Property Management Industry Statistics

Last Updated: July 12, 2022

Highlights. The property management industry in the United States generates $99.449 billion in annual revenue and is expected to grow.

  • This market value declined 1.91% in 2022, having grown by an average of 5.0% annually since 2012.
  • Property management wages represent 43.0% of industry revenue.
  • As many as 311,000 property management companies are registered in the United States.
  • The national industry employs over 878,000 workers, excluding self-employed managers.
  • Real estate generates 16% of the national gross domestic product (GDP).

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Line Graph: National Property Management Industry Annual Market Revenue from 2009 to 2020

National Property Management Industry

Data indicate that property management is still a growth industry though growth is expected to remain slow over the next few years.

  • The industry’s average annual growth rate for the last 5 years has been 7.19%.
  • 39% of the national industry market share ultimately goes to the property managers themselves.
  • This is a 6.6% greater market share than the global average, which is 36.6%.
  • Since December 2003, the producer price index (PPI) among real estate property managers nationwide has increased 20.0% for an annual growth rate of 1.143%.

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Property Management Industry Employment

The job market among property management is expected to grow by an estimated 3.0% or 29,100 new jobs per year in the 2020s.

  • 220,000 property managers work for property management companies.
  • That’s 59.95% of all working property managers.
  • Their average wage is $35.20 per hour or $73,210 per year.
  • Median pay is $28.68 per hour or $59,660 per year.
  • The lowest paid 10% earn $31,330 per year while the highest paid earn $134,570 per year.
  • The average entry-level property manager has a high school diploma or equivalent.

Line Graph: Property Managers' National Producer Price Indices from December 2003 to December 2020, residential, general real estate, and commercial charts

Residential vs. Commercial Property Management

Residential property management has seen more industry growth than nonresidential or commercial property management*.

  • Industry experts expect a compound annual growth rate of 9.3% for the foreseeable future.
  • Since December 2003, the industry’s PPI has increased 33.3% for an annual growth rate of 1.903%.
  • Since December 1995, the PPI for residential property management services has risen 39.2% for an annual growth rate of 1.537%.
  • 81% of property managers have seen their revenues increase over the past two years.
  • 5% of managers saw a decrease in revenue.
  • 88% of survey respondents expected their revenues to go up in the next two years.
  • 460,000 residential rental units in 2- to 4-unit buildings have a property manager living on-site.
  • That’s 31.2% of all residential rental units in 2- to 4-unit properties.
  • Commercial rental properties with an owner or manager on-site are most likely to have fewer units.

*Residential properties with more than 5 units or tenant groups are often classified as commercial property.

Grouped Bar Graph: Surveyed Property Managers' Top Priorities, approximately 2,000 property managers in over 50 cities self-reported in 2017 and in 2019

Property Management Priorities

Property managers are increasingly concerned about growth and owner satisfaction, with a declining interest in residents and property improvements.

  • 80% of property managers are involved in the coordination or performance of maintenance/repairs as well as rent and fee collections.
  • More than 70% of property managers perform property inspections, advertise vacancies, and facilitate leases.
  • 47.8% of property managers consider growth a top priority.
  • 45.1% express a desire to improve efficiency.
  • 31.0% of property managers cite profitability as a top concern.
  • Fewer than 1-in-4 managers call the property owner a priority.
  • 22.6% prioritize communication.
  • Fewer than 1-in-5 property managers call tenants a priority.
  • Too few property managers cite maintenance as a primary concern to be statistically meaningful.

Rental Property Market

In the past decade, rental vacancy has drastically decreased to its lowest point since the 1980s.

  • Between 2009 and 2020, the national rental vacancy rate decreased by 85%.
  • The current nationwide rental vacancy rate is 5.8%.
  • If trends from the last decade continue, the vacancy rate should drop below 4 percent by 2025.
  • In order to afford a two-bedroom apartment, the average American must make an estimated $24 per hour.
  • Monthly rent for a two-bedroom averages $1,588.
  • In one decade, the number of renters increased by 25%.
  • During that same period, the number of homeowners decreased by just over 1%.
  • The total market size for renters is 35%.

*For more information, see our report on Renting Statistics.

National Map: Property Managers' State-Level Population Densities based on reported location quotients

State-Level Employment Statistics

Statistics indicate that New York and Colorado may be the most lucrative markets for property managers considering market saturation and income levels.

