Real Estate Compensation Report
January 2026 — Market-informed salary and bonus benchmarks across Real Estate disciplines.
Report Brief
Drawing on several years of industry experience and the transparency shared by our network, we've compiled these insights to help navigate the often difficult discussions surrounding salary and bonuses.
Please consider the following key points when reviewing this report:
- The reference points used for these ranges are derived from candidates at well-established peer institutions within major financial hubs (e.g., NYC, SF, LA, Miami, Dallas).
- Salary and bonus ranges are likely to differ significantly for candidates at start-ups or scale-ups.
- Tenure and titles vary by firm. Do not be discouraged if you have six years of experience and are still an Associate; some groups omit the "Senior Associate" band, while others demand more of an Associate than a competitor does of a VP. In this industry, job titles are often secondary to actual experience.
- For Vice President (Acquisitions & Originations) roles, the lower end of the range assumes candidates have limited experience closing self-originated deals. SVP/Director/SD/MD assumes a proven track record of closed transactions driven by cold business development.
- If your current compensation falls outside these ranges, you may be above or below market. However, all qualitative factors must be considered before reaching a conclusion.
- Please avoid making rash career decisions based solely on this data. The recruitment market has not yet fully recovered, and securing a new role remains a challenging process.
Private Equity Acquisitions
Asset class specific: Residential (Multifamily, Student Housing, Condos), Industrial, Hospitality, IOS, and Data Centers.
| Job Title | Salary Range | Bonus Range |
|---|---|---|
| Analyst, 1-3 years | $95,000 - $125,000 | 20% - 50% |
| Associate, 2-5 years | $110,000 - $180,000 | 40% - 75% |
| Senior Associate, 4-7 years | $140,000 - $190,000 | 50% - 100% |
| Vice President, 6-12 years | $200,000 - $250,000 | 75% - 150% + Carry |
| SVP / Director, 8-15 years | $250,000 - $300,000 | 100% - 200% + Carry |
| SD / MD, 10 years+ | $300,000 - $500,000 | Unique to individual |
Additional factors to consider:
- The timing and amount of carried interest often correlate with firm size and your specific risk profile. While "Mega Funds" rarely offer carry to junior staff, many of our mid-market and boutique clients begin awarding carry to Analysts, Associates, and Senior Associates after 12–24 months of tenure.
- Salary Caps: For Senior Directors and Managing Directors, base salaries typically plateau between $300,000 and $400,000. Beyond this point, total compensation is usually driven by team leadership performance or the scale of capital deployment rather than further base increases.
Private Credit Investments
Asset class specific: Residential (Multifamily, Student Housing, Condos), Industrial, Hospitality, IOS, and Data Centers.
| Job Title | Salary Range | Bonus Range |
|---|---|---|
| Analyst, 1-3 years | $95,000 - $135,000 | 25% - 75% |
| Associate, 2-5 years | $110,000 - $180,000 | 40% - 100% |
| Senior Associate, 4-7 years | $140,000 - $200,000 | 50% - 100% |
| Vice President, 6-12 years | $200,000 - $250,000 | 100% - 200% + Carry |
| SVP / Director, 8-15 years | $275,000 - $325,000 | 100% - 300% + Carry |
| SD / MD, 10 years+ | $300,000 - $500,000 | Unique to individual |
Additional factors to consider:
- The timing and amount of carried interest often correlate with firm size and your specific risk profile. While "Mega Funds" rarely offer carry to junior staff, many of our mid-market and boutique clients begin awarding carry to Analysts, Associates, and Senior Associates after 12–24 months of tenure.
- Salary Caps: For Senior Directors and Managing Directors, base salaries typically plateau between $300,000 and $400,000. Beyond this point, total compensation is usually driven by team leadership performance or the scale of capital deployment rather than further base increases.
Asset Management
Asset class specific: Residential (Multifamily, Student Housing, Condos), Industrial, Hospitality, IOS, and Data Centers.
| Job Title | Salary Range | Bonus Range |
|---|---|---|
| Analyst, 1-3 years | $80,000 - $115,000 | 10% - 40% |
| Associate, 2-5 years | $110,000 - $150,000 | 20% - 50% |
| Senior Associate, 4-7 years | $130,000 - $175,000 | 20% - 50% |
| Vice President, 6-12 years | $150,000 - $225,000 | 40% - 75% + Carry |
| SVP / Director, 8-15 years | $200,000 - $250,000 | 50% - 100% + Carry |
| SD / MD, 10 years+ | $250,000 - $350,000 | Unique to individual |
Additional factors to consider:
- The timing and amount of carried interest often correlate with firm size and your specific risk profile. While "Mega Funds" rarely offer carry to junior staff, many of our mid-market and boutique clients begin awarding carry to Analysts, Associates, and Senior Associates after 12–24 months of tenure.
- Salary Caps: For Senior Directors and Managing Directors, base salaries typically plateau around $350,000. Beyond this point, total compensation is usually driven by team leadership performance or the scale of capital deployment rather than further base increases.
Investor Relations & Capital Raising
| Job Title | Salary Range | Bonus Range |
|---|---|---|
| Analyst, 1-3 years | $80,000 - $130,000 | 20% - 50% |
| Associate, 2-5 years | $120,000 - $175,000 | 50% - 100% |
| Senior Associate, 4-7 years | $175,000 - $225,000 | 75% - 100% |
| Vice President, 6-10 years | $200,000 - $300,000 | 100% - 200% + Carry |
| SVP / Director, 8-15 years | $275,000 - $350,000 | Unique to individual |
| SD / MD, 15 years+ | $400,000 - $750,000 | Unique to individual |
Additional factors to consider:
- These figures apply to professionals who contribute significantly to fundraising activities, rather than purely internal IR support. While Analysts through Vice Presidents are rarely expected to originate new capital, SVP and Director-level professionals are typically measured on their ability to secure investor commitments. Senior Directors and Managing Directors are expected to have a proven track record in capital raising.
- The allocation of carried interest is heavily influenced by firm size and the risk associated with the platform. Many of our mid-market and boutique clients grant carry to Analysts, Associates, and Senior Associates after 12 to 24 months of tenure. If you haven’t received carry on day one, it does not mean it is out of reach, unless you are a junior at a "Mega Fund," where carry is strictly reserved for senior leadership.
Summary
We want to reiterate that a broad compensation report cannot account for every individual's specific circumstances. If you find your current compensation falls outside these ranges, please do not be alarmed.
The market is nuanced: some readers will find they are underpaid, others fairly compensated, and some may even be above the current market average. To truly understand your specific standing, we encourage you to have transparent conversations with peers and specialist recruiters.
This report is intended to provide a reliable benchmark, but it is not definitive — particularly as it does not account for the specific responsibilities associated with every unique role.
Have Questions About This Report?
Should you have any questions about this report or general recruitment activities, our team is here to help. We also provide tailored benchmarking and compensation advisory services.
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