Property managers oversee the rental and maintenance of commercial and residential real estate, arranging for repairs and the collection of rental fees. Property managers who oversee condominiums and communal cooperatives are sometimes called community association managers. Although some property managers hold only high school diplomas, many employers prefer to hire college graduates.
Average and Median Earnings:
The Bureau of Labor Statistics lists property managers under the job category of property, real estate and community association managers. These workers reported average wages of $63,150 per year or $30.36 per hour as of May 2011. The median salary was $52,510 per year, and the middle-earning 50 percent of all property managers made between $36,500 and $76,500 per year.
Pay by Region:
The BLS reports that property managers working in the Northeast and Southeast had the highest average salaries. Those in New York ranked No. 1 in pay, at an average of $98,900 per year. Virginia ranked second at $92,490 per year, followed by Rhode Island at an average of $88,200 per year. The lowest salaries in the country, between $34,000 and $35,000 per year, were reported in Mississippi, South Dakota and Montana.
Rural vs. Urban Pay:
Data published by the Bureau of Labor Statistics show that property managers working in metropolitan areas tended to make more than their counterparts working in nonmetropolitan areas. The highest average salary in a metropolitan area, $106,380 per year, was reported in Greeley, Colo. Then metro areas reported average salaries of more than $90,000 per year. By comparison, the highest average pay in a nonmetropolitan area was $82,110 per year, reported in north-central Colorado.
The Bureau of Labor Statistics predicts that employment among property managers will grow at a rate of about 6 percent between 2010 and 2020, significantly slower than the average growth rate of 14 percent predicted for all occupations. Candidates with a bachelor's or master's degree related to real estate, finance, business administration or public administration should have the best employment prospects in coming years.