Property Management Industry Statistics

Last Updated: November 19, 2021

Report Highlights. The property management industry in the United States generates $88.4 billion in annual revenue and is expected to grow.

  • The North American property management market is valued at $5 billion.
  • This market value increased 7.78% over 12 months.
  • More than 300,000 property management companies are registered in the United States.
  • The national industry employs over 367,000 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.

  • The industry’s average annual growth rate for the last 5 years has been 2.5%.
  • North America’s property management market is valued at $4.99 billion.
  • That’s 35.95% of the global market, which is valued at $13.88 billion.
  • North America’s market value grew 7.78% from 2019 to 2020.
  • 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%.

Property Management Industry Employment

The job market among property management is expected to remain stable throughout 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%.
  • 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 in 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 tenent 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 tenents 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 6%.
  • If trends from the last decade continue, the vacancy rate should drop below 4 percent by 2025.
  • 42 percent of all U.S. renters live in single-family homes.
  • Between 20 and 43 percent of renters cannot afford to buy a home or unit where they live.
  • In order to afford a two-bedroom apartment, the average American must make almost $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 34%.

*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

  • There are a total of 1,930 property managers working for property management companies.
  • There is 1 property manager for every 988 working residents.
  • $25.94 is their average hourly wage.
  • Their average annual wage is $53,960.
  • This is 26.3% below the national average wage for property managers.
  • Property managers make 15.03% more than the average worker statewide ($46,908).
  • The 10% lowest paid property managers earn an average of $25,900.
  • The 10% highest paid earn $88,670.

Alaska’s Property Management Industry

  • There are a total of 600 property managers working for property management companies.
  • There is 1 property manager for every 491 working residents.
  • $35.12 is their average hourly wage.
  • Their average annual wage is $73,040.
  • This is 0.23% below the national average wage for property managers.
  • Property managers make 12.75% more than the average worker statewide ($64,780).
  • The 10% lowest paid property managers earn an average of $25,900.
  • The 10% highest paid earn $88,670.

Arizona’s Property Management Industry

  • There are a total of a total of 7,190 property managers working for property management companies.
  • There is 1 property manager for every 394 working residents.
  • $30.06 is their average hourly wage.
  • Their average annual wage is $62,530.
  • This is 14.59% below the national average wage for property managers.
  • Property managers make 27.74% more than the average worker statewide ($48,950).
  • The 10% lowest paid property managers earn an average of $31,900.
  • The 10% highest paid earn $101,750.

Arkansas’s Property Management Industry

  • There are a total of 1,440 property managers working for property management companies.
  • There is 1 property manager for every 820 working residents.
  • $27.01 is their average hourly wage.
  • Their average annual wage is $56,190.
  • This is 23,25% below the national average wage for property managers.
  • Property managers make 19.28% more than the average worker statewide ($47,109).
  • The 10% lowest paid property managers earn an average of $26,530.
  • The 10% highest paid earn $87,600.

California’s Property Management Industry

  • There are a total of 37,630 property managers working for property management companies.
  • There is 1 property manager for every 437 working residents.
  • $36.25 is their average hourly wage.
  • Their average annual wage is $75,390.
  • This is 2.98% above the national average wage for property managers.
  • Property managers make 5.47% more than the average worker statewide ($71,480).
  • The 10% lowest paid property managers earn an average of $29,290.
  • The 10% highest paid earn $87,600.

Colorado’s Property Management Industry

  • There are a total of 1,490 property managers working for property management companies.
  • There is 1 property manager for every 1,730 working residents.
  • $45.54 is their average hourly wage.
  • Their average annual wage is $94,730.
  • This is 29.39% above the national average wage for property managers.
  • Property managers make 49.13% more than the average worker statewide ($63,522).
  • The 10% lowest paid property managers earn an average of $43,210.
  • The 10% highest paid earn $169,030.

Connecticut’s Property Management Industry

  • There are a total of 2,110 property managers working for property management companies.
  • There is 1 property manager for every 732 working residents.
  • $40.00 is their average hourly wage.
  • Their average annual wage is $83,210.
  • This is 13.66% above the national average wage for property managers.
  • Property managers make 4.31% more than the average worker statewide ($79,771).
  • The 10% lowest paid property managers earn an average of $46,880.
  • The 10% highest paid earn $147,950.

