Close-up on compensation
2024 IREM Profile and Compensation Studies results
On a regular basis, IREM conducts a survey of its certified members to better understand their jobs and to analyze how compensation differs between certification holders and property managers without certifications.
The 2024 IREM Profile and Compensation Studies revealed that the average CPM® is 53 years old, earns a total compensation of $186,000 annually, manages a team of more than 20 individuals, and has more than 21 years of experience. They’re typically employed full-time in property management or full-service real estate and hold a bachelor’s degree. CPM Candidates share the same years of experience, education, and professional responsibilities. Candidates are, on average, 45 years old and earn $125,000 annually.
Prospects for property management careers
Suzanne Peperak, CPM®
“Talented property managers are in demand, and these are great jobs to have,” says Suzanne Peperak, CPM®, COO of Barrett & Stokely, AMO®, a property management firm based in Indianapolis. “Property managers have opportunities for career growth with upward momentum in total compensation while enjoying benefits, including flexible work environments, health and wellness programs, paid time off (including paid parental leave), volunteer opportunities, and charitable donation matching.”
Bryan Heckman, assistant director of the national property management division at Career Strategies, a staffing and recruiting firm, echoes Peperak’s sentiment. “With an investment in certifications and the willingness to continue learning, the property management industry offers good pay, job security, and many ways to grow your career,” he explains.
This sentiment is reflected in the consistent demand for property managers across the U.S., particularly at a time when housing needs are evolving rapidly. As commercial real estate continues to adapt to new economic and social trends, including hybrid work environments and the growth of multifamily housing, property managers are expected to play an increasingly important role in both the residential and commercial sectors. The industry offers a variety of career paths, ensuring that professionals can find roles that suit their skills and career aspirations.
Attracting and retaining talent
Bryan Heckman
Heckman emphasizes, “Keeping and attracting great talent in property management takes more than just a paycheck. It’s about offering competitive pay and chances to grow professionally while prioritizing employee well-being. Companies that focus on these areas are more likely to build and retain a strong, loyal team.”
While focusing on factors beyond compensation is crucial, there’s also a generational shift impacting the workforce. Peperak states plainly, “As an industry, our talent is aging out. The survey shows that 61% of CPMs are age 50 or older. While it’s encouraging to see that 65% of CPM Candidates are under age 50, we must address this generational gap.”
Within the younger workforce, there’s a growing demand for remote work, professional development opportunities, and a willingness to change jobs or roles to advance. These traits, less common in older generations, reflect a broader societal trend. According to the Bureau of Labor Statistics, the average employee tenure is now only 3.9 years, compared to 4.8 years a decade ago. This trend in shorter tenures has continued over the long term and could be cause for concern if it persists.
“The property management industry must innovate to attract talent,” Peperak continues. “Our industry is changing more rapidly now than it has in the last 20 years, and we have a responsibility to embrace technology and create specialized roles that attract top talent.”
This innovation includes leveraging emerging technologies such as property management software, AI tools for tenant communication, and data-driven decision-making platforms. Younger professionals are drawn to organizations that not only use these tools but also offer training and development opportunities that align with their career goals. Couple these professional challenges with a fun and exciting place to work, and you have a winning recipe for building a younger workforce in your company.
The value of IREM certifications
Peperak explains, “People who are successful in this business value learning, as the survey shows a correlation between attending college and becoming a certification candidate as well as completing the certification.”
Heckman adds, “Certifications are a smart move for anyone in property management. They can help you earn more, climb the career ladder, and get noticed in the industry.”
Both Peperak and Heckman agree that companies supporting education and certifications like those offered through IREM are essential for retaining talent and enhancing their credibility. “Having certified team members means adding credibility and expertise to their brand,” Heckman explains.
“The companies that hire IREM-certified individuals are primarily local, regional, and national firms in the full-service real estate and property management sectors,” Peperak says. “These firms demonstrate the value of certification by providing financial support and time for employees to complete the process.”
Data from the study further underscores this point. Among CPMs, 86% reported their companies pay for association dues, and 81% said their employers provide or pay for professional training like IREM courses. In contrast, only 69% of candidates reported receiving paid dues, and 71% said their employers paid for education. These discrepancies, along with the compensation differences, may contribute to employee retention and longevity.
“Individuals who successfully obtain a certification and gain experience are moving into top roles within their organizations,” says Peperak.
The value of these certifications is also evident in job postings. Listings for commercial or multifamily property management positions overwhelmingly reference IREM certifications, including the CPM, ARM®, and ACoM®, as either required or preferred. This validates the findings of the IREM Profile and Compensation Studies and highlights the market demand for the skills and training that IREM certifications deliver.
Significant findings
The $61,000 average salary difference between CPMs and CPM Candidates is a significant finding. “Certifications can seriously boost your salary and career prospects,” Heckman observes.
He also notes that the study highlights a variety of roles in property management, coupled with a growing emphasis on work-life balance to improve employee satisfaction. CPMs are not limited to property and asset management roles—they frequently hold senior management positions, own their own firms, or work in related fields like accounting, leasing, and HR/training. In contrast, CPM Candidates tend to focus more on core property and asset management and senior-level roles.
Peperak points to another key finding: “The geographical regions with the highest concentrations of certifications vary significantly between ACoM and ARM designations.”
In regions like West South Central (Texas, Oklahoma, Louisiana, and Arkansas), ACoMs significantly outnumber ARMs. Conversely, in East North Central (Illinois, Ohio, Michigan, and Wisconsin), ARMs dominate. When looking at CPMs and CPM Candidates, the distribution appears more even but doesn’t directly align with ARM and ACoM trends.
“How do we attract more interest in these certifications throughout the U.S.?” Peperak asks.
Industry trends reflected in the data
“Multifamily is thriving and in a growth cycle to meet the country’s demand for more housing, and the survey data backs that up,” Peperak says. The study reveals that ARMs earn an average of $104,000 annually, compared to $99,000 for ACoMs. CPMs and CPM Candidates in mixed-use, senior housing, and affordable housing reported the highest base salaries.
Interestingly, ARMs often have more than 21 years of experience, while ACoMs typically have 1–10 years. ACoMs are also more likely to hold bachelor’s degrees, whereas ARMs more often report having completed some college.
Peperak’s emphasis on multifamily growth aligns with the perspective of Lawrence Yun, PhD, chief economist for the National Association of REALTORS®. Dr. Yun has noted in his research and remarks that the U.S. is short by 5.5 million housing units. Multifamily housing represents the fastest and most efficient way to meet this demand, potentially driving increased demand for skilled professionals in the sector.
“The survey backs up some key trends in the industry,” says Heckman. “Certifications help boost pay and career growth. There’s also a growing need for work-life balance to retain employees.” The study shows that many CPMs and CPM Candidates report their employers offer retirement plans, bonus structures, and health insurance. Beyond these basics, companies are prioritizing professional development, casual dress codes, flexible work environments, and opportunities for community engagement.
These offerings are designed not only to compete with other real estate firms but also to address the broader demands of the professional landscape. With employee tenure at a historic low and technology advancements providing younger employees with an edge, attracting and retaining talent is more important than ever.
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