  • Hawaii has more property managers per capita than any other state, with nearly 3 times as many as the nationwide average.
  • Washington, D.C. and the Virgin Islands both have more than twice as many property managers per capita compared to the nationwide average.
  • Wisconsin has fewer property managers per capita than any other state, about 30% of the national average.
  • Washington and Virginia both have fewer than half as many property managers per capita compared to the nationwide average.
  • Puerto Rico has less than 5% the national per capita average.
  • Property managers in Idaho make the least amount of money on average while New York managers make the most.
State Property Management Statistics
State Property Managers Average Annual Wage
Alabama 1,930 $53,960
Alaska 600 $73,040
Arizona 7,190 $62,530
Arkansas 1,440 $56,190
California 37,630 $75,390
Colorado 1,490 $94,730
Connecticut 2,110 $83,210
Delaware 600 $61,930
D.C. 2,280 $90,210
Florida 22,340 $62,350
Georgia 7,630 $60,830
Hawaii 2,600 $67,100
Idaho 1,450 $40,670
Illinois 7,270 $80,760
Indiana 3,680 $54,020
Iowa 1,440 $58,550
Kansas 2,960 $53,060
Kentucky 2,080 $57,010
Louisiana 3,330 $51,460
Maine 570 $61,490
Maryland 4,790 $77,410
Massachusetts 4,830 $90,470
Michigan 5,210 $66,020
Minnesota 3,950 $74,580
Mississippi 2,130 $43,680
Missouri 3,370 $67,060
Montana 850 $46,920
Nebraska 1,140 $63,710
Nevada 2,930 $54,030
New Hampshire 610 $71,140
New Jersey 4,370 $95,440
New Mexico 960 $56,670
New York 8,080 $115,670
North Carolina 5,700 $69,800
North Dakota 660 $55,840
Ohio 7,400 $64,670
Oklahoma 2,610 $89,000
Oregon 3,200 $55,950
Pennsylvania 5,850 $91,800
Puerto Rico 40 $89,790
Rhode Island 610 $92,180
South Carolina 1,650 $72,610
South Dakota 1,000 $43,670
Tennessee 3,840 $59,400
Texas 22,820 $86,470
Utah 2,640 $54,440
Vermont 510 $65,020
Virgin Islands 140 $57,210
Virginia 2,540 $93,020
Washington 2,400 $93,520
West Virginia 870 $55,740
Wisconsin 1,300 $73,300
Wyoming 400 $67,800

*These totals do not include self-employed workers; jobs include those in all industries.

Alabama’s Property Management Industry

Property managers in Alabama make 26.3% less income than their peers elsewhere in the nation but 15.03% more than the average worker in their state.

  • There are a total of 1,930 property managers working for property management companies in Alabama.
  • There is one (1) property manager for every 988 working residents in Alabama.
  • $25.94 is their average hourly wage.
  • Their average annual wage is $53,960.
  • The 10% lowest paid property managers in Alabama earn an average of $25,900 per year; the 10% highest paid earn $88,670.

Alaska’s Property Management Industry

Property managers in Alaska make 0.23% less income than their peers elsewhere in the nation but 12.75% more than the average worker in their state.

  • There are a total of 600 property managers working for property management companies in Alaska.
  • There is one (1) property manager for every 491 working residents in Alaska.
  • $35.12 is their average hourly wage.
  • Their average annual wage is $73,040.
  • The 10% lowest paid property managers in Alaska earn an average of $32,730 per year; the 10% highest paid earn $115,240.

Arizona’s Property Management Industry

Property managers in Arizona make 14.59% less income than their peers elsewhere in the nation but 27.74% more than the average worker in their state.

  • There are a total of 7,190 property managers working for property management companies in Arizona.
  • There is one (1) property manager for every 394 working residents in Arizona.
  • $30.06 is their average hourly wage.
  • Their average annual wage is $62,530.
  • The 10% lowest paid property managers in Arizona earn an average of $31,900 per year; the 10% highest paid earn $101,750.

Arkansas’s Property Management Industry

Property managers in Arkansas make 23.25% less income than their peers elsewhere in the nation but 19.28% more than the average worker in their state.

  • There are a total of 1,440 property managers working for property management companies in Arkansas.
  • There is one (1) property manager for every 820 working residents in Arkansas.
  • $27.01 is their average hourly wage.
  • Their average annual wage is $56,190.
  • The 10% lowest paid property managers in Arkansas earn an average of $26,530 per year; the 10% highest paid earn $87,600.

