Dive Brief:
- A new analysis points to the range in salary between the highest- and lowest-paid positions in the multifamily industry.
- Groundskeepers and porters at apartment properties have the lowest median base compensation of all multifamily positions at $32,900, as well as the lowest average bonus at 4.2%, according to the 2023 National Real Estate Compensation and Benefits Survey by Bethesda, Maryland-based RCLCO Real Estate Consulting and Los Angeles-based consultancy CEL & Associates.
- Top division executives have the highest median base salary at $390,400, as reported by the National Apartment Association. This position is one of two with an average bonus of over 100% at 101.2%, along with senior leasing executives at 105.7%.
Dive Insight:
The report covers median base salaries, 75th percentile base salaries and average bonuses of multifamily housing professionals across a variety of positions.
Multifamily positions with the highest base salaries
| Position | Median base salary | 75th percentile base salary | Average bonus |
|---|---|---|---|
| Top Division Executive | $390,400 | $524,300 | 101.2% |
| Top Development Executive | $314,800 | $427,400 | 63.8% |
| Top Property Management Executive | $314,200 | $426,400 | 45.2% |
| Top Regional Executive | $287,200 | $390,800 | 72.0% |
| Top Asset Management Executive | $282,500 | $354,600 | 42.5% |
| Top Acquisitions Executive | $259,600 | $361,500 | 90.9% |
| Top Construction Executive | $244,300 | $317,100 | 29.2% |
| Vice President/Director Development | $219,000 | $302,200 | 33.7% |
| Vice President, Property Management | $207,900 | $271,300 | 27.1% |
| Senior Asset Management Executive | $196,900 | $296,900 | 35.6% |
SOURCE: RCLCO
The national average salary across all industries was $59,384 in the fourth quarter of 2023, according to the U.S. Bureau of Labor Statistics. In the multifamily sector, many on-site personnel positions, maintenance and non-maintenance alike, have a median base salary that falls below this amount.
Entry and mid-level maintenance engineers and technicians have a median base salary that ranges between $41,000 and $50,300, while lead engineers and supervisors have a median base of $63,000.
The multifamily industry has a high rate of employee turnover at 37.2%, according to another NAA report — nearly double the average for other industries in the U.S. Among other issues like overwork and lack of response to issues, salary is one of the most common points of dissatisfaction for on-site personnel in particular, according to an analysis of employee surveys.
Multifamily positions with the lowest base salaries
| Position | Median Base Salary | 75th Percentile Base Salary | Average Bonus |
|---|---|---|---|
| Groundskeeper/Porter | $32,900 | $37,900 | 4.2% |
| Housekeeper/Custodian/Janitorial | $33,300 | $38,800 | 5.2% |
| Typical Leasing Agent/Representative | $39,000 | $45,800 | 21.7% |
| Make Ready Maintenance Tech | $41,000 | $48,100 | 5.2% |
| Concierge | $44,800 | $55,400 | 6.4% |
| Maintenance Engineer/Tech I | $45,200 | $51,000 | 6.7% |
| Assistant Property Manager | $49,200 | $59,400 | 15.7% |
| Maintenance Engineer/Tech II | $50,300 | $58,700 | 5.8% |
| Leasing Manager | $51,200 | $66,900 | 24.2% |
| On-Site Administrator | $51,500 | $63,800 | 9.5% |
SOURCE: RCLCO
On-site technicians have an annual turnover rate of 39.2%, the highest rate out of any multifamily position. Not only is maintenance a difficult and physically demanding job, but many professionals do not feel their pay is equivalent to their skill and experience.
“I’ve seen memes and heard talk about how you can make just as much as, unfortunately, a mid-level [multifamily] maintenance technician as you could working a nine-to-five job at a fast food chain these days,” Chris Caramanica, director of facilities at Boston-based real estate firm WinnCompanies, told Multifamily Dive. “Many professionals who have been in the game a really long time have years of experience. They feel like they’re not being compensated for it.”
There is potential for these salaries to rise as companies aim to attract more candidates to these necessary positions. “As the war for talent continues,” the NAA said in its report on the data, “multifamily developers, owners and operators are driven to review salary and compensation packages for professionals in the rental housing industry.”
The 2023 National Real Estate Compensation and Benefits Survey is based on responses from over 140,000 employees at over 365 companies.
