The multifamily housing sector is currently facing staffing challenges, as reported by a recent survey from Parks Associates and GE Appliances.
Nearly half of multifamily owners and property managers are struggling to retain their workforce, and 24% report understaffing.
Most survey respondents pin the blame on the lingering effects of the pandemic’s first year, including budget cuts and workforce exits due to illness or fear.
The turnover issue took center stage at the National Apartment Association’s Apartmentalize conference earlier this year. Industry professionals explored various solutions, with suggestions ranging from salary increases to the adoption of new technologies aimed at streamlining operations and removing tedious tasks from staff routines.
However, not all hope is lost for multifamily housing: according to the US Bureau of Labor Statistics, employment of property, real estate, and community association managers is projected to grow by 5% from 2022 to 2032, outpacing the average for all occupations.
This translates to about 35,900 job openings annually over the next decade, driven by factors such as mass retirement and growth in the single-family rental market.
Meanwhile, using technology to automate time-consuming parts of the property management process could help housing providers deliver a high level of service without being hamstrung by staffing shortages.
More multifamily headlines
Multifamily firms combat growing stress among property managers with creative initiatives – Multifamily Executive
Multifamily completions on track for strongest year since the 1980s – Bisnow
What renters want: more pickleball courts and fewer fitness centers – GlobeSt