California’s Property Management Industry

Property managers in California make 2.98% more income than their peers elsewhere in the nation and 5.47% more than the average worker in their state.

  • There are a total of 37,630 property managers working for property management companies in California.
  • There is one (1) property manager for every 437 working residents in California.
  • $36.25 is their average hourly wage.
  • Their average annual wage is $75,390.
  • The 10% lowest paid property managers in California earn an average of $29,290 per year; the 10% highest paid earn $87,600.

Colorado’s Property Management Industry

Property managers in Colorado make 29.39% less income than their peers elsewhere in the nation but 49.13% more than the average worker in their state.

  • There are a total of 1,490 property managers working for property management companies in Colorado.
  • There is one (1) property manager for every 1,730 working residents in Colorado.
  • $45.54 is their average hourly wage.
  • Their average annual wage is $94,730.
  • The 10% lowest paid property managers in Connecticut earn an average of $43,210 per year; the 10% highest paid earn $169,030.

Connecticut’s Property Management Industry

Property managers in Connecticut make 13.66% more income than their peers elsewhere in the nation and 4.31% more than the average worker in their state.

  • There are a total of 2,110 property managers working for property management companies in Connecticut.
  • There is one (1) property manager for every 732 working residents in Connecticut.
  • $40.00 is their average hourly wage.
  • Their average annual wage is $83,210.
  • The 10% lowest paid property managers in Connecticut earn an average of $46,880 per year; the 10% highest paid earn $147,950.

Delaware’s Property Management Industry

Property managers in Delaware make 15.41% less income than their peers elsewhere in the nation but 9.09% more than the average worker in their state.

  • There are a total of 600 property managers working for property management companies in Delaware.
  • There is one (1) property manager for every 716 working residents in Delaware.
  • $29.77 is their average hourly wage.
  • Their average annual wage is $61,930.
  • The 10% lowest paid property managers in Delaware earn an average of $37,110 per year; the 10% highest paid earn $96,420.

District of Columbia’s Property Management Industry

Property managers in D.C. make 23.33% more income than their peers elsewhere in the nation and 3.61% more than the average worker in their state.

  • There are a total of 2,280 property managers working for property management companies in D.C..
  • There is one (1) property manager for every 301 working residents in D.C..
  • $43.37 is their average hourly wage.
  • Their average annual wage is $90,210.
  • The 10% lowest paid property managers in D.C. earn an average of $46,420 per year; the 10% highest paid earn $155,610.

Florida’s Property Management Industry

Property managers in Florida make % less income than their peers elsewhere in the nation but % more than the average worker in their state.

  • There are a total of 2,280 property managers working for property management companies in Florida.
  • There is one (1) property manager for every 378 working residents in Florida.
  • $29.98 is their average hourly wage.
  • Their average annual wage is $62,350.
  • This is 14.83% below the national average wage for property managers.
  • Property managers make 23.22% more than the average worker statewide ($55,337).
  • The 10% lowest paid property managers in Florida earn an average of $32,040 per year; the 10% highest paid earn $96,600.

Georgia’s Property Management Industry

Property managers in Georgia make 16.91% less income than their peers elsewhere in the nation but 18.89% more than the average worker in their state.

  • There are a total of 7,630 property managers working for property management companies in Georgia.
  • There is one (1) property manager for every 564 working residents in Georgia.
  • $29.25 is their average hourly wage.
  • Their average annual wage is $60,830.
  • The 10% lowest paid property managers in Georgia earn an average of $27,980 per year; the 10% highest paid earn $114,220.

Hawaii’s Property Management Industry

Property managers in Hawaii make 8.35% less income than their peers elsewhere in the nation but 10.49% more than the average worker in their state.

  • There are a total of 2,600 property managers working for property management companies in Hawaii.
  • There is one (1) property manager for every 221 working residents in Hawaii.
  • $32.26 is their average hourly wage.
  • Their average annual wage is $67,100.
  • The 10% lowest paid property managers in Hawaii earn an average of $37,630 per year; the 10% highest paid earn $106,090.

Idaho’s Property Management Industry

Property managers in Idaho make 44.45% less income than their peers elsewhere in the nation and 16.34% less than the average worker in their state.

  • There are a total of 1,450 property managers working for property management companies in Idaho.
  • There is one (1) property manager for every 495 working residents in Idaho.
  • $19.55 is their average hourly wage.
  • Their average annual wage is $40,570.
  • The 10% lowest paid property managers in Idaho earn an average of $17,620 per year; the 10% highest paid earn $71,560.

