An assistant property manager is often responsible for a specific rental property—typically an apartment or office complex—under the supervision of an individual property manager or a property management company. Assistant property manager salary figures fluctuate greatly based on many factors; the most influential of these is location.
According to the Bureau of Labor Statistics, property managers at all levels—including assistant positions—earned an average of $51,480 in 2010.The highest annual salaries were earned by those who worked in government positions and these topped out at $58,670 on average. The lowest annual salaries, an average of about $44,790 per year, were earned by those in the real estate leasing industry. Assistant property managers working in real estate offices that specialize in sales earned about $51,330 per year; those in business, labor or other professional organizations earned an average annual total of $48,040. Conversely, Indeed.com reports that average annual salaries for assistant positions are about $40,000.
Salary by Location
Assistant property managers along the east coast tend to earn the largest annual salaries, according to Indeed.com. Those in New York City earn an average of $51,000 per year, and individuals working in Boston, MA earn an average of $46,000 per year. However, in Miami, FL, they only earned an average of $38,000 annually. On the west coast, assistant property managers in Seattle, WA earn an average of $38,000 while their counterparts in Los Angeles, CA earned roughly $41,000. In the Midwest, those in Chicago earned about $43,000 and assistant property managers in Indianapolis, IN earn roughly $32,000 per year.
Amount of Education and Experience
There is no specific degree required to obtain a position as an assistant property manager, but many employers prefer that their employees obtain at least an Associate’s or Bachelor’s degree in a field such as business administration, finance or even accounting. Entry level positions directly only net these individuals about $26,108 per year, but with at least a Bachelor’s degree or perhaps even a Master’s degree in a business field, they can earn as much as $111,320. However, once individuals have earned Master’s degrees or gained several years’ experience in the assistant role, they will likely be promoted.
Other Contributing Factors
There are other factors contributing to the salary earned by an assistant property manager, as well. For instance, individuals who work in cities where there is not a lot of demand for housing or office space will not make as much as those who are responsible for multiple properties in a specific area. In some professions, particularly where leasing is concerned, assistant property managers may earn commission or a bonus for each lease that is signed. Similarly, these individuals may earn a bonus if they are able to meet a particular quota as it relates to collecting rent from tenants.
Assistant property managers who want to earn larger salaries should focus upon earning a Master’s degree in a business related field and perhaps even aim toward a promotion. Since this career choice is considered entry level, there is plenty of room for growth—and plenty of opportunities to earn more money.