Average Property Manager Salary
While becoming a successful property manager is no easy task, it can be extremely lucrative career path. According to salary.com, the median property manager in 2017 earned a salary of $91,464, with ranges averaging from $79,396 to $105,238. Factoring in bonuses, the median income jumps to $94,395! This is almost double the median income for the United States.
Factors Impacting the Average Property Manager Salary
If you aren’t finding the average property manager salary in your local market, don’t worry. Numerous factors impact how much property managers make:
- Property Type
- Property Size
- Property Value
- Local Market
Property manager A runs a new Class A high rise in downtown Los Angeles. Now consider property manager B runs a similar property that is 30 years old in Detroit. While their jobs might seem similar, they will earn different salaries due to market and property factors.
Average Property Manager Salary by Industry
While location is important, industry is a major factor in determining property manager salaries. As a result, property managers running commercial/industrial properties tend to be the highest paid. Next come retail properties in terms of salary hierarchy. Finally, residential property managers earn the lowest average salaries of the three major property types. Most noteworthy is the difference in salaries for senior property managers.
- Commerical/Industrial – $109,600
- Retail/Flex Spaces – $97,500
- Residential/Multi-family – $68,000
As a result of these averages, jobs in commercial/industrial property management are extremely competitive.
Average Certified Property Manager Salary
Finally, let’s explore the value of the certified property manager designation. While it takes years to earn the CPM designation, it pays off. The average CPM with 10 years of experience makes over $113,000 annually. Furthermore, the CPM designation is a great way to land a competitive job.
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