bachelor’s degree, you should consider a program majoring in real estate

Alternatively, you may consider upgrading your knowledge by obtaining a property manager designation. For example, the Certified Property Manager (CPM) is widely recognized in the industry. According to the IREM, the average CPM designee with ten years of experience makes over $113,000 annually. This designation indeed can help to land a competitive job.

Residential Property Manager Salary vs. Commercial Property Manager Salary

Residential property managers make an average of $48,583 per year. The salaries typically range between $36,000 to $59,000. Some high-earning residential property managers are making $70,000 annually. (+)

Chart on residential property manager salary

On the other hand, commercial property managers make an average annual income of $64,373. The vast majority of commercial property managers make between $50,500 to $75,500. Some high earners are making $87,000 or even six-figures of annual income. (+)

Chart on commercial property manager salary

I have written salary guides for other real estate professions (i.e., appraisers, sales agents.). Similar results can also be seen where professionals working on commercial real estate tend to have a higher income on average. 

(+) Source: ziprecruiter.com (Mar 3, 2021)

Which area do property managers have the highest earning?

As I’m reviewing the data on ZipRecruiter, property managers in numerous cities of California have salaries higher than the national average. This applies to both Residential Property Manager and Commercial Property Manager.

10 Highest Paying Cities for Residential Property Manager Jobs

CityAnnual Salary
Sunnyvale, CA$58,869
Santa Cruz, CA$58,471
Santa Rosa, CA$56,982
Williston, ND$55,922
Manhattan, NY$55,775
Barnstable Town, MA$55,415
Cambridge, MA$55,180
Arlington, VA$54,775
Dickinson, ND$54,439
San Mateo, CA$54,329

(+) Source: ziprecruiter.com (Mar 3, 2021)

10 Highest Paying Cities for Commercial Property Manager Jobs

CityAnnual Salary
Lakes, AK$76,045
Pleasanton, CA$75,701
San Francisco, CA$75,426
Santa Clara, CA$74,790
Washington, DC$73,898
Los Angeles, CA$73,091
Fremont, CA$72,549
Jersey City, NJ$72,188
Green River, WY$71,762
San Buenaventura, CA$71,697

(+) Source: ziprecruiter.com (Mar 3, 2021)

Therefore, when selecting an area for your property management career, you should review its population, economic growth, business development – especially the demand and supply of property managers.

(Are you interested in becoming a property manager? If so, here’s a complete guide with the steps to become a property manager.)

What are the advancement opportunities for property managers?

As you gain experience and develop the necessary skill in the property management industry, you could be promoted to a senior or management role with a higher salary. Let’s take a look at the chart below.

Chart on property manager positions with high salary

As you can see, there are indeed advancement opportunities in the property management industry.

Alternatively, rather than working for someone else, you may consider running your own property management company. This allows you to hire other property managers thus, lead to a scalable business model. Most states would require you to obtain either a property manager license or a real estate broker license.

But keep in mind that running a company is very different from working as an employed property manager. You need to figure out all the different aspects of the business, such as marketing, branding, prospecting, hiring, training, and accounting.

The expenses will also be a lot higher. In addition to the license, you also need to account for business insurance, staff’s salary, and benefits, office rent, furniture, office supplies, software, many more.

Real market data on property managers jobs

To better understand what is happening in the job market for property managers, I checked the job listings on several online job forums. (i.e., Indeed, SimplyHired). I tried to find out the salary figures, employee benefits, education, and experience requirements for the jobs.

Job TitleAnnual SalaryBenefitsLocationEducation RequirementExperience Requirement
Property Manager$55,000 to $70,000Not mentionColorado Springs, COHigh School Diploma (College graduate a plus)Not mention
Property Manager$55,000Not mentionJohnstown, COHigh school or equivalent (Preferred)1 - 3 years of property experience
Commercial Property Manager$50,000 to $70,000Dental insurance
Disability insurance
Health insurance
Life insurance
Paid time off
Professional development assistance
Referral program
Vision insurance
ColoradoHigh school or equivalent (Required);

