Rental property managers are tasked with running the day-to-day operations of properties that are leased. These positions generally require experience in a related job or field. The job outlook for these positions is about average.
Rental property managers are employed by property owners to oversee their holdings. They ensure that grounds and buildings are well-kept, ensure that units are rented and collect rent from tenants. Although property managers may only need a high school diploma to be qualified for some positions, a bachelor's or master's degree related to business or real estate can be helpful for securing positions in commercial property management. Other requirements may include work experience, a real estate license (for those buying and selling property) and certification (for public housing managers). There are also numerous optional professional certifications in property management individuals may pursue to improve their career prospects.
|Required Education||High school diploma; bachelor's or master's degree in a business or real estate field preferred|
|Other Requirements||Work experience, real estate licensure and certification|
|Projected Job Growth (2018-2028)*||7% (for all property, real estate, and community association managers)|
|Median Salary (2018)*||$58,340 (for all property, real estate, and community association managers)|
Source: *U.S. Bureau of Labor Statistics
According to the U.S. Bureau of Labor Statistics (BLS), property, real estate and community association managers, including rental property managers, earned a median annual wage of $58,340 as of May 2018 (www.bls.gov). In the same year, property managers in New York, Virginia and Rhode Island commanded the highest wages, while California, Florida and Texas had the highest employment levels in the field, per BLS reports.
Rental property managers maintain the grounds and buildings owned by their employers. They essentially act as administrators for all of the properties under their watch. They work to not only maintain a property's value but improve it over time.
Most rental property managers work on-site at the property they manage. Those who manage multiple properties may work out of a central location and travel to each property as their presence is needed. They're responsible for ensuring that rent and other fees are collected from tenants in a timely fashion. They also inspect the property and coordinate any needed maintenance efforts with on-site maintenance workers or outside contractors. They help tenants solve any problems they may have. They also meet with prospective tenants to present information about available rental units.
Rental property managers usually work in an office and they make reports of rental and maintenance activity. They ensure that any utility bills and property taxes are paid on time. According to the BLS, rental property managers work irregular schedules. For instance, they may have to work nights for community meetings with tenants, or they may have to be on call during the weekends in case of emergencies. Long hours are also common. However, it's not unusual for property managers to be given time off during the week to compensate for extra hours worked.
Rental property managers may only need a high school diploma, but many positions require a bachelor's degree in a related field. Certification is voluntary, though required if working in public housing. Licensing is usually only required for those also involved in buying or selling of properties.