What is the Average Property Manager Salary? What You Can Make

property manager salary

According to data compiled by the US Department of Housing and Urban Development (HUD), 43.6 million rent-based households existed in America in 2019.

That number may rise due to market fluctuations caused by the COVID-19 pandemic. As younger folks like Millennials approach their late 30s awash with student loan debt and unable to save a down payment, the renting market will remain stable and profitable.

Perhaps you’re thinking about property management as a career. If so, you need to know the average property manager salary.

Do you want to learn more about property manager pay? Check out this handy guide.

What is a Property Manager?

All landlords are property managers, but not all property managers are landlords. The folks who own the rental units may perform the duties of a property manager. Or, they may outsource that work to a separate person or company.

So, what does a property manager do? A property manager performs the following vital tasks:

  • Follows and enforces landlord-tenant laws
  • Performs routine and emergency maintenance
  • Shows units and signs leases
  • Handles and deposits rent payments

Performing these tasks sounds simple, but real estate laws can get complicated. To work as a property manager in some states, you need the proper licensing and certification. Acquiring these licenses and certificates requires classes on the landlord-tenant laws you must know to manage rental property.

How Much Do Property Managers Make?

A property manager’s salary estimate depends on several factors, including location, property type, and experience.

According to data compiled by the US Bureau of Labor Statistics (BLS), property managers in the United States made as much as $124,680 per year and as little as $30,740.

Why is there such a huge discrepancy? A property manager’s salary depends on the amount and cost of the rental properties they manage. In New York, for example, the mean salary is $112,880.

Locations like New York City, Los Angeles, or other big cities have high rents. A property manager in an urban setting like this will gross more income than those managing properties in rural areas.

How Can a Property Manager Increase Income?

The best way to increase your income as a property manager is to manage your property. Jumping into the real estate market takes time and money, so start slow and establish these best practices to increase income:

  • Keep up on property maintenance
  • Thoroughly vet renters
  • Keep a positive relationship with tenants
  • Improve and streamline communications

Establishing these practices early on will cement your reputation as an honest manager. Honest managers earn loyal tenants and make more money.

Property Manager Salary

A property manager salary depends on several variables. You make more money per year in densely populated urban centers with higher rents. Even if you rent in a sparse area, your earning capability will increase with more experience.

Remember to stay honest, know the law, and maintain a healthy and positive relationship with your tenants. As far as property management goes, your earning potential is what you make of it.

Do you need help with the legal aspects of property management? Contact us today if you need help with your investment properties.