Overall, employees at the vice president level and above canexpect to see a 3.7% merit increase. That's down a bit from the3.8% average increase firms budgeted last year. However, actualraises averaged 4% last year. Managers below the vice presidentlevel should see an average uptick in compensation of 3.5%, down 20basis points from last year's expected raise and 40 basis pointsfrom the actual figure. A 3.5% raise is also budgeted fornon-exempt employees, including leasing consultants and maintenancetechnicians. That's down a bit from last year's anticipated andactual increase of 3.6%.

The overall decreases are slight and are certainly notindicative of a trend, says Elizabeth Feigin Befus, vice presidentof employment policy and special counsel at the NMHC. "In uncertaineconomic times, companies are cautious, even in an industry thatremains strong," she states.

One interesting finding, she notes, is that the raise forleasing consultants on a national level did not rise this year,while it did for every other position surveyed. "Considering thatleasing consultants are responsible for initial and renewal leasesand play a huge role in resident satisfaction, this stagnation isnotable," says Feigin Befus. And while actual increases formultifamily professionals surpassed budgeted ones in past years,that trend may not repeat itself this year due to current economicand employment conditions.