Illinois’ Property Management Industry

Property managers in Illinois make 10.31% more income than their peers elsewhere in the nation and 28.24% more than the average worker in their state.

  • There are a total of 7,270 property managers working for property management companies in Illinois.
  • There is one (1) property manager for every 774 working residents in Illinois.
  • $38.83 is their average hourly wage.
  • Their average annual wage is $80,760.
  • The 10% lowest paid property managers in Illinois earn an average of $35,830 per year; the 10% highest paid earn $138,000.

Indiana’s Property Management Industry

Property managers in Indiana make 26.21% less income than their peers elsewhere in the nation but 5.22% more than the average worker in their state.

  • There are a total of 3,680 property managers working for property management companies in Indiana.
  • There is one (1) property manager for every 794 working residents in Indiana.
  • $25.97 is their average hourly wage.
  • Their average annual wage is $54,020.
  • The 10% lowest paid property managers in Indiana earn an average of $29,360 per year; the 10% highest paid earn $83,560.

Iowa’s Property Management Industry

Property managers in Iowa make 20.02% less income than their peers elsewhere in the nation but 6.03% more than the average worker in their state.

  • There are a total of 1,440 property managers working for property management companies in Iowa.
  • There is one (1) property manager for every 1,024 working residents in Iowa.
  • $28.15 is their average hourly wage.
  • Their average annual wage is $58,550.
  • The 10% lowest paid property managers in Iowa earn an average of $32,900 per year; the 10% highest paid earn $95,390.

Kansas’ Property Management Industry

Property managers in Kansas make 27.52% less income than their peers elsewhere in the nation and 5.37% less than the average worker in their state.

  • There are a total of 2,960 property managers working for property management companies in Kansas.
  • There is one (1) property manager for every 450 working residents in Kansas.
  • $25.51 is their average hourly wage.
  • Their average annual wage is $53,060.
  • The 10% lowest paid property managers in Kansas earn an average of $25,430 per year; the 10% highest paid earn $85,620.

Kentucky’s Property Management Industry

Property managers in Kentucky make 22.13% less income than their peers elsewhere in the nation but 22.58% more than the average worker in their state.

  • There are a total of 2,080 property managers working for property management companies in Kentucky.
  • There is one (1) property manager for every 857 working residents in Kentucky.
  • $27.41 is their average hourly wage.
  • Their average annual wage is $57,010.
  • The 10% lowest paid property managers in Kentucky earn an average of $27,930 per year; the 10% highest paid earn $88,210.

Louisiana’s Property Management Industry

Property managers in Louisiana make 29.71% less income than their peers elsewhere in the nation but 2.84% more than the average worker in their state.

  • There are a total of 3,330 property managers working for property management companies in Louisiana.
  • There is one (1) property manager for every 541 working residents in Louisiana.
  • $24.74 is their average hourly wage.
  • Their average annual wage is $51,460.
  • The 10% lowest paid property managers in Louisiana earn an average of $18,950 per year; the 10% highest paid earn $90,130.

Maine’s Property Management Industry

Property managers in Maine make 16.01% less income than their peers elsewhere in the nation but 13.40% more than the average worker in their state.

  • There are a total of 570 property managers working for property management companies in Maine.
  • There is one (1) property manager for every 1,008 working residents in Maine.
  • $29.56 is their average hourly wage.
  • Their average annual wage is $61,490.
  • The 10% lowest paid property managers in Maine earn an average of $35,320 per year; the 10% highest paid earn $95,780.

Maryland’s Property Management Industry

Property managers in Maryland make 5.74% less income than their peers elsewhere in the nation but 13.41% more than the average worker in their state.

  • There are a total of 4,790 property managers working for property management companies in Maryland.
  • There is one (1) property manager for every 527 working residents in Maryland.
  • $37.21 is their average hourly wage.
  • Their average annual wage is $77,410.
  • The 10% lowest paid property managers in Maryland earn an average of $37,040 per year; the 10% highest paid earn $128,950.

Massachusetts’ Property Management Industry

Property managers in Massachusetts make 23.58% less income than their peers elsewhere in the nation but 13.48% more than the average worker in their state.

  • There are a total of 4,830 property managers working for property management companies in Massachusetts.
  • There is one (1) property manager for every 694 working residents in Massachusetts.
  • $43.50 is their average hourly wage.
  • Their average annual wage is $90,470.
  • The 10% lowest paid property managers in Massachusetts earn an average of $50,180 per year; the 10% highest paid earn $139,920.

