In today’s competitive labor market, attracting, retaining, and promoting employees is at a premium. Rental housing owners and operators must be mindful of the factors that drive employee decisions regarding their future with their employers. Employee attrition is a key operational challenge. Overall average tenure has decreased 14% since Q1 2021. For some key positions such as On-Site Leasing, average tenure has decreased by an alarming 33% in just one year. Current and prospective talent is being recruited not only by competing rental housing operators, but other industries that may offer more generous compensation packages and greater flexibility including remote work options. Read on to discover what matters most to multifamily employees and where the greatest risks lie in recruiting, retaining, and promoting talent.
