In response, industry experts are focusing on strategies that prioritize employee happiness and well-being. As part of an important movement that is becoming more and more popular across all industries, a positive workplace culture is the key to addressing recruitment and retention challenges. One executive stated that they are working on their internal reputation with the same level of commitment as their external reputation. Others have hired recruiters who emphasize company culture to candidates, while some have given their employees more opportunities to participate in company initiatives. Significant pay increases and loyalty bonuses were also cited as drivers for emphasizing a more positive company culture.

Industry Concerns Are Shifting

The results of this year's survey notably mark a clear distinction from how property management companies ranked their most pressing concerns just 18 months ago. In 2021 – which featured soaring demand for apartment living, record occupancy and rent growth – property management professionals ranked HR/staff/recruiting (74%) as their top challenge. The ranking's shift in the 2023 survey particularly underscores just how powerful the impacts of inflation have been on owners and operators across the industry.

C-Suite Professionals Rank HR as Higher Concern

Though the survey's 250 corporate respondents ranked their top challenges the same as all other respondents, a much higher percentage of C-Suite professionals (55%) said HR/staffing/recruiting was their top concern, specifically noting the challenge of staying competitive with staff compensation. In other categories, corporate professionals also noted the impact of growing regulation, both in terms of cost and compliance.

Instant Insights /

5 Trends NAA Wants You to Know About in Property Management

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