Michigan’s Property Management Industry

Property managers in Michigan make 9.82% less income than their peers elsewhere in the nation but 24.60% more than the average worker in their state.

  • There are a total of 5,210 property managers working for property management companies in Michigan.
  • There is one (1) property manager for every 754 working residents in Michigan.
  • $31.74 is their average hourly wage.
  • Their average annual wage is $66,020.
  • The 10% lowest paid property managers in Michigan earn an average of $33,650 per year; the 10% highest paid earn $105,290.

Minnesota’s Property Management Industry

Property managers in Minnesota make 1.87% less income than their peers elsewhere in the nation but 21.19% more than the average worker in their state.

  • There are a total of 3,950 property managers working for property management companies in Minnesota.
  • There is one (1) property manager for every 686 working residents in Minnesota.
  • $35.86 is their average hourly wage.
  • Their average annual wage is $74,580.
  • The 10% lowest paid property managers in Minnesota earn an average of $42,600 per year; the 10% highest paid earn $123,780.

Mississippi’s Property Management Industry

Property managers in Mississippi make 40.34% less income than their peers elsewhere in the nation but 4.64% more than the average worker in their state.

  • There are a total of 2,130 property managers working for property management companies in Mississippi.
  • There is one (1) property manager for every 506 working residents in Mississippi.
  • $21.00 is their average hourly wage.
  • Their average annual wage is $43,680.
  • The 10% lowest paid property managers in Mississippi earn an average of $18,850 per year; the 10% highest paid earn $70,660.

Missouri’s Property Management Industry

Property managers in Missouri make 8.40% less income than their peers elsewhere in the nation but 31.04% more than the average worker in their state.

  • There are a total of 3,370 property managers working for property management companies in Missouri.
  • There is one (1) property manager for every 797 working residents in Missouri.
  • $32.34 is their average hourly wage.
  • Their average annual wage is $67,060.
  • The 10% lowest paid property managers in Missouri earn an average of $29,850 per year; the 10% highest paid earn $132,480.

Montana’s Property Management Industry

Property managers in Montana make 35.91% less income than their peers elsewhere in the nation and 12.02% less than the average worker in their state.

  • There are a total of 850 property managers working for property management companies in Montana.
  • There is one (1) property manager for every 534 working residents in Montana.
  • $22.56 is their average hourly wage.
  • Their average annual wage is $46,920.
  • The 10% lowest paid property managers in Montana earn an average of $20,040 per year; the 10% highest paid earn $78,730.

Nebraska’s Property Management Industry

Property managers in Nebraska make 12.98% less income than their peers elsewhere in the nation but 9.95% more than the average worker in their state.

  • There are a total of 1,140 property managers working for property management companies in Nebraska.
  • There is one (1) property manager for every 829 working residents in Nebraska.
  • $30.63 is their average hourly wage.
  • Their average annual wage is $63,710.
  • The 10% lowest paid property managers in Nebraska earn an average of $19,930 per year; the 10% highest paid earn $105,690.

Nevada’s Property Management Industry

Property managers in Nevada make 26.20% less income than their peers elsewhere in the nation but 0.74% more than the average worker in their state.

  • There are a total of 2,930 property managers working for property management companies in Nevada.
  • There is one (1) property manager for every 427 working residents in Nevada.
  • $25.98 is their average hourly wage.
  • Their average annual wage is $54,030.
  • The 10% lowest paid property managers in Nevada earn an average of $36,730 per year; the 10% highest paid earn $74,330.

New Hampshire’s Property Management Industry

Property managers in New Hampshire make 2.83% less income than their peers elsewhere in the nation but 7.11% more than the average worker in their state.

  • There are a total of 610 property managers working for property management companies in New Hampshire.
  • There is one (1) property manager for every 1,007 working residents in New Hampshire.
  • $34.20 is their average hourly wage.
  • Their average annual wage is $71,140.
  • The 10% lowest paid property managers in New Hampshire earn an average of $40,220 per year; the 10% highest paid earn $107,370.

New Jersey’s Property Management Industry

Property managers in New Jersey make 30.36% more income than their peers elsewhere in the nation and 26.84% more than the average worker in their state.