Delaware’s Property Management Industry

  • There are a total of 600 property managers working for property management companies.
  • There is 1 property manager for every 716 working residents.
  • $29.77 is their average hourly wage.
  • Their average annual wage is $61,930.
  • This is 15.41% below the national average wage for property managers.
  • Property managers make 9.09% more than the average worker statewide ($56,768).
  • The 10% lowest paid property managers earn an average of $37,110.
  • The 10% highest paid earn $96,420.

District of Columbia’s Property Management Industry

  • There are a total of 2,280 property managers working for property management companies.
  • There is 1 property manager for every 301 working residents.
  • $43.37 is their average hourly wage.
  • Their average annual wage is $90,210.
  • This is 23.22% above the national average wage for property managers.
  • Property managers make 3.61% more than the average worker statewide ($87,064).
  • The 10% lowest paid property managers earn an average of $46,420.
  • The 10% highest paid earn $155,610.

Florida’s Property Management Industry

  • There are a total of 2,280 property managers working for property management companies.
  • There is 1 property manager for every 378 working residents.
  • $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 earn an average of $32,040.
  • The 10% highest paid earn $96,600.

Georgia’s Property Management Industry

  • There are a total of 7,630 property managers working for property management companies.
  • There is 1 property manager for every 564 working residents.
  • $29.25 is their average hourly wage.
  • Their average annual wage is $60,830.
  • This is 16.91% below the national average wage for property managers.
  • Property managers make 18.89% more than the average worker statewide ($51,165).
  • The 10% lowest paid property managers earn an average of $27,980.
  • The 10% highest paid earn $114,220.

Hawaii’s Property Management Industry

  • There are a total of 2,600 property managers working for property management companies.
  • There is 1 property manager for every 221 working residents.
  • $32.26 is their average hourly wage.
  • Their average annual wage is $67,100.
  • This is 8.35% below the national average wage for property managers.
  • Property managers make 10.49% more than the average worker statewide ($60,729).
  • The 10% lowest paid property managers earn an average of $37,630.
  • The 10% highest paid earn $106,090.

Idaho’s Property Management Industry

  • There are a total of 1,450 property managers working for property management companies.
  • There is 1 property manager for every 495 working residents.
  • $19.55 is their average hourly wage.
  • Their average annual wage is $40,570.
  • This is 44.45% below the national average wage for property managers.
  • Property managers make 16.34% less than the average worker statewide ($48,616).
  • The 10% lowest paid property managers earn an average of $17,620.
  • The 10% highest paid earn $71,560.

Illinois’ Property Management Industry

  • There are a total of 7,270 property managers working for property management companies.
  • There is 1 property manager for every 774 working residents.
  • $38.83 is their average hourly wage.
  • Their average annual wage is $80,760.
  • This is 10.31% above the national average wage for property managers.
  • Property managers make 28.24% more than the average worker statewide ($62,977).
  • The 10% lowest paid property managers earn an average of $35,830.
  • The 10% highest paid earn $138,000.

Indiana’s Property Management Industry

  • There are a total of 3,680 property managers working for property management companies.
  • There is 1 property manager for every 794 working residents.
  • $25.97 is their average hourly wage.
  • Their average annual wage is $54,020.
  • This is 26.21% below the national average wage for property managers.
  • Property managers make 5.22% more than the average worker statewide ($51,340).
  • The 10% lowest paid property managers earn an average of $29,360.
  • The 10% highest paid earn $83,560.

Iowa’s Property Management Industry

  • There are a total of 1,440 property managers working for property management companies.
  • There is 1 property manager for every 1,024 working residents.
  • $28.15 is their average hourly wage.
  • Their average annual wage is $58,550.
  • This is 20.02% below the national average wage for property managers.
  • Property managers make 6.03% more than the average worker statewide ($55,218).
  • The 10% lowest paid property managers earn an average of $32,900.
  • The 10% highest paid earn $95,390.