Real Estate Brokers License (Preferred)
Commerical property management: 3 years (Required)
Property Manager$75,000 to $88,000Not mentionThornton, COHigh school or equivalent (Required)Supervising Experience: 2 years (Required); 5 years of experience in multifamily real estate
Senior Property Manager$85,000 to $100,000 Medical, Dental, Vision, HSA, FSA, life Insurance, long-term disability, retirement savings 401(k), accident, hospital indemnity, critical illness, short-term disability) and we are proud to offer our Employee Assistance Program (EAP) and Tuition Reimbursement. PTO in addition to Paid Sick Leave, paid holidays and a generous Sabbatical after every 5 years of serviceDenver, COCollege degree in related coursework or equivalentMinimum 4 years experience in residential property management with one-year supervisory experience required
Private Property Manager$114,000 to $135,000 Up to 20% performance-based bonusAtherton, CA4-Year degree or equivalent from accredited college or universityMinimum of 5-8 years of previous experience in similar domestic positions
Assistant Property Manager$28,000 to $38,000 Not mentionOak Creek, WIHigh school or equivalent1 year leasing, sales, or customer service. Assistant community management experience preferred
Apartment Manager$50,000 to $65,000Health, vision, dental insurance, professional development assistance, 401 (k)McComb, MSA High School education or equivalentYardi: 2 years (Required)
Property Management: 3 years (Required)
Senior Property Manager$80,000 to $90,000Full comprehensive benefits packageSalem, MABachelor’s Degree required5+ years minimum of residential experience, including recertification and leasing. Must have residential-affordable housing specific experience, commercial property management not applicable.
Commercial Property Manager$80,000 to $110,000 Bonus pay, signing bonusTiburon, CABachelor's (Preferred)Yardi: 1 year (Preferred)

Property Management: 1 year (Preferred)
Part-Time Property Manager$17 to $22 an hourOnly available for full-time employeesFarmington, CTBachelor's (Preferred)Property management, 1 year (Required)

Yardi Genesis, 1 year (Required)

How much do property managers make per house? 

How much do property managers make per house?

Property management companies usually make 8% – 12% of the monthly rent or charge a flat rate (i.e., $100) per house.

I have also seen some property management firms that charge a very low monthly fee. ($50/unit.) But they only responsible for rent collection and coordinate maintenance tasks. If in-house inspections are needed, they will charge additional fees. 

Property managers may charge a lower fee, 4% to 7%, for clients who have ten or more properties. They may also offer a discount for commercial properties since the lease amount is usually higher and the term is longer.

How much do property managers charge for vacant units? 

Many property managers do not charge vacant property. Their goal is to fill the unit asap. Typically speaking, a property manager would charge 50% to 100% of one month rent for finding a suitable tenant. The work may involve showing the property to prospective tenants, negotiating the rental contract, and conducting a background check. (i.e., contacting their employers, the previous landlord, reviewing their credit report.).

Do property managers charge for repairs?

Property manager handling repair

I talked to several property companies, and they would outsource most of the repairs to a third-party contractor. They only direct the contractor’s bill to the property owner, but the property managers themselves do not charge extra for repairs.

On the other hand, I also came across some property managers who would handle the repair themselves – especially for small fixtures which do not require a licensed technician. In such a case, they would charge the owner for the cost and labor.

If you are going to handle the repair, make sure that the fee is reasonable and competitive. Else, the property owner may consider this as a double-dip in fees and move their business elsewhere.

Other factors impacting a property manager salary

Since property management fees are usually a percentage of the rental income, several other factors could also impact a property manager’s salary. They may include property type, property size, property value, demand, and supply of such rental property in the local market.

For example, a property manager may receive much higher compensation for managing a Class A high rise in downtown New York than a small single-family home in a rural area.

Since you are reading up to this point, I bet you must be interested in becoming a property manager. If that requires you to get a real estate salesperson license in your state, your first step is to complete the pre-license education. You should select one that has an excellent reputation and a long-term track record of satisfying students. RealEstateExpress is exactly that! You may click here to check it out yourself. (**)

Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change without any notice, and not guaranteed to be error-free. Some of the posts on RealEstateCareerHQ.com may contain views and opinions from the interviewees. They do not reflect our view or position.

(**) Affiliate Disclosure: Please note that some of the links above are affiliate links, and at no additional cost to you. Our company, JCHQ Publishing will earn a commission if you decide to make a purchase after clicking on the link. Please understand that we include them based on our experience or the research on these companies or products, and we recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something through the links. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.

Reference:

  • Salary.com
  • ZipRecruiter.com
    • Commercial Property Manager Salary (source)
    • Residential Property Manager Salary (source)
  • IREM Institute of Real Estate Management – Certified Property Manager (CPM) (source)

Jacob Coleman

Jacob is a content writer and a real estate investor. He has experience working with different real estate professionals throughout the years. (i.e., appraisers, real estate agents, property managers, home inspectors.) In order to build a career you love, Jacob believes not only you need a thorough understanding about the profession, but you also have to find out what type of jobs could match your personality, lifestyle and expectation.

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