If you’re considering a career in property management or simply curious about the earning potential in this field, you’re probably asking, How much do property managers make?
The average salary for property managers in the United States is $78,400 per year, according to the Bureau of Labor Statistics (BLS).
However, this figure can vary widely depending on several factors such as experience, location, the type of properties managed, and the industry.
Average Property Manager Salary
While the average salary for a property manager seems high according to BLS data, it’s important to remember that it is an estimate. In fact, there are other estimates out there from job boards that take into account salaries reported by actual workers as well as those listed in job postings.
For example, according to Zippia, the average salary is $49,958, which is considerably lower than other estimates. Some websites don’t even give an average but rather a range. On Glassdoor, the estimated salary range for property managers is $47K-$76K.
In addition, many of the jobs it lists with different companies fall on the higher end of this range, which is closer to the BLS estimate.
Factors Influencing Property Management Pay
So, how much do property managers make a year? Unfortunately, a national average really only tells part of the story. So, let’s take a look at the factors that directly affect pay in this field.
Experience Level
The amount of experience you have is one of the greatest factors in determining your pay. In most jobs, entry-level workers get paid less than their experienced counterparts. To illustrate this, let’s go back to the data provided by Zippia. They actually list a separate average salary for entry-level property managers. According to them, it’s around $34,000.
So, why is this number different? Well, there are a few potential reasons. First, it could be that entry-level property managers tend to work for smaller companies, like storage unit owners or small businesses. Or it could be the fact that there are very few entry-level property managers, so there’s insufficient data.
The BLS even states that while property managers typically have a high school diploma, they usually have several years of experience before taking the job.
Location
The reality is that the same job doesn’t pay the same amount everywhere. Location is one of the most important factors to consider when estimating pay. This is because every state’s economy and wage laws are different. Thankfully, the BLS has a lot of data on salary differences across the US.
According to their most recent data from May 2023, the five highest paying locations for property managers were:
- Washington,
- New York,
- Colorado,
- Washington D.C., and
- Massachusetts.
All these locations pay anywhere from $96,000 to $118,000 for full-time property managers. In contrast, the lowest paying locations—which include states like Mississippi, Montana, and South Dakota—pay around $51,000 to $53,000.
When you compare the highest and lowest paying states, there is a 30-40% difference in salary from the average measured by the BLS.
Type of Property Managed
Another factor that greatly affects salaries for property managers is the type of property they work at. Generally, most property managers work in the real estate industry, usually for a housing community, apartment owners, etc.
In fact, the BLS states that these entities employ more than 229,000 property managers. These workers also tend to make a salary close to the national average, at around $73,380.
However, property managers that work in specialized industries make a lot more. For example, while there are only 1,080 property managers employed by gas and oil companies, they make $177,200 on average.
Career Growth and Salary Potential
So how much do property managers make as they continue their careers? As property managers gain experience, they often have the opportunity to advance into higher-level roles with increased responsibilities and corresponding salary increases.
For instance, moving from an entry-level property manager position to a senior property manager or regional manager can result in a substantial pay raise. Senior property managers, who typically oversee multiple properties or large, complex portfolios, often earn well over $100,000 annually.
Further advancement to positions such as Director of Property Management or Vice President of Operations can lead to even higher earnings.
Want to Learn the Basics of Property Management? Join Our Course Today
If you’re interested in pursuing a career in property management and want to build a strong foundation in the basics of the job, consider enrolling in the property management course offered by Stratford Career Institute.
This course is designed to give you a solid understanding of the essential skills and knowledge needed to work toward success in this field. To get started, enroll today or contact us for more information!
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