Kansas’ Property Management Industry

  • There are a total of 2,960 property managers working for property management companies.
  • There is 1 property manager for every 450 working residents.
  • $25.51 is their average hourly wage.
  • Their average annual wage is $53,060.
  • This is 27.52% below the national average wage for property managers.
  • Property managers make 5.37% less than the average worker statewide ($56,073).
  • The 10% lowest paid property managers earn an average of $25,430.
  • The 10% highest paid earn $85,620.

Kentucky’s Property Management Industry

  • There are a total of 2,080 property managers working for property management companies.
  • There is 1 property manager for every 857 working residents.
  • $27.41 is their average hourly wage.
  • Their average annual wage is $57,010.
  • This is 22.13% below the national average wage for property managers.
  • Property managers make 22.58% more than the average worker statewide ($46,507).
  • The 10% lowest paid property managers earn an average of $27,930.
  • The 10% highest paid earn $88,210.

Louisiana’s Property Management Industry

  • There are a total of 3,330 property managers working for property management companies.
  • There is 1 property manager for every 541 working residents.
  • $24.74 is their average hourly wage.
  • Their average annual wage is $51,460.
  • This is 29.71% below the national average wage for property managers.
  • Property managers make 2.84% more than the average worker statewide ($50,037).
  • The 10% lowest paid property managers earn an average of $18,950.
  • The 10% highest paid earn $90,130.

Maine’s Property Management Industry

  • There are a total of 570 property managers working for property management companies.
  • There is 1 property manager for every 1,008 working residents.
  • $29.56 is their average hourly wage.
  • Their average annual wage is $61,490.
  • This is 16.01% below the national average wage for property managers.
  • Property managers make 13.40% more than the average worker statewide ($54,225).
  • The 10% lowest paid property managers earn an average of $35,320.
  • The 10% highest paid earn $95,780.

Maryland’s Property Management Industry

  • There are a total of 4,790 property managers working for property management companies.
  • There is 1 property manager for every 527 working residents.
  • $37.21 is their average hourly wage.
  • Their average annual wage is $77,410.
  • This is 5.74% above the national average wage for property managers.
  • Property managers make 13.41% more than the average worker statewide ($68,258).
  • The 10% lowest paid property managers earn an average of $37,040.
  • The 10% highest paid earn $128,950.

Massachusetts’ Property Management Industry

  • There are a total of 4,830 property managers working for property management companies.
  • There is 1 property manager for every 694 working residents.
  • $43.50 is their average hourly wage.
  • Their average annual wage is $90,470.
  • This is 23.58% above the national average wage for property managers.
  • Property managers make 13.48% more than the average worker statewide ($79,721).
  • The 10% lowest paid property managers earn an average of $50,180.
  • The 10% highest paid earn $139,920.

Michigan’s Property Management Industry

  • There are a total of 5,210 property managers working for property management companies.
  • There is 1 property manager for every 754 working residents.
  • $31.74 is their average hourly wage.
  • Their average annual wage is $66,020.
  • This is 9.82% below the national average wage for property managers.
  • Property managers make 24.60% more than the average worker statewide ($52,987).
  • The 10% lowest paid property managers earn an average of $33,650.
  • The 10% highest paid earn $105,290.

Minnesota’s Property Management Industry

  • There are a total of 3,950 property managers working for property management companies.
  • There is 1 property manager for every 686 working residents.
  • $35.86 is their average hourly wage.
  • Their average annual wage is $74,580.
  • This is 1.87% above the national average wage for property managers.
  • Property managers make 21.19% more than the average worker statewide ($61,540).
  • The 10% lowest paid property managers earn an average of $42,600.
  • The 10% highest paid earn $123,780.

Mississippi’s Property Management Industry

  • There are a total of 2,130 property managers working for property management companies.
  • There is 1 property manager for every 506 working residents.
  • $21.00 is their average hourly wage.
  • Their average annual wage is $43,680.
  • This is 40.34% below the national average wage for property managers.
  • Property managers make 4.64% more than the average worker statewide ($41,745).
  • The 10% lowest paid property managers earn an average of $18,850.
  • The 10% highest paid earn $70,660.

