Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum, from which this article is excerpted.

Washington, DC—Professionals working in the multifamily industry can expect small merit-based pay increases this year. That's one of the findings of the National Multi Housing Council's recent National Apartment Survey of Compensation and Benefits Practices. Although strong market conditions are allowing companies to give employees raises and helping them reduce turnover, high healthcare costs continue to be a burden.

Turnover is dropping, but still a significant issue for apartment companies. "While it isn't necessarily surprising, it certainly is noteworthy and something executives and managers should take note of," comments Elizabeth Feigin Befus, vice president of employment policy and special counsel for the locally based NMHC.

Last year's survey found the overall average turnover rate at 59.2%, an increase of nearly 22% from the 37.2% in 2005. In 2007, average turnover dipped to 42.8%. The highest turnover, as usual, was among leasing consultants, at 54.5%--a rate virtually unchanged from the prior year but down significantly from a high of 70.8% in 2004.

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