Where Do Property Managers Get Paid the Most?
Creating and maintaining a successful rental property can be a challenging but lucrative career path. So, where do you go to find the highest-paying property manager jobs and make the most of your knowledge and expertise? Look no further!
In this post, we'll uncover which positions in property management get paid the most as well as the states with the highest median salary range. Get ready to find out the top earning hotspots!
The Highest Earning Property Managers: What Does It Take?
The continual expansion of the commercial and residential real estate industries has created a burgeoning requirement for capable property managers, a rewarding profession that provides many distinct roles and opportunities. Here is a look at the 5 most prevalent areas of property management and their median salary ranges.
Commercial Property Manager
A commercial property manager oversees the operations of a commercial building, such as an office, retail space, or apartment complex. These professionals are responsible for budgets, rent collection, tenant relations, etc. The salary range for this role can vary significantly, with some earning as much as $65,000 per year.
Residential Property Manager
Residential property managers are responsible for managing the operations of a single-family home. This may include collecting rent, handling maintenance requests, and responding to tenant issues. The median salary for residential property managers is around $50,000 per year.
Industrial Property Manager
Industrial property managers are responsible for the operations of an industrial facility, such as a factory, warehouse, or distribution center. These professionals oversee budgets, maintenance, and tenant relations. The salary range for industrial property managers can range from $45,000 to $65,000.
Investment Property Manager
Investment property managers oversee a portfolio of rental properties, often including single-family homes, apartment complexes, and commercial buildings. These professionals oversee budgets, analyze real estate markets, and collect rent. The median salary for this role is around $60,000 per year.
Facility Manager
Facility managers are responsible for the operations of an entire facility, such as a hotel, hospital, or university. These professionals oversee budgets, maintenance, and tenant relations. The salary range for facility managers can range from $65,000 to $90,000.
For those seeking a fulfilling and remunerative occupation, property management offers an array of positions and pay scales contingent upon a range of considerations. From private residences to corporate offices to entire complexes, there is certainly a property management role that suits your particular skills and objectives.
Where the Money's At: The Top 5 States for Property Managers
If you're a residential property manager looking to make the big bucks, then you'll want to look to the top 5 states where you're sure to make the most money.
California
The Sunshine State has the highest average national salary for its residential property managers. With a median salary of $75,000, you can be sure you're getting the best bang for your buck. Not to mention the nice weather!
Massachusetts
This state is home to some of the priciest cities in the country, which means property managers can make a lot of money managing their high-end real estate investments. The median salary for a residential property manager here is around $68,000.
New York
Home to New York City, this state is also home to some of the highest-priced real estate in the country (not surprisingly). With a median salary of just over $67,000, you can be sure you're getting well-paid for your work here.
Washington, D.C.
The median salary for a residential property manager in this state is around $66,000. With so many government workers and high-end real estate in this area, you can be sure to make a good salary here.
Texas
With a median salary of just over $65,000, Texas is an excellent state for property managers to make a comfortable living. With plenty of high-end real estate investments, you can be sure to make a good living here.
So, these five states are the best places to start if you're looking to make the most money as a residential property manager. With some of the highest salaries in the nation, you can be sure you're getting the best pay for your efforts. Just remember, money shouldn't necessarily be the sole factor you make a decision from!