Falls Church, Va., Dec. 12, 2023 (GLOBE NEWSWIRE) -- Community association management continues to be a high-demand profession with increasing compensation and positive business prospects. Managers are confident about the industry with 80% of respondents saying that business prospects for their employer are “good” or “very good” for the coming year, according to the 2022 Community Association Manager Compensation and Salary Survey conducted by the Foundation for Community Association Research.
High-rise managers, on-site managers, portfolio managers, and assistant community managers all report compensation increases—by an estimated 4.6%—over the past year. Large-scale managers, those who oversee a community with at least 1,000 acres, 1,000 units, and with a budget of at least $2 million, report earning the highest total annual compensation at a median of $140,000, followed by managers of high-rises at $114,176, and management company CEOs at $108,000.
“We’ve known for a long time that the community association management profession is growing and that it offers valuable opportunities to job seekers at every stage in their careers. The findings in the latest salary survey prove those points,” says Dawn M. Bauman, CAE, executive director of the Foundation and chief strategy officer of Community Associations Institute (CAI).
The salary survey is a valuable tool for benchmarking compensation and benefit levels for community association management professionals. It includes data from nearly 1,000 managers across the country. The information represents complete, accurate, and up-to-date compensation data on the community association industry.
In addition to providing basic company and manager profile and salary information, the survey includes:
- Compensation outlook for the community association industry.
- Compensation by job title, presented by regions and states.
- Salary differences between managers with and without professional credentials.
- Data based on community association size, in addition to management company size.
- Information on employee benefits, health coverage, and retirement plans.
The 2022 Community Association Manager Compensation and Salary Survey, sponsored by Innovia Co-Op, allows an individual community manager or management company representative to compare their compensation with peers. For example, the report shows the most highly compensated professionals are those with industry credentials, particularly those awarded by CAI.
Based on total annual median compensation for all survey respondents, managers with the Large-Scale Manager (LSM) specialization received the highest compensation at $173,000, followed by individuals at companies with the Accredited Association Management Company (AAMC) accreditation at $120,000, and those holding the Professional Community Association Manager (PCAM) designation at $120,640.
Community associations, which include condominium communities, homeowners associations, and housing cooperatives, are home to more than 74.2 million Americans, according to the Foundation. A community association manager provides professional guidance and assistance to a community association’s board of directors—deploying financial, administrative, and facilities management experience. There are nearly 60,000 community managers in the U.S., and the Bureau of Labor Statistics projects a 3% growth in the profession through 2031.
Community association management offers tremendous career opportunities, financial growth, and job security for individuals at any stage in their professional life. For more resources about the profession from CAI and the Foundation, visit www.caionline.org/CAICareerCenter.
The Foundation has conducted the salary survey eight times since 2000. Each edition provides a snapshot of the field and enhances understanding of this growing and dynamic profession. The complete salary survey is available for purchase as a digital book. Reporters interested in learning more about compensation in community association management may request a review copy of the report.
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Media Contact:
Daniel Brannigan
Senior Director of Publishing
dbrannigan@caionline.org | (703) 970-9233
About the Foundation for Community Association Research
Our mission—with your support—is to provide research-based information for homeowners, community association board members, community managers, developers, and other stakeholders. Since the Foundation's inception in 1975, we've built a solid reputation for producing accurate, insightful, and timely information, and we continue to build on that legacy. Visit foundation.caionline.org.
About Community Associations Institute
Since 1973, Community Associations Institute (CAI) has been the leading provider of resources and information for homeowners, volunteer board leaders, professional managers, and business professionals in the more than 358,000 homeowners associations, condominiums, and housing cooperatives in the United States and millions of communities worldwide. With more than 45,000 members, CAI works in partnership with 36 legislative action committees and 64 affiliated chapters within the U.S., Canada, South Africa, and the United Arab Emirates as well as with housing leaders in several other countries, including Australia, Spain, and the United Kingdom. A global nonprofit 501(c)(6) organization, CAI is the foremost authority in community association management, governance, education, and advocacy. Our mission is to inspire professionalism, effective leadership, and responsible citizenship—ideals reflected in community associations that are preferred places to call home. Visit us at www.caionline.org, and follow us at @CAISocial.
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