According to this post on NAA’s blog, explosive growth is forecast for the apartment industry and one result may be a shortage of qualified employees that could lead to a sharp increase in on-site pay:
Our industry is so broad and so diverse that we accommodate people with a wide variety of experiences. For example, John says one big area of growth is in the information technology departments of property management companies. They need data analysts who can help them sort through information and use it to better run their business. He also expects the industry will see continued demand for service and maintenance personnel. We may even see a shortage as the applicant pool for these positions shrinks. That’s alarming.
Property managers know maintenance staff are critical members of a community’s team. They are the ones who are on the front lines of customer service and who often interact the most with residents. The low wages typical of manual service jobs may be deterring people from pursuing these positions, he says.
That may soon change. To attract and retain the best talent, John says, companies are realizing they have to increase salaries. He predicts the industry will soon see significant pay increases, especially for on-site staff. “If you’re trying to complete for the top level talent, you have to pay to play.”