Average Apartment Manager Salary
While the average apartment manager salary varies heavily by location, the national average is $39,455. This number was determined by averaging apartment manager salary data from four leading job sites:
- Indeed – $42,257
- Simply Hired – $41,455
- GlassDoor – $38,000
- PayScale – $36,110
These job sites are compiling data based on job posts and descriptions posted for apartment managers nationwide. While $39,455 is the average, it does not account for additional compensation. In many markets, additional compensation benefits can be worth $10,000 or more annually.
Total Apartment Manager Compensation
Salary data, in this case, do not tell the entire story. Rather than looking at base salaries, let’s evaluate the ways apartment managers get compensated beyond salary.
- Performance bonuses
- Rent discounts
- Medical benefits
- Retirement plans/incentives
While a base salary of $39,455 is not huge, total compensation can add up quickly. Top performance bonuses can average 5% to 10%, which would add another $1,972 to $3,945 to our base salary.
Almost as important as a bonus, medical and retirement benefits are an extremely important part of total compensation. A matching retirement contribution of 3%, on top of our base salary and 5% bonus ($41,427) would be worth another $1,243, raising total compensation to $42,670.
Location Location Location
Location, as always, plays a significant role in determining the value of rent discount benefits. Rents in major markets like New York and Los Angeles can easily surpass $2,000 or $3,000 per month. Consequently, a rent discount of 50%, or even 25%, could be worth $10,000 or more on an annual basis. Adding this $10,000 back to our total of $42,670 above, our total compensation is now $52,670.
NAA Apartment Manager Salary Statistics
According to the National Apartment Association, the average apartment manager’s compensation ranges from $48,800 to $68,400. While these figures include the value of additional benefits such as retirement plans, medical benefits, bonuses, and rent discounts, they do not account for location. The rent to live benefit, especially in major markets like New York, San Francisco, or Los Angeles, could easily be worth $20,000 yearly. This apartment manager salary data is based on the “typical apartment community” which the National Apartment Association defines as:
- 260 apartment home units
- 6 onsite staff members
- Annual budget of $2,700,000
- Property value over $20,000,000
Based on this type of multi-family property, while including the additional compensation factors above, it is easy to see how average compensation ranges from $48,800 to $68,400. In conclusion, the apartment manager’s salary does not tell the whole story when evaluating how much apartment managers truly earn.
Not making the average? Here are a few ways apartment managers can ask for a raise.
Find Contractors Using BidSource
Property managers can use BidSource to have the Property Manager Insider team locate a qualified commercial contractor for their next project or service call. Just fill out the form with your project details and a member of our team will be in touch.