Survey reveals significant change in most pressing concerns for property manager companies over the past two years.
August 29, 2023 |
Updated August 29, 2023
ARLINGTON, VA | August 29, 2023 – The National Apartment Association (NAA) today released its 2023 Property Management Industry Pulse, which identifies rental housing’s most immediate concerns through the perspective of apartment professionals. In the survey, conducted in April 2023 and sponsored by AppFolio, industry experts ranked operational efficiencies (76%), maximizing revenue and profits (61%) and HR/staffing/recruitment (42%) as their top three challenges.
“Across the country, monumental cost increases – from insurance premiums and utilities to property taxes – are impacting operations for housing providers who by and large operate on narrow profit margins,” said NAA President and CEO Bob Pinnegar. “This year’s survey importantly elevates the voice of property management companies and provides important takeaways for the kinds of solutions the industry can implement to ease these challenges and remain viable for generations to come.”
This year’s survey results notably reveal a significant change from how owners and operators ranked their most pressing concerns in 2021. Two years ago – amid record-breaking rent growth and historic demand for apartment living – property management professionals ranked HR/staffing/recruitment as their top challenge (74%).
“Inflation has spoken loud and clear in this year’s survey, touching many of the industry’s most pressing challenges,” said NAA Vice President of Research Paula Munger. “This doesn’t mean that the industry’s labor woes have disappeared, but it is a testament to the impacts of a high interest rate and high inflationary environment.”
In other topics listed throughout the survey, participants noted navigating the current economic climate, complying with new regulation, introducing technology and increasing resident satisfaction as the most challenging tasks.
Read the full report here, which also explores the C-Suite perspective, unique concerns by property type, short-term outlooks for staffing and recruiting and long-term industry challenges.
The National Apartment Association (NAA) serves as the leading voice and preeminent resource through advocacy, education, and collaboration on behalf of the rental housing industry. As a federation of 141 state, local and global affiliates, NAA encompasses over 92,000 members representing more than 11 million apartment homes globally. NAA believes that rental housing is a valuable partner in every community that emphasizes integrity, accountability, collaboration, community responsibility, inclusivity and innovation. To learn more, visit www.naahq.org. NAA thanks its Strategic Partners: The Home Depot Pro & HD Supply, Lowe’s Pro Supply and Yardi.