Digested From "Apartment Firms Staff Up to Meet New Rental Demand, Survey Says"
According to the National Multi Housing Council's 2012 Apartment Compensation Survey, the growing demand for apartments has caused an uptick in staff hiring among multifamily companies, with 65 percent increasing staff levels in 2011 and 62 percent increasing their merit bonus pools. About 77 percent of firms saw their financial performance improve last year, and 78 percent expect 2012 to show improvements as well. About 69 percent expect 2013 merit budgets to grow.
The survey indicates that apartment firms adding staff increased their total number of workers by an average of 11 percent, with high demand noted for maintenance, leasing, and property management positions. These same positions also were most likely to see salaries rise about 3 percent, with 81 percent of apartment firms increasing total compensation budgets.
Meanwhile, staff turnover rates held steady at 30 percent, and the number of benefits offered by firms increased to include wellness programs, telecommuting, and flexible hours. More than 60 percent offer education assistance, and 74 percent offer housing discounts to onsite property management and maintenance staff.
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