Property Management Historically Has A 33% Turnover Rate. The Pandemic Hasn’t Helped

Building Lobby
Current Challenges In Property Management Recruitment Makes It Harder To Take Care Of Building Lobbies.

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.”

Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Equinix Ramps Up Spending Plans Amid Faster-Than-Expected AI Shift

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI