How much do apartment managers make?
If you guessed $55,000 you would have answered the question correctly. $87,000 is another right answer and so is $47,000. If you said over $100,000 you still wouldn’t be wrong!
Fairly answering the question, how much do apartment managers make, is nearly impossible without looking at multiple factors. This is because property size and base salary play a huge role in determining total compensation.
Compensation totals include base salary and annual bonuses. Factors such as retirement plans, benefits, and paid vacation were not considered. So, just how much do apartment managers make?
Apartment Manager Compensation
The average compensation for an apartment manager ranges anywhere from $47,150 to $101,928. Property size plays a major role in determining how much apartment managers make. Apartment managers with more than 450 units under management can earn twice the pay of a manager at a smaller property. While this makes sense, many apartment managers might not be aware of this disparity.
Here’s a breakdown of how units under management impacts total apartment manager compensation:
Apartment Manager Salary
While the chart above displays total compensation, it is also representative of apartment manager salaries. More units under management translates to a higher base salary. This is especially relevant to determining total compensation. Most apartment managers are paid an annual bonus as a percentage of their base salary. Therefore a higher base salary translates to a higher bonus.
Apartment Manager Annual Bonus
Once again it pays off to be at a larger property, or at least one with more than 450 units. These apartment managers earn the highest annual bonus, on a percentage basis. Apartment managers as a whole, however, earn generous bonuses. In fact, in terms of property management bonuses, they earn the highest of any property type!
So, how much do apartment managers make?
Combining base salary and annual bonus, apartment managers really do make anywhere from $47,00 to $100,000 annually. These numbers are not especially relevant because they are at the high and low ends of the spectrum. While they are not wrong, a range of $55,000 to $87,000 is more accurate.
Information for this story is based on CEL Associates 2017 Property Management Compensation survey results.