Missouri’s Property Management Industry

  • There are a total of 3,370 property managers working for property management companies.
  • There is 1 property manager for every 797 working residents.
  • $32.34 is their average hourly wage.
  • Their average annual wage is $67,060.
  • This is 8.40% below the national average wage for property managers.
  • Property managers make 31.04% more than the average worker statewide ($51,177).
  • The 10% lowest paid property managers earn an average of $29,850.
  • The 10% highest paid earn $132,480.

Montana’s Property Management Industry

  • There are a total of 850 property managers working for property management companies.
  • There is 1 property manager for every 534 working residents.
  • $22.56 is their average hourly wage.
  • Their average annual wage is $46,920.
  • This is 35.91% below the national average wage for property managers.
  • Property managers make 12.02% less than the average worker statewide ($53,329).
  • The 10% lowest paid property managers earn an average of $20,040.
  • The 10% highest paid earn $78,730.

Nebraska’s Property Management Industry

  • There are a total of 1,140 property managers working for property management companies.
  • There is 1 property manager for every 829 working residents.
  • $30.63 is their average hourly wage.
  • Their average annual wage is $63,710.
  • This is 12.98% below the national average wage for property managers.
  • Property managers make 9.95% more than the average worker statewide ($57,942).
  • The 10% lowest paid property managers earn an average of $19,930.
  • The 10% highest paid earn $105,690.

Nevada’s Property Management Industry

  • There are a total of 2,930 property managers working for property management companies.
  • There is 1 property manager for every 427 working residents.
  • $25.98 is their average hourly wage.
  • Their average annual wage is $54,030.
  • This is 26.20% below the national average wage for property managers.
  • Property managers make 0.74% more than the average worker statewide ($53,635).
  • The 10% lowest paid property managers earn an average of $36,730.
  • The 10% highest paid earn $74,330.

New Hampshire’s Property Management Industry

  • There are a total of 610 property managers working for property management companies.
  • There is 1 property manager for every 1,007 working residents.
  • $34.20 is their average hourly wage.
  • Their average annual wage is $71,140.
  • This is 2.83% below the national average wage for property managers.
  • Property managers make 7.11% more than the average worker statewide ($66,418).
  • The 10% lowest paid property managers earn an average of $40,220.
  • The 10% highest paid earn $107,370.

New Jersey’s Property Management Industry

  • There are a total of 4,370 property managers working for property management companies.
  • There is 1 property manager for every 867 working residents.
  • $45.88 is their average hourly wage.
  • Their average annual wage is $95,440.
  • This is 30.36% above the national average wage for property managers.
  • Property managers make 26.84% more than the average worker statewide ($75,245).
  • The 10% lowest paid property managers earn an average of $46,670.
  • The 10% highest paid earn $193,420.

New Mexico’s Property Management Industry

  • There are a total of 960 property managers working for property management companies.
  • There is 1 property manager for every 820 working residents.
  • $27.28 is their average hourly wage.
  • Their average annual wage is $56,750.
  • This is 22.48% below the national average wage for property managers.
  • Property managers make 23.90% more than the average worker statewide ($45,803).
  • The 10% lowest paid property managers earn an average of $26,720.
  • The 10% highest paid earn $84,350.

New York’s Property Management Industry

  • There are a total of 8,080 property managers working for property management companies.
  • There is 1 property manager for every 1,076 working residents.
  • $55.61 is their average hourly wage.
  • Their average annual wage is $115,670.
  • This is 58.00% above the national average wage for property managers.
  • Property managers make 53.11% more than the average worker statewide ($75,548).
  • The 10% lowest paid property managers earn an average of $62,280.
  • The 10% highest paid earn $196,410.

North Carolina’s Property Management Industry

  • There are a total of 5,700 property managers working for property management companies.
  • There is 1 property manager for every 752 working residents.
  • $33.56 is their average hourly wage.
  • Their average annual wage is $69,800.
  • This is 4.66% below the national average wage for property managers.
  • Property managers make 39.36% more than the average worker statewide ($50,086).
  • The 10% lowest paid property managers earn an average of $36,200.
  • The 10% highest paid earn $114,560.

North Dakota’s Property Management Industry

  • There are a total of 660 property managers working for property management companies.
  • There is 1 property manager for every 609 working residents.
  • $26.85 is their average hourly wage.
  • Their average annual wage is $55,840.
  • This is 23.73% below the national average wage for property managers.
  • Property managers make 5.97% less than the average worker statewide ($59,388).
  • The 10% lowest paid property managers earn an average of $35,760.
  • The 10% highest paid earn $83,220.

