Property Manager Salary: A Complete Guide For 2022

A Property Manager takes care of various tasks of commercial or residential properties, which may include everything from making sure tenants pay rent on time to overseeing property maintenance. Property Managers are usually hired by the owners of homes, offices, apartments, or industrial buildings because of a lack of time or the expertise required for the day-to-day management of real estate properties. These managers are employed by the property owners either directly or indirectly through a contract with a property management firm.

Apart from the responsibilities of properties, Property Managers are also responsible for plenty of other tasks. The Property Manager oversees employees of various departments such as accounting, sales, maintenance, and grounds-keeping. It is not an easy job and requires a lot of multitasking, from interviewing and hiring contractors and regular employees to training the new employees. One of the most crucial duties of them is to handle the budget and manage the cost of the projects.

Property Managers take care of all the crucial aspects of residential, commercial, and industrial properties. They ensure that the property is well maintained, has a nice appearance, operates smoothly, and also preserves its resale value. Besides this, Property Managers aim to minimize the cost while keeping tenants satisfied. Their tasks include addressing tenant concerns, collecting rent, dealing with maintenance, and managing the budget.

Let's go over a few conventional responsibilities typically held by Property Managers:

1. Follow Landlord-Tenant Laws And Regulations: It can be tricky for property owners to keep track of all the landlord-tenant laws and regulations, and that is when Property Managers come into the picture. The Property Managers are typically experts and better equipped with local laws and regulations of the specific areas they work in. For example, some states have distinct requirements on how much security deposit can be imposed on a tenant. In this scenario, a Property Manager working in that area will be in a better position to validate that a tenant is charged within the legal limit rather than the property owner, who might not be aware of the local laws.

 

1. Acts As A Local Presence For Out-Of-Town Owners: Property Managers act as a local presence for out-of-town owners. They can take care of things that come up, like maintenance and other operational issues that would be difficult to handle remotely.

 

1. Handles Maintenance Requests: A Property Manager also handles maintenance requests. Maintenance requests could be anything from broken appliances to unwanted pests or any unavoidable situation, so it is always advantageous to have a manager onsite to address tenant concerns quickly. Evidently, a lack of landlord support with issues in rental properties can cause tenants to move elsewhere when their lease is up, so it is always good to have someone present locally to take care of all our tenant needs.

 

1. Shows And Leases Vacant Units: Owners can rely on a Property Manager to attract new tenants and potentially renew existing leases rather than trying to market property remotely. The help of these managers can eliminate the possible financial loss of having an empty unit sitting around for an extended period of time. In the absence of their owner, Property Managers can also show off the spaces to potential tenants.

 

1. Collects And Deposits Rent: Property Managers also collect and deposit rent for the properties they oversee. Some Property Managers collect rent using online sites or payment apps to help get money to the property owner quickly. They also handle unsettled payments, collections, and evictions. Thus, working with a property manager ensures that these tasks are dealt with efficiently to save owners money and time.

The average property manager salary in the United States is $23.67 an hour. While hourly wages of a property manager are observed high as $36.54 and as low as $10.10. And across the United States, the majority of Property Manager wages currently range from $18.03 (25th percentile) to $27.88 (75th percentile). The average pay range for this job post varies greatly, suggesting there may be many opportunities for advancement in the near future.

Currently, the Property Manager job market in New York, NY, and the surrounding area is highly active. A Property Manager in this area makes $26 per hour on an average, which is $2.21 (9%) more than the national average hourly salary of $23.67. Ultimately, making New York number 4 out of 50 states nationwide for best offered Property Manager salaries.

Rural vs. Urban Pay

As per the Bureau of Labor Statistics, Property Managers working in metropolitan areas tend to make more than those working in nonmetropolitan areas. For metro areas, the highest average of commercial Property Manager salary was $106,380 per year, whereas the highest average pay in a nonmetropolitan area was $82,110 per year.

 

Job Outlook

Between 2010 and 2020, employment among property managers is expected to grow at a rate of 6 percent approximately. Candidates with a bachelor's or master's degree in real estate, finance, business administration, or public administration should have the best employment prospects in this job in the coming years.

Believe it or not, several factors affect the salary property manager gets. It is not necessary that every Property Manager will be earning the same across the country; their earnings can depend upon their location, their work experience, and even the industry for which they work.

Experience

An entry-level property with less than 1-year experience can earn an average of $41,585 annually. A Property Manager with 1-4 years of experience makes an average salary of $47,032. A mid-career Property Manager, who has the expertise of 5-9 years under their sleeves, can earn up to $51,995 every year, on average. While an experienced Property Manager with 10-19 years of experience earns an average total compensation of $56,109, the ones in their late career (20 years and higher) make an average salary of $59,454 per year.

Location

As we all can expect, every city has something different to offer to different job positions. So, when it comes to the top 10 highest paying cities for Property Manager jobs, Green River, WY, tops the list, followed by Richmond, CA, and Stamford, CT. Where Stamford, CT beats the national average by $9,209 (18.7%), the Green River, WY, offers $10,466 (21.3%) above the average salary of $49,242.

 

City

Annual Salary

Monthly Pay

Green River, WY

$59,709

$4,976

Richmond, CA

$59,140

$4,928

Stamford, CT

$58,452

$4,871

Bellevue, WA

$58,121

$4,843

Kirkland, WA

$57,838

$4,820

Belgrade, MT

$57,431

$4,786

Santa Clara, CA

$56,725

$4,727

Bethesda, MD

$56,560

$4,713

San Francisco, CA

$55,724

$4,644

San Leandro, CA

$55,526

$4,627

As these ten cities have the average salaries higher than the national average, changing locations as a Property Manager appears to be exceedingly fruitful when it comes to economic advancement. However, the average salary for these top ten cities varies very little at 7% between Green River, WY, and San Leandro, CA, which displays limited potential for much wage advancement. Therefore, it is wise to consider the lower cost of living as the most crucial factor when considering location and salary for a Property Manager role.

Industry

Like other factors, Property Manager salaries can also vary widely depending on the industry in which they are. The data backs the fact that Finance, Hospitality, and Manufacturing companies typically offer much higher salaries for Property Managers. Property Managers are making a whopping average salary of $51,676 while working for Finance companies, but the average regional Property Manager salary offered is the lowest at $46,778 in the transportation industry.

In-demand skills that could help Property Managers become more competitive for promotions and higher-paying positions are Budget Management and Operations Management. These two skills are correlated to pay that is above average. 

Other vital skills that influence the salaries of a Property Manager include Financial Acumen, Construction Estimating, Budgeting, Facilities Management, Regulatory Compliance, Banking, Portfolio Management, Performance Management, Tenant Improvement, Administration, Training, and Preconstruction Budgeting.

As always advisable, one should look at the salary of other related jobs before making career-altering decisions. This will not only prepare you better for your future but also make you more aware of your field and the future path you may want to take.

While a Director of Property Management makes a whopping $96,023 every year, the Senior Commercial Property Manager earns an average annual salary of $94,166. The Real Estate Agent successfully bags the average salary of $82,898 annually. Also, where the Asset Manager earns an average salary of $77,579 per year, the Assistant Property Manager salary is $48,091 on average.

 

So, here is the complete guide for you about the Property Manager Salary. Don't take chances with your career; always read, learn, and understand before taking any step further!