  • There are a total of 4,370 property managers working for property management companies in New Jersey.
  • There is one (1) property manager for every 867 working residents in New Jersey.
  • $45.88 is their average hourly wage.
  • Their average annual wage is $95,440.
  • The 10% lowest paid property managers in New Jersey earn an average of $46,670 per year; the 10% highest paid earn $193,420.

New Mexico’s Property Management Industry

Property managers in New Mexico make 22.48% less income than their peers elsewhere in the nation but 23.90% more than the average worker in their state.

  • There are a total of 960 property managers working for property management companies in New Mexico.
  • There is one (1) property manager for every 820 working residents in New Mexico.
  • $27.28 is their average hourly wage.
  • Their average annual wage is $56,750.
  • The 10% lowest paid property managers in New Mexico earn an average of $26,720 per year; the 10% highest paid earn $84,350.

New York’s Property Management Industry

Property managers in New York make 58.00% more income than their peers elsewhere in the nation and 53.11% more than the average worker in their state.

  • There are a total of 8,080 property managers working for property management companies in New York.
  • There is one (1) property manager for every 1,076 working residents in New York.
  • $55.61 is their average hourly wage.
  • Their average annual wage is $115,670.
  • The 10% lowest paid property managers in New York earn an average of $62,280 per year; the 10% highest paid earn $196,410.

North Carolina’s Property Management Industry

Property managers in North Carolina make 4.66% less income than their peers elsewhere in the nation but 39.36% more than the average worker in their state.

  • There are a total of 5,700 property managers working for property management companies in North Carolina.
  • There is one (1) property manager for every 752 working residents in North Carolina.
  • $33.56 is their average hourly wage.
  • Their average annual wage is $69,800.
  • The 10% lowest paid property managers in North Carolina earn an average of $36,200 per year; the 10% highest paid earn $114,560.

North Dakota’s Property Management Industry

Property managers in North Dakota make 23.73% less income than their peers elsewhere in the nation and 5.97% less than the average worker in their state.

  • There are a total of 660 property managers working for property management companies in North Dakota.
  • There is one (1) property manager for every 609 working residents in North Dakota.
  • $26.85 is their average hourly wage.
  • Their average annual wage is $55,840.
  • The 10% lowest paid property managers in North Dakota earn an average of $35,760 per year; the 10% highest paid earn $83,220.

Ohio’s Property Management Industry

Property managers in Ohio make 11.67% less income than their peers elsewhere in the nation but 21.34% more than the average worker in their state.

  • There are a total of 7,400 property managers working for property management companies in Ohio.
  • There is one (1) property manager for every 694 working residents in Ohio.
  • $31.09 is their average hourly wage.
  • Their average annual wage is $64,670.
  • The 10% lowest paid property managers in Ohio earn an average of $23,140 per year; the 10% highest paid earn $122,910.

Oklahoma’s Property Management Industry

Property managers in Oklahoma make 21.57% more income than their peers elsewhere in the nation and 80.71% more than the average worker in their state.

  • There are a total of 2,610 property managers working for property management companies in Oklahoma.
  • There is one (1) property manager for every 600 working residents in Oklahoma.
  • $42.79 is their average hourly wage.
  • Their average annual wage is $89,000.
  • The 10% lowest paid property managers in Oklahoma earn an average of $28,740 per year; the 10% highest paid earn $180,870.

Oregon’s Property Management Industry

Property managers in Oregon make 23.58% less income than their peers elsewhere in the nation and 1.44% less than the average worker in their state.

  • There are a total of 3,200 property managers working for property management companies in Oregon.
  • There is one (1) property manager for every 565 working residents in Oregon.
  • $26.90 is their average hourly wage.
  • Their average annual wage is $55,950.
  • The 10% lowest paid property managers in Oregon earn an average of $31,870 per year; the 10% highest paid earn $91,270.

Pennsylvania’s Property Management Industry

Property managers in Pennsylvania make 25.39% more income than their peers elsewhere in the nation and 47.59% more than the average worker in their state.

  • There are a total of 5,850 property managers working for property management companies in Pennsylvania.
  • There is one (1) property manager for every 943 working residents in Pennsylvania.
  • $44.14 is their average hourly wage.
  • Their average annual wage is $91,800.
  • The 10% lowest paid property managers in Pennsylvania earn an average of $40,630 per year; the 10% highest paid earn $190,740.

Puerto Rico’s Property Management Industry

Property managers in Puerto Rico make 22.65% more income than their peers nationwide.

