The management fee of apartment complex becomes an object of attention in Korea. Many people cast questions about the management fee. This study examines the impact factors on common area management (CAM) fee of apartment complexes. This study categorizes influencing factors into the apartment complex, management, facility and equipment characteristics. This research analyzes common area management fees of 1,394 apartment complexes by using multiple regression models. The main empirical results are as follows. Firstly, the apartment complex characteristics such as the types of the apartment complex (residential only vs. multi-use apartment complex), the age of apartment complex, the size of apartment unit area, and the number of parking space per dwelling unit, have positive impacts on common area management fee. However, the apartment complex characteristics such as the size of the apartment complex, the proportion of exclusive area to total complex area, corridor stair type, and individual heating system, have negative impacts on common area management fee. Secondly, the management characteristics such as management by a third-party company, the number of management personnel per dwelling unit, and single contract type of electricity charge, have positive influences on common area management fee. These results show management activities of the apartment complex can increase or decrease the common area management fee. Thirdly, the facility characteristics such as the number of elevator and CCTV per dwelling unit, have positive effects on common area management fee. Fourthly, the equipment characteristics such as P (Proprietary) type fire protection system, and gravity tank type water supply system, have positive effects on common area management fee. These results demonstrate common area management fee can be affected by the equipment, which was decided in the stage of apartment design and development. These results show the perspective of Life Cycle Cost (LCC) approach is necessary for common area management. Fifthly, the common area management fees are different according to regions.