The amount of apartment buildings in the United States increases daily. With people wanting the flexibility to pick up and move at any given time, renting is the way to go.
With all of those apartment buildings, there is a need for property managers to take care of the day-to-day necessities.
But how much do apartment property managers make? Continue reading to find out.
Apartment Property Manager Salary
Taking on the role of Apartment Property Manager can be an exciting career. Not only does it come with a lot of responsibility, but it can open the door to many other opportunities as well.
The average salary for an apartment property manager in the United States is $101,593, per Salary.com. This amount is the medium pay among all 50 states; however, there are vast differences based on several variables.
Determining the salary of an Apartment Property Manager will take the following criteria into consideration:
- Geographic Location
- Type of Apartment Complex
Once those elements are analyzed, the salary amount will be calculated accordingly and an offer created for your review. At times, there is room for negotiation, so it is essential to keep that in mind.
Geographic Location Plays a Role
Different areas of the United States have higher or lower costs of living.
For instance, living in New York City will have a drastically higher price tag associated with it than living in Green Bay, Wisconsin.
These different price levels will be taken into consideration when determining a fair salary for the position of Apartment Property Manager.
This element is essential because it is often impossible to live in certain areas while acquiring the wage of a much lower cost of living area.
Often when you are living in a higher cost of living area, you are dealing with a more significant amount of units in your building.
Therefore, you will have a more substantial workload in your property manager role.
Overall, if you consider a career move to Property Manager, keep geographic location in mind when researching available positions.
The cost of living index and the proposed salary range should overlap in these cases.
Education Can Give You an Edge
One of the great things about becoming an Apartment Property Manager is that it can be a very lucrative career and has very few education requirements.
In fact, you don’t technically need anything more than a high school diploma or GED to acquire this management-level job.
With that being said, often having additional education can boost your chances of getting the position and bagging a higher salary offer with it.
When the job market is competitive, anything that can give you a leading edge over other candidates is helpful.
There are various educational options that you can take to boost your knowledge in the Property Management realm.
For starters, you can take some courses on real estate property management.
To get started on these courses, you will need to research a local or online option that fits your lifestyle.
For a really prestigious option, you could start the path to obtain a Real Estate Property Management Certification from Cornell, which is an entirely online program.
If an entire program isn’t something you desire to do, taking a few courses on general management can give you a competitive boost in your interview and salary negotiations.
You can take courses at your local community college, university, or even through online options, such as:
- Ashworth College
- Penn Foster
- Institute of Real Estate Management (IREM)
- National Association of Residential Property Managers (NARPM)
- National Apartment Association (NAA)
- Lorman Educational Services
There are times that having experience in the field leans more in your favor than education.
Employers enjoy knowing that the person they are hiring has a history in the field and will require less training than other candidates.
But how can you get experience in the field if you are just starting your career in the area? There are many ways to acquire hands-on experience without getting hired, including:
- Job Shadowing
- Lower Level Position (such as leasing agent)
Your experience doesn’t have to be paid to be appreciated.
Employers will often choose a candidate with previous interactions in the management realm, even if they don’t earn anything from that time.
When you look to break into a new line of work, it is essential to find all the resources you can to set yourself apart from the crowd.
With an impressive resume, you increase your chances of getting the job of your dreams and a top salary to accompany it as well.
Type of Apartment Complexes
There are apartment complexes out there of various sizes. Whereas some towns may have complexes with only a few units, some may have buildings with hundreds of apartments.
Obviously, the more extensive complexes will come with a higher workload and a more significant salary, as we addressed above.
However, there is also a wage difference when it comes to locally-owned versus chain complexes.
Think about it this way – a chain store like Macy’s is going to have a higher level of income and pay potential than a local mom and pop shop, right?
The same is true for apartment complexes. When you have a large chain with residential buildings in many different cities, they are likely to have a higher level of income coming in and going out.
Not only that, but often the larger complexes come with more opportunities to grow within the organization.
Smaller companies have more limited growth potential when it comes to scaling your career.
Some promotions that can come from your position as a property manager include:
- Senior Property Manager
- Marketing Manager
- Regional Property Manager
- Vice President
Taking the step to be an Apartment Property Manager is the first step towards a bright future in the field!
How Do I Start My Career in Apartment Property Management?
Have you done your research on the residential property management career path and want to pursue it?
If so, there are several things that you can do to set yourself up for success.
First off is developing your resume. Laying all of your experience and education out in one document will help you identify any holes.
While looking through your employment history, keep an eye out for the following:
- What experiences had management components? For instance, were you a keyholder to a store you worked at previously?
- Have you been in a position where you handled money? As an example, did you ever have to balance a cash register?
- Were you ever in a supervisory position?
- Have you managed several projects at once? Identify what elements you were primarily responsible for during those projects.
All of these details will be important to highlight when you are going into an interview. Even if you have never worked in a management position, you can still acquire managerial skills from other responsibilities.
After creating a resume, you will want to consider additional education. Do you want to take a few classes before applying for jobs?
If you want to take a brief period to accumulate additional knowledge, that can be beneficial. Anything extra on your resume will give you a leg up in the hiring process.
You should also take this time to consider additional experience. These opportunities can provide you with a candid look into a day in the life of a property manager.
Even calling around to see if you can job shadow for a day doesn’t take much effort. However, it will reflect significantly on your resume or application.
Finally, brush up on your interviewing skills and create some cover letters. It is time to start applying for your dream career!
More and more people are turning to rent an apartment for their living arrangements.
Not only does it allow them to be flexible in the event of job changes, but they can also experience different neighborhoods and cities before settling down.
With the increase of apartment living comes the need for more and more apartment property managers.
The property managers are the ones that keep the units going and make sure everything is how it should be.
One of the best things about this career path is the minimum education requirements and the lucrative salary amounts.
To be an apartment property manager requires no college degree and only a high school diploma or GED.
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