Ohio’s Property Management Industry

  • There are a total of 7,400 property managers working for property management companies.
  • There is 1 property manager for every 694 working residents.
  • $31.09 is their average hourly wage.
  • Their average annual wage is $64,670.
  • This is 11.67% below the national average wage for property managers.
  • Property managers make 21.34% more than the average worker statewide ($53,296).
  • The 10% lowest paid property managers earn an average of $23,140.
  • The 10% highest paid earn $122,910.

Oklahoma’s Property Management Industry

  • There are a total of 2,610 property managers working for property management companies.
  • There is 1 property manager for every 600 working residents.
  • $42.79 is their average hourly wage.
  • Their average annual wage is $89,000.
  • This is 21.57% above the national average wage for property managers.
  • Property managers make 80.71% more than the average worker statewide ($49,249).
  • The 10% lowest paid property managers earn an average of $28,740.
  • The 10% highest paid earn $180,870.

Oregon’s Property Management Industry

  • There are a total of 3,200 property managers working for property management companies.
  • There is 1 property manager for every 565 working residents.
  • $26.90 is their average hourly wage.
  • Their average annual wage is $55,950.
  • This is 23.58% below the national average wage for property managers.
  • Property managers make 1.44% less than the average worker statewide ($56,765).
  • The 10% lowest paid property managers earn an average of $31,870.
  • The 10% highest paid earn $91,270.

Pennsylvania’s Property Management Industry

  • There are a total of 5,850 property managers working for property management companies.
  • There is 1 property manager for every 943 working residents.
  • $44.14 is their average hourly wage.
  • Their average annual wage is $91,800.
  • This is 25.39% above the national average wage for property managers.
  • Property managers make 47.59% more than the average worker statewide ($62,198).
  • The 10% lowest paid property managers earn an average of $40,630.
  • The 10% highest paid earn $190,740.

Puerto Rico’s Property Management Industry

  • There are a total of 40 property managers working for property management companies.
  • There is 1 property manager for every 21,739 working residents.
  • $43.17 is their average hourly wage.
  • Their average annual wage is $89,790.
  • This is 22.65% above the national average wage for property managers.
  • The 10% lowest paid property managers earn an average of $32,540.
  • The 10% highest paid earn $140,320.

Rhode Island’s Property Management Industry

  • There are a total of 610 property managers working for property management companies.
  • There is 1 property manager for every 722 working residents.
  • $44.32 is their average hourly wage.
  • Their average annual wage is $92,180.
  • This is 25.91% above the national average wage for property managers.
  • Property managers make 51.52% more than the average worker statewide ($60,837).
  • The 10% lowest paid property managers earn an average of $52,880.
  • The 10% highest paid earn $132,800.

South Carolina’s Property Management Industry

  • There are a total of 1,650 property managers working for property management companies.
  • There is 1 property manager for every 1,220 working residents.
  • $34.91 is their average hourly wage.
  • Their average annual wage is $72,610.
  • This is 0.82% below the national average wage for property managers.
  • Property managers make 52.86% more than the average worker statewide ($47,502).
  • The 10% lowest paid property managers earn an average of $27,480.
  • The 10% highest paid earn $128,490.

South Dakota’s Property Management Industry

  • There are a total of 1,000 property managers working for property management companies.
  • There is 1 property manager for every 413 working residents.
  • $21.00 is their average hourly wage.
  • Their average annual wage is $43,670.
  • This is 40.35% below the national average wage for property managers.
  • Property managers make 23.75% less than the average worker statewide ($57,273).
  • The 10% lowest paid property managers earn an average of $27,570.
  • The 10% highest paid earn $62,440.

Tennessee’s Property Management Industry

  • There are a total of 3,840 property managers working for property management companies.
  • There is 1 property manager for every 757 working residents.
  • $28.56 is their average hourly wage.
  • Their average annual wage is $59.400.
  • This is 18.86% below the national average wage for property managers.
  • Property managers make 17.51% more than the average worker statewide ($50,547).
  • The 10% lowest paid property managers earn an average of $26.760.
  • The 10% highest paid earn $105,310.

