What does the job involve day to day?
The core of the job is keeping a property full, paid and in good repair. On a normal day a manager checks the rent ledger and follows up on late payments, reviews leasing traffic and applications, signs off on work orders, and answers residents who have a leak, a noise complaint or a question about their lease. BLS lists the same tasks: showing units, explaining lease terms, collecting monthly fees, inspecting grounds and equipment, arranging repairs, and settling complaints and violations.
The money side takes as much time as the people side. Managers pay or approve bills for insurance, maintenance, payroll and taxes. They hire contractors for landscaping, trash removal and other services. They keep records of rental activity, build the annual budget, and report to the owner on occupancy, lease expirations and how the property is performing against plan. Many also recommend what rent to charge when units turn over.
What are the fair housing duties?
Every listing, showing, application and lease decision is covered by fair housing law. The federal Fair Housing Act bars discrimination in renting housing because of race, color, national origin, religion, sex, familial status or disability. BLS also names the Americans with Disabilities Act as a law managers must follow when advertising and leasing.
In practice this means using the same screening criteria for every applicant, writing ads that describe the unit rather than the ideal tenant, handling disability accommodation requests properly, and training leasing staff to do the same. A single careless remark at a showing can become a complaint. State and local laws often add protections beyond the federal list, so a manager needs to know the rules where the property sits.
Who employs property managers?
Owners who lack the time or know-how to run a building hire a manager directly or contract with a property management company. BLS counts about 460,400 jobs in this occupation in 2025, a group that also includes commercial and community association managers. About 56% worked in the real estate industry and 31% were self-employed.
Typical employers include third-party management firms, apartment owner-operators and REITs, housing authorities and nonprofit housing groups, and small brokerages that manage single-family rentals. Larger firms tend to offer a clear ladder from leasing and assistant roles up to regional management. Smaller firms often hand a manager a mixed portfolio of houses and small buildings to run from an office.
How does the job change by property type?
An onsite apartment manager runs one community with a leasing and maintenance team and spends much of the day walking the property and dealing with residents. A manager of scattered single-family homes works from an office, coordinates vendors across a wide area, and deals more directly with individual owners. Some onsite managers are required to live at the property.
Federally subsidized housing adds compliance work, such as income certifications, and BLS notes that managers of subsidized public housing must hold certifications. Student and senior housing change the resident mix and the leasing calendar. Commercial and HOA management are separate tracks: commercial managers deal with business tenants, and community association managers work for a volunteer board and enforce association rules.
Pay
USD a year, before tax. BLS OEWS May 2025, moved to 2026 with the Employment Cost Index. The series covers all property, real estate and community association managers combined, so residential pay is not shown separately; state, portfolio size and asset class move the figure. Refer to the Residential & Multifamily Property Management salary guide for figures from live adverts.
What you need
- EducationBLS says onsite management jobs typically need a high school diploma or equivalent. Employers may prefer college graduates for commercial management roles focused on a property's finances or contracts, in fields such as business administration, accounting, finance or real estate.
- Related experienceEntry-level manager roles usually call for several years of related work. Leasing, real estate sales and customer service are common starting points.
- State licenseBLS reports that most states require a property management license or a real estate broker's license for property managers. Rules differ by state and by role, and onsite employees of an owner are often treated differently from third-party managers.
- Subsidized housing certificationManagers of public housing subsidized by the federal government must hold certifications, according to BLS.
- Industry trainingEmployers commonly expect managers to complete formal training through real estate trade associations. Passing the program exam with enough experience can lead to a professional designation.
- Fair housing knowledgeYou must apply the Fair Housing Act's seven protected classes in advertising, screening and leasing. You also need to know any state and local protections that apply to your property.
State by state
| California | The California Department of Real Estate says a property manager needs a valid, active DRE license to collect rent and manage property for an owner. Resident property managers do not need a real estate license. |
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How to get there
- EntryLeasing or front-office roleLearn showings, applications, lease paperwork, rent posting and resident service at a single property.
- Early careerAssistant property managerTake on delinquency, renewals, vendor invoices and reporting while working under a property manager.
- Mid careerProperty managerRun one property's budget, staff, leasing results and owner reports. Get any license your state requires.
- ExperiencedLarger or multiple propertiesBLS notes responsibility grows as managers take on more and larger properties, often several at once.
- SeniorRegional role or own firmMove into portfolio or regional oversight, or open your own property management company.
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Questions people ask
Do property managers need a real estate license?
It depends on the state and the job. BLS reports that most states require property managers to hold a property management license or a real estate broker's license. California, for example, requires a Department of Real Estate license to collect rent and manage for an owner but exempts resident managers.
How much does a residential property manager make?
The BLS-based 2026 estimate is a median of about $72,200, with the middle half earning roughly $52,300 to $101,000. That figure covers property, real estate and community association managers combined, so it is not specific to residential work.
Do property managers work regular hours?
Most work full time in an office, but much of the day is spent on the property. BLS notes they may have to respond to emergencies after hours or attend evening meetings with residents and owners.
What fair housing rules does a property manager follow?
The federal Fair Housing Act bars rental discrimination because of race, color, national origin, religion, sex, familial status or disability. Managers apply this to ads, showings, screening and lease decisions, and must also follow the Americans with Disabilities Act and any state or local protections.
Is a property manager the same as an asset manager?
No. A property manager runs daily operations such as rent, repairs and residents. BLS describes real estate asset managers as focused on long-term strategy, including when to buy, sell or develop properties for investors.
Sources
- U.S. Bureau of Labor Statistics: Property, Real Estate, and Community Association Managers (Occupational Outlook Handbook)
- U.S. Department of Housing and Urban Development: Housing Discrimination Under the Fair Housing Act
- California Department of Real Estate: Quick Guide for Landlords Hiring a Property Manager
