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NMHC Survey: Pay Hikes Slow, Turnovers Rise

WASHINGTON, DC-With pay hikes shrinking, the industry is seeing more exits in its ranks. Turnovers spike 22% in one year's time.

By Erika Morphy | Updated on September 18, 2006

(To read more on the multifamily market, click here.)

WASHINGTON, DC-The National Multi Housing Council’s latest survey for compensation and benefits shows the amount of salary increases is slowing for the second consecutive year. With that comes a spike in the turnover rates.

NMHC is marking its seventh year for the survey on salary and bonus-incentive pay for 65 multifamily positions from CEO to leasing consultants. Total cash compensation–base pay, bonuses and other cash incentives–for senior executives at the vice president level and higher are forecasted to rise on average 3.8% this year. The category registered a 4.2% average increase in 2005 and 4.5% for the year before. Executives below the vice president level are likely to see a 3.6% increase in compensation in comparison to last year’s 4.1% salary hike. Non-supervisory or hourly employees like leasing consultants and maintenance technicians, categorized as non-exempt, can expect to receive the smallest increase in pay: 3.4%, down 0.3% from 2005.

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