Texas’ Property Management Industry

  • There are a total of 22,820 property managers working for property management companies.
  • There is 1 property manager for every 531 working residents.
  • $41.57 is their average hourly wage.
  • Their average annual wage is $86,470.
  • This is 18.11% above the national average wage for property managers.
  • Property managers make 57.67% more than the average worker statewide ($54,841).
  • The 10% lowest paid property managers earn an average of $32,860.
  • The 10% highest paid earn $168,310.

Utah’s Property Management Industry

  • There are a total of 2,640 property managers working for property management companies.
  • There is 1 property manager for every 563 working residents.
  • $26.17 is their average hourly wage.
  • Their average annual wage is $54,440.
  • This is 25.64% below the national average wage for property managers.
  • Property managers make 4.19% more than the average worker statewide ($52,251).
  • The 10% lowest paid property managers earn an average of $25,680.
  • The 10% highest paid earn $96,340.

Vermont’s Property Management Industry

  • There are a total of 510 property managers working for property management companies.
  • There is 1 property manager for every 551 working residents.
  • $31.26 is their average hourly wage.
  • Their average annual wage is $65,020.
  • This is 11.19% below the national average wage for property managers.
  • Property managers make 10.86% more than the average worker statewide ($58,650).
  • The 10% lowest paid property managers earn an average of $28,200.
  • The 10% highest paid earn $107,910.

Virgin Islands’ Property Management Industry

  • There are a total of 140 property managers working for property management companies.
  • There is 1 property manager for every 247 working residents.
  • $27.50 is their average hourly wage.
  • Their average annual wage is $57,210.
  • This is 21.85% below the national average wage for property managers.
  • The 10% lowest paid property managers earn an average of $27,840.
  • The 10% highest paid earn $83,500.

Virginia’s Property Management Industry

  • There are a total of 2,540 property managers working for property management companies.
  • There is 1 property manager for every 1,456 working residents.
  • $44.72 is their average hourly wage.
  • Their average annual wage is $93,020.
  • This is 27.06% above the national average wage for property managers.
  • Property managers make 49.16% more than the average worker statewide ($62,362).
  • The 10% lowest paid property managers earn an average of $47,930.
  • The 10% highest paid earn $145,580.

Washington’s Property Management Industry

  • There are a total of 2,400 property managers working for property management companies.
  • There is 1 property manager for every 1,333 working residents.
  • $44.96 is their average hourly wage.
  • Their average annual wage is $93,520.
  • This is 27.74% above the national average wage for property managers.
  • Property managers make 36.88% more than the average worker statewide ($68,322).
  • The 10% lowest paid property managers earn an average of $45,940.
  • The 10% highest paid earn $158,220.

West Virginia’s Property Management Industry

  • There are a total of 870 property managers working for property management companies.
  • There is 1 property manager for every 751 working residents.
  • $26.80 is their average hourly wage.
  • Their average annual wage is $55,740.
  • This is 23.86% below the national average wage for property managers.
  • Property managers make 23.57% more than the average worker statewide ($45,109).
  • The 10% lowest paid property managers earn an average of $23,070.
  • The 10% highest paid earn $110,720.

Wisconsin’s Property Management Industry

  • There are a total of 1,300 property managers working for property management companies.
  • There is 1 property manager for every 2,088 working residents.
  • $35.24 is their average hourly wage.
  • Their average annual wage is $73,300.
  • This is 0.12% above the national average wage for property managers.
  • Property managers make 32.10% more than the average worker statewide ($55,487).
  • The 10% lowest paid property managers earn an average of $39,260.
  • The 10% highest paid earn $125,790.

Wyoming’s Property Management Industry

  • There are a total of 400 property managers working for property management companies.
  • There is 1 property manager for every 649 working residents.
  • $32.60 is their average hourly wage.
  • Their average annual wage is $67,800.
  • This is 7.39% below the national average wage for property managers.
  • Property managers make 7.17% more than the average worker statewide ($63,263).
  • The 10% lowest paid property managers earn an average of $24,850.
  • The 10% highest paid earn $129,360.

Analysis: Industry Predicions

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 forseeable 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 2020