members . A Regional Manger on average has been in their position for 5 years . On average a Regional Manger compensation is made up of 85 % base salary and 15 % incentive pay .
The average VP portfolio includes 5,774 units and 22 communities with 139 onsite team members . On average a Vice President has been in their position for 10 years . On average a VP ’ s compensation package is made up of 80 % base salary and 20 % incentive pay .
$ 1,485 Per Apartment Home
Turnover Since 2022
POSITION |
2024 RATE |
2022 RATE |
CHANGE |
Property Manager |
31 % |
33 % |
down 2 % points |
Assistant Manager |
42 % |
39 % |
up 3 % points |
Leasing Professional |
51 % |
49 % |
up 2 % points |
Maintenance Supervisor |
33 % |
30 % |
up 3 % points |
Maintenance Technician |
46 % |
47 % |
down 1 % points |
Housekeeper |
23 % |
24 % |
down 1 % points |
Groundskeeper |
57 % |
48 % |
up 9 % points |
Regional Manager |
17 % |
11 % |
up 6 % points |
VP / Executive |
8 % |
8 % |
no change |
Overall , the data showed that an average community requires an On Site Team average compensation of $ 1,485 Per Apartment Unit . This figure does not include any burden , taxes or benefits . This calculation also does not consider other positions like accounting , human resources , and other corporate office team member positions , but as you budget for 2025 it ’ s an interesting figure to plug in and compare how your onsite compensation stacks up on a per unit basis .
To manage and maintain the entire Denver Metro industry ’ s 427,000 units , it takes approximately $ 634,000,000 of on-site compensation per year ( again this doesn ’ t include insurance , taxes , etc ). If we included Regionals and Executives the figure is over $ 725,000,000 ( again this figure does not include other necessary corporate office staff like accounting , human resources etc . The annual rent revenue for Denver Metro area apartments is $ 9.9 Billion .
Turnover ( Still ) a Major Problem
Turnover continues to be a problem for the apartment industry , with 38 % of the positions turning over in the past 12 months . The highest turnover was the Grounds positions at 57 %, and second highest were the Leasing positions at 51 %.
The Maintenance Technician turnover was 46 % over the past 12 months . The good news is the Maintenance Tech turnover is down slightly compared to 2 years ago when it was 47 % ( and down even further compared to 4 years ago at 52 %). On Site Community Manager turnover was down 2 percentage points from 33 % in 2022 to 31 % in 2024 . Regional Manager turnover was 17 %, which is substantially up from 11 % in 2022 , and only 6 % in 2020 .
Base Pay vs . Incentive Pay
Overall as a percentage of total comp , incentive & other pay is down approximately 2 percentage points across the board , except for Leasing positions .
Here is a breakdown of how each position ’ s base salary compares to that position ’ s “ incentive ” pay , which includes bonuses , commissions , annual incentives and apartment allowances …
• Managers : 86 % from BASE PAY , vs 14 % incentives ( incentive & other pay down 1 % pt since 2022 )
• Assistant Managers : – 86 % BASE , 14 % incentive ( incentive & other pay down 1 % pt since 2022 )
• Leasing Positions : 78 % BASE , 22 % incentive ( incentive & other pay UP 1 % pts since 2022 )
• Groundskeeper : 95 % BASE , 5 % incentive ( incentive & other pay down 3 % pts since 2022
• Housekeeper : 95 % BASE , 5 % incentive ( incentive & other pay down 4 % pts since 2022 )
• Maintenance Technician : 92 % BASE , 8 % incentive ( incentive & other pay down 1 % pts since 2022 )
• Maintenance Supervisors : 91 % BASE , 9 % incentive ( incentive & other pay down 2 % pts since 2022 )
• Maintenance Director : 90 % BASE , 10 % incentive ( incentive & other pay down 2 % pts since 2022 )
• Regional Manager : 87 % BASE , 13 % incentive ( incentive & other pay down 2 % pts since 2022 )
• VP / Exec : 82 % BASE , 18 % incentive ( incentive & other pay down 2 % pts since 2022 ) www . aamdhq . org 25 | TRENDS JANUARY 2025