  • There are a total of 40 property managers working for property management companies in Puerto Rico.
  • There is one (1) property manager for every 21,739 working residents in Puerto Rico.
  • $43.17 is their average hourly wage.
  • Their average annual wage is $89,790.
  • The 10% lowest paid property managers in Puerto Rico earn an average of $32,540 per year; the 10% highest paid earn $140,320.

Rhode Island’s Property Management Industry

Property managers in Rhode Island make 25.91% more income than their peers elsewhere in the nation and 51.52% more than the average worker in their state.

  • There are a total of 610 property managers working for property management companies in Rhode Island.
  • There is one (1) property manager for every 722 working residents in Rhode Island.
  • $44.32 is their average hourly wage.
  • Their average annual wage is $92,180.
  • The 10% lowest paid property managers in Rhode Island earn an average of $52,880 per year; the 10% highest paid earn $132,800.

South Carolina’s Property Management Industry

Property managers in South Carolina make 0.82% less income than their peers elsewhere in the nation but 52.86% more than the average worker in their state.

  • There are a total of 1,650 property managers working for property management companies in South Carolina.
  • There is one (1) property manager for every 1,220 working residents in South Carolina.
  • $34.91 is their average hourly wage.
  • Their average annual wage is $72,610.
  • The 10% lowest paid property managers in South Carolina earn an average of $27,480 per year; the 10% highest paid earn $128,490.

South Dakota’s Property Management Industry

Property managers in South Dakota make 40.35% less income than their peers elsewhere in the nation and 23.75% less than the average worker in their state.

  • There are a total of 1,000 property managers working for property management companies in South Dakota.
  • There is one (1) property manager for every 413 working residents in South Dakota.
  • $21.00 is their average hourly wage.
  • Their average annual wage is $43,670.
  • The 10% lowest paid property managers in South Dakota earn an average of $27,570 per year; the 10% highest paid earn $62,440.

Tennessee’s Property Management Industry

Property managers in Tennessee make 18.86% less income than their peers elsewhere in the nation but 17.51% more than the average worker in their state.

  • There are a total of 3,840 property managers working for property management companies in Tennessee.
  • There is one (1) property manager for every 757 working residents in Tennessee.
  • $28.56 is their average hourly wage.
  • Their average annual wage is $59.400.
  • The 10% lowest paid property managers in Tennessee earn an average of $26.760 per year; the 10% highest paid earn $105,310.

Texas’ Property Management Industry

Property managers in Texas make 18.11% more income than their peers elsewhere in the nation and 57.67% more than the average worker in their state.

  • There are a total of 22,820 property managers working for property management companies in Texas.
  • There is one (1) property manager for every 531 working residents in Texas.
  • $41.57 is their average hourly wage.
  • Their average annual wage is $86,470.
  • The 10% lowest paid property managers in Texas earn an average of $32,860 per year; the 10% highest paid earn $168,310.

Utah’s Property Management Industry

Property managers in Utah make 25.64% less income than their peers elsewhere in the nation but 4.19% more than the average worker in their state.

  • There are a total of 2,640 property managers working for property management companies in Utah.
  • There is one (1) property manager for every 563 working residents in Utah.
  • $26.17 is their average hourly wage.
  • Their average annual wage is $54,440.
  • The 10% lowest paid property managers in Utah earn an average of $25,680 per year; the 10% highest paid earn $96,340.

Vermont’s Property Management Industry

Property managers in Vermont make 11.19% less income than their peers elsewhere in the nation but 10.86% more than the average worker in their state.

  • There are a total of 510 property managers working for property management companies in Vermont.
  • There is one (1) property manager for every 551 working residents in Vermont.
  • $31.26 is their average hourly wage.
  • Their average annual wage is $65,020.
  • The 10% lowest paid property managers in Vermont earn an average of $28,200 per year; the 10% highest paid earn $107,910.

Virgin Islands’ Property Management Industry

Property managers in Virgin Islands make 21.85% less income than their peers nationwide.

  • There are a total of 140 property managers working for property management companies in Virgin Islands.
  • There is one (1) property manager for every 247 working residents in Virgin Islands.
  • $27.50 is their average hourly wage.
  • Their average annual wage is $57,210.
  • The 10% lowest paid property managers in Virgin Islands earn an average of $27,840 per year; the 10% highest paid earn $83,500.

Virginia’s Property Management Industry

Property managers in Virginia make 27.06% more income than their peers elsewhere in the nation but 49.16% more than the average worker in their state.

