Multifamily companies are ramping up recruitment during the pandemic. The COVID-19 crisis and the subsequent economic fallout has catalyzed increased staffing efforts in property management, business development and client services, according to RETS Associates. Augmenting these departments will help companies respond to changing market dynamics.

"As the economy begins its recovery from COVID-19, the multifamily sector is expected to fare better than many other property types in terms of vacancies and rental rates," Kent Elliott, a principal for RETS Associates, tells GlobeSt.com. "Demand for apartment communities from renters and buyers is likely to bounce back quickly, which is prompting multifamily investors to beef up their teams in preparation. People will always need a place to live, regardless of where the economy is. When financial security is uncertain—as it is right now—apartment communities reap the benefit in increased demand."

In addition, multifamily companies are anticipating an increase in acquisition opportunities later this year and next year, and they are preparing now for that future. "In a sector where valuations were previously soaring, the market is adjusting and drawing in multifamily investors of all stripes," says Elliott. "As companies invest more heavily in apartment communities nationwide, many are augmenting their teams to acquire and manage these properties."