IREM: Salaries of ARM-certified residential property managers continue to rise

by Brianna Crandall — April 9, 2014—Maintaining a history of steady compensation growth since 1987, U.S. real estate management professionals holding the Accredited Residential Manager (ARM) certification from IREM earned an average total compensation of $62,537 in 2012 (up from $62,074 in 2009; $57,893 in 2006; $53,574 in 2003; 45,507 in 1999; and $23,837 in 1987).

This data is part of the just-released Profile and Compensation Study, ARM Edition 2014, published by the Institute of Real Estate Management (IREM). IREM is an affiliate of the National Association of REALTORS (NAR) that serves both the multifamily and commercial sectors.

IREM periodically surveys its ARM members in the United States—of whom there currently are more than 3,500—to compile, analyze and compare the most critical components of their compensation and benefit packages. The survey findings provide detailed comparisons based on respondents’ portfolio size, area of management specialization, and level and types of experience; they also show how each of these variables affects salary levels and the total compensation package.

IREM awards ARM certification to residential real estate managers in the United States and abroad who have met strict criteria in the areas of education, examination, experience, and have committed to uphold the rigorously enforced IREM Code of Professional Ethics. Holders of the certification manage conventional apartments, federally assisted housing, public housing, military housing, condominiums, dormitories, homeowners’ associations and mobile home parks.

Among other major findings of the 2014 edition of the study:

  • The typical ARM member is 47 years old and has 16 years of real estate management experience. 73% are women.
  • About 57% work for property management firms.
  • More than one-third (37%) manage conventionally financed apartments, with another 23% managing affordable/federally assisted housing.
  • The typical ARM member manages approximately 280 residential units.
  • 84% have supervisory responsibilities and manage approximately seven employees. Personnel typically under their supervision include site managers, management office personnel, security guards, maintenance staff, and recreational personnel.
  • Approximately 57% work for property management companies. The next largest percentages work for not-for-profit management companies/agencies (8%) and full-service real estate organizations (8%).
  • Regionally, ARM members in the Southeastern states earn the highest total compensation.
  • Broken down by property type, ARM members who manage conventionally financed apartments and affordable public housing tend to have the highest average total compensation.
  • ARM members employed by real estate investment trusts (REITs) report getting a higher average salary and total compensation than those employed by other types of organizations.
  • ARM members receive numerous fringe benefits. Among the most common: paid vacation days and holidays, medical insurance, paid sick days, dental insurance, 401(k) plan options, life insurance, and vision insurance.

The study findings summarize the results of the “ARM Member Confidential Inventory and Salary Questionnaire” fielded online by the IREM Research Department in February 2013. Findings are based on responses received from 452 members with ARM certification.

The Profile and Compensation Study, ARM Edition 2014 , is priced at $24.99 for IREM members and $49.99 for nonmembers, plus shipping, handling, and applicable state sales tax. The study is available in soft cover or in a downloadable format by visiting the IREM Publications Web site.

For recent statistics on compensation for CPM designees, see also the “IREM: CPM designees earn nearly twice the salary of average property managers” article on FMLink.