Merit increases are falling, healthcare costs are rising, and high turnover rates continue to be a challenge for many on-site positions in the apartment industry.
A new survey from the Washington, D.C.-based National Multi Housing Council (NMHC), the annual National Apartment Survey of Compensation and Benefits Practices, shows that many apartment firms have made controlling employee turnover a priority in recent years. While the investment is paying off, with overall turnover down from last year's 42.8 percent (and the 59.2-percent record of 2006), turnover is still a major problem for the industry. Many on-site property jobs posted increases in turnover this year. Leasing consultants were once again the highest turnover position (at 59.9 percent).
The survey also indicated that challenging market conditions will likely translate into smaller merit increases in 2008. Firms predict a 3.7-percent increase for employees at the vice-president level and above, and managers below VP level can expect 3.5-percent average merit increases this year.
The survey covers 68 positions (from CEO to leasing consultant) and is based on responses from 126 firms, representing more than 49,000 apartment industry professionals.
