Property Management Historically Has A 33% Turnover Rate. The Pandemic Hasn’t Helped
Property management has traditionally struggled with worker retention — research by the National Apartment Association estimates the pre-pandemic turnover rate was an astronomical 32.7%, multiple times higher than other industries. Not surprisingly, the pandemic and resulting shifts around how we live and work haven’t helped.
A new report released last week by the NAA and AppFolio, a property management software firm, finds work and workplace shifts have exacerbated the incredible challenges operators have finding workers. Half of respondents chose staffing and recruitment as their primary challenge right now, according to interviews conducted with an array of industry professionals.
Not surprisingly, the issue has been exacerbated by the numerous changes in demand, workplace organization and remote work brought on by Covid, as well as a shifting labor market; increasing benefits and wages were noted as possible solutions, though respondents claimed that revenues had not yet made those feasible.
The report notes that labor shortages have beget more shortages, as “inability to backfill positions and/or the influx of inexperienced new hires that require training means teams have to do more with less.”