As a career, leasing management can offer a rewarding mix of sales, marketing, and management skills and receive many bonuses and additional rewards. A leasing manager ensures that the property occupied by tenants is legally qualified and that tenant satisfaction is maintained throughout the leasing period. Let us know What are the ‘Salaries For Leasing Manager’.
Salaries For Leasing Manager
A leasing manager is responsible for managing the leasing process for residential or commercial properties, including advertising and showing available units, screening tenants, negotiating leases, and handling renewals and move-outs.
According to the US Bureau of Labor Statistics, the median salary of leasing managers in 2021 was nearly $50,000 per year, and their per-hour wage is approximately $27. Also, leasing jobs are considered to increase by 3%, which is lower than the average, but the salary of a leasing manager varies a little bit. The highest salary of a leasing manager is recorded at $160,000 per year, and the lowest salary is nearly $30,100 per year.
The average salary of a leasing manager:
In general, a leasing manager is responsible for overseeing the leasing process for a residential or commercial property. In the US, a lease manager’s pay may differ depending on their region, level of expertise, and the kind of property. According to Glassdoor, a lease manager’s base pay ranges from $50,000 to $70,000 annually, with some managers earning over $100,000.
Salary of an experienced leasing manager:
The salary of an experienced leasing manager can vary depending on several factors, including location, industry, state, and level of experience. The average base salary for a leasing manager in the United States is around $40,000 to 70,000 annually, but experienced leasing managers can earn significantly more, over $100,000 per year. In addition to years of experience, the size and type of property the leasing manager oversees can also affect their salary.
Salary for junior leasing managers:
The salary for a junior leasing manager can vary depending on factors such as location, industry, and experience. The average base salary for a junior leasing manager in the United States is around $30,000 to $50,000 per year, although some junior leasing managers may earn more or less than this range.
However, it’s worth noting that salaries can also vary based on the specific industry in which the junior leasing manager works. For example, a junior leasing manager in the commercial real estate industry may earn more than one in the residential real estate industry.
Skills affecting the salary of leasing managers:
Sales and marketing skills:
A leasing manager should be able to effectively market the property to attract potential tenants, highlight its unique features, and convince them to sign a lease.
Effective communication is essential in dealing with potential and current tenants, colleagues, and other stakeholders. Also includes active listening, conflict resolution, and clear and concise written and verbal communication.
Attention to Detail:
A leasing manager must be detail-oriented, ensuring that all lease agreements are accurate and complete and that all necessary documents are collected and filed correctly.
Real Estate Knowledge:
Leasing managers should have a thorough knowledge of real estate laws, regulations, practices, and local real estate market trends.
A leasing manager must be able to resolve any issues that arise with tenants or properties, whether related to maintenance, lease violations, or other concerns.
Factors affecting the salary of leasing managers:
The salary of leasing managers can be affected by several factors, including:
Industry and Type of Property:
The industry and type of property that a leasing manager manages can play a significant role in determining their salary.
The location of the property also plays a role in determining the salary of a leasing manager.
A leasing manager with more years of experience typically commands a higher salary, as they have a proven track record of success and can take on more responsibilities.
Education and Certifications:
Having a higher level of education or specific industry certifications can also impact a leasing manager’s salary.
Leasing managers at larger companies may earn more than those at smaller companies, as larger companies often have larger budgets and higher revenue streams.
Top paying industries:
Other information services:
The salary of leasing managers in other information services is $160,870, and the hourly wage is $77.34.
The salary of leasing managers in insurance careers is $159,390, and the hourly wage is $76.63.
Wholesalers and durable goods:
The salary of leasing managers in this industry is $152,550, and the hourly wage is $73.34.
Computer system design and related services:
The salary of leasing managers in other schools and institutions is $147,700, and the hourly wage is $71.01.
Ways of increasing the salary of leasing managers:
Gain Additional Experience:
One of the most effective ways for leasing managers to increase their salary is to gain additional experience in the industry. As they take on more responsibilities, their skills and expertise will grow, making them more valuable to their employer.
Earn Additional Certifications:
Earning additional industry certifications can demonstrate a leasing manager’s commitment to their profession and make them more competitive in the job market.
Negotiate a Raise or Promotion:
Leasing managers who are performing well and exceeding their goals may be able to negotiate a raise or promotion with their employer.
Expand Job Responsibilities:
Leasing managers who take on additional responsibilities, such as managing a larger property or overseeing a team of leasing agents, may be eligible for a salary increase. By demonstrating that they can handle more complex tasks, they can make a case for a higher salary.
Seek Employment at a Higher-Paying Company:
Leasing managers may consider seeking employment at a higher-paying company because companies that manage higher-end properties may offer more competitive salaries and benefits packages.
Leasing Manager Salaries in Different States of the United States:
The average salary of leasing managers in New York is nearly $112,880.
The average salary of leasing managers in Washington is nearly $102,570.
The average salary of leasing managers in Colorado is nearly $99,080.
The average salary of leasing managers in Virginia is nearly $94,990.
The average salary of leasing managers in Massachusetts is nearly $86,400.
A leasing manager is a good career choice depending on an individual’s interests, skills, goals, and real estate knowledge, and enjoys working with people. Leasing managers can earn a good salary, particularly as they gain experience and take on more responsibilities. Overall, the salary of an experienced leasing manager can be lucrative, and those with a proven track record of success can command higher salaries and other incentives such as bonuses, commissions, and benefits.
- Is leasing a viable career path?
One of the best aspects of working as a leasing consultant is that your pay will be proportional to the amount of work you put in. In addition to sales commissions, most apartment leasing consultants earn a competitive hourly wage.
- What does a leasing manager do?
A leasing manager is a professional who oversees agents, handles leases, and interacts with tenants on behalf of an apartment complex or other rental property. The leasing manager makes sure the community is a good place to live and actively recruits new residents.
- Why choose a competent leasing manager?
In addition to having good communication and organizational skills, a successful leasing agent is knowledgeable about fair housing regulations and keeps up with changes in the multifamily sector.