  • There are a total of 2,540 property managers working for property management companies in Virginia.
  • There is one (1) property manager for every 1,456 working residents in Virginia.
  • $44.72 is their average hourly wage.
  • Their average annual wage is $93,020.
  • The 10% lowest paid property managers in Virginia earn an average of $47,930 per year; the 10% highest paid earn $145,580.

Washington’s Property Management Industry

Property managers in Washington make 27.74% more income than their peers elsewhere in the nation and 36.88% more than the average worker in their state.

  • There are a total of 2,400 property managers working for property management companies in Washington.
  • There is one (1) property manager for every 1,333 working residents in Washington.
  • $44.96 is their average hourly wage.
  • Their average annual wage is $93,520.
  • The 10% lowest paid property managers in Washington earn an average of $45,940 per year; the 10% highest paid earn $158,220.

West Virginia’s Property Management Industry

Property managers in West Virginia make 23.86% less income than their peers elsewhere in the nation but 23.57% more than the average worker in their state.

  • There are a total of 870 property managers working for property management companies in West Virginia.
  • There is one (1) property manager for every 751 working residents in West Virginia.
  • $26.80 is their average hourly wage.
  • Their average annual wage is $55,740.
  • The 10% lowest paid property managers in West Virginia earn an average of $23,070 per year; the 10% highest paid earn $110,720.

Wisconsin’s Property Management Industry

Property managers in Wisconsin make 0.12% more income than their peers elsewhere in the nation and 32.10% more than the average worker in their state.

  • There are a total of 1,300 property managers working for property management companies in Wisconsin.
  • There is one (1) property manager for every 2,088 working residents in Wisconsin.
  • $35.24 is their average hourly wage.
  • Their average annual wage is $73,300.
  • The 10% lowest paid property managers in Wisconsin earn an average of $39,260 per year; the 10% highest paid earn $125,790.

Wyoming’s Property Management Industry

Property managers in Wyoming make 7.39% less income than their peers elsewhere in the nation but 7.17% more than the average worker in their state.

  • There are a total of 400 property managers working for property management companies in Wyoming.
  • There is one (1) property manager for every 649 working residents in Wyoming.
  • $32.60 is their average hourly wage.
  • Their average annual wage is $67,800.
  • The 10% lowest paid property managers in Wyoming earn an average of $24,850 per year; the 10% highest paid earn $129,360.

Analysis: Industry Predictions

Industry experts urge property managers and owners to invest in new technology and consolidation in order to stay competitive.

Cloud services, artificial intelligence, and integrated devices make it easier to stay connected to tenants, vendors. More tenants demand high-tech options, like free Wi-Fi in all rental units or smart home systems for renters. Younger tenants especially want the convenience of connectivity from their landlords/property managers.

Among surveyed property managers, however, just 11.2% say technology is a top priority. Companies new to the industry are focusing on technology from the outset. Those few early adopters will have an advantage over competitors not only in terms of attracting renters but also in terms of attracting business partners.

For these organizations just entering property management, and for smaller companies seeking to access a larger market share, acquisition and/or consolidation of existing companies is typically preferable to starting from scratch. Existing businesses have already been tested, proving they can satisfy clients.

Industry professionals point out that larger operations are made more manageable by investments in technology. Many predict business plans that include these goals will be the most profitable in the foreseeable future.

Sources

  1. U.S. Bureau of Labor Statistics, Occupational Outlook Handbook: Property, Real Estate, and Community Association Managers
  2. Commercial Property Executive, Industry Research Reports
  3. U.S. Department of Commerce Bureau of Economic Analysis, Personal Income by State
  4. National Association of Residential Property Managers, 5th Annual State of Property Management Industry Report
  5. Federal Reserve Bank of St. Louis Economic Data (FRED), Real Estate and Rental Leasing: Producer Price Indexes
  6. U.S. Census Bureau, American Housing Survey
  7. Mashvisor, Commercial vs Residential Property Management: Which Is Right for You?
  8. Fortune Business Insights, Property Management Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Services), By Deployment (Cloud, On-Premises), By Application (Residential, Commercial), By End-User (Property Managers, Housing Associations, Real Estate Agents, and Others) and Regional Forecast, 2021-2028
  9. Pew Research Center, “More U.S. Households Are Renting Than at Any Point in 50 Years.
  10. Statista, IBISWorld Survey: Size of Property Management Market in the United States from 2009 to 2022
  11. IBISWorld, Industry Statistics: Property Management in the US