Strong Real Estate Market Impacting The Average Apartment Manager Salary
The real estate market is strengthening throughout the US, and people in all aspects of real estate are benefiting. This includes rental properties and the apartment managers that keep them running. As a result, now is the perfect time to apply for apartment management jobs.
After you’ve aced your interview and been offered an apartment manager job, the natural next question is, “How much does it pay?” Our pros are weighing on what you can expect for your apartment manager salary and what factors will affect your paycheck.
What Salary Can You Expect as an Apartment Manager?
One of the key factors that will affect your career as an apartment manager is your salary. Knowing that you expect can help you negotiate a fair pay rate and learn if it’s time for a change. According to the US Bureau of Labor Statistics, the median salary for an apartment manager is $58,670 per year . If you’re paid on an hourly basis, this works out to $28.21 per hour. This is approximately 25% higher than the average hourly income of $22.62 in the United States.
However, the typical apartment manager salary can vary widely. Throughout the country, apartment managers’ salaries range from $33,000 per year to $75,000 per year.
Factors that Affect Your Apartment Manager Salary
With such a wide salary range, there are clearly several factors that will affect your pay. When trying to determine the average apartment manager salary, here are just a few to keep in mind:
If you live in a city with a high cost of living, your pay will increase because it needs to compensate for your higher expenses. The cost of living varies based on your region, your metro area, and even your neighborhood.
Type and Quality of the Apartment Complex
The apartment complex or building you manage will have a strong impact on your salary. Higher-end complexes tend to pay more because they want to attract better, more professional candidates.
The size of your building may also affect your pay. A larger building is more difficult to maintain, so these buildings tend to pay more.
As with any job, the more experience you have in property management, the more you can expect to make. If you’re new to the field, you can expect to start on the lower end of the salary range and move up throughout your career.
There are a variety of property manager certifications you can attain to make yourself a more qualified employee. These could include extra training courses to add to your skill, or they may just require a test to verify your knowledge about a particular area.
The size of the staff and the responsibilities you have will affect your salary. If you’re the only person managing a 60-unit apartment complex, your pay should be higher than if you’re part of a four-person team for the same complex.
As you advance in your career and take on more responsibilities, your salary should increase as well.
Some apartment complexes offer free or reduced rent to their apartment managers as part of their compensation. In these cases, your salary may seem low, but you’re saving a dramatic amount on your living expenses.
Getting a Job as an Apartment Manager
An apartment manager position can offer you a strong salary and set you up for a successful real estate career. That’s especially true if you use the information above to negotiate your apartment manager salary or become a more valuable employee.
For more help with your apartment management career, check out our blog for apartment managers.