Multifamily Companies Ramp Up Staffing

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.”

While there have been increased demand for multifamily professionals overall, property managers are in the highest demand. “Property management teams in particular are being expanded as owners take a boots-on-the-ground approach to ensure that all COVID-19 safety precautions are in effect while making sure residents feel safe,” says Elliott. “Some larger firms are also growing their property management offerings to capture additional revenue in respond to this rising demand.”

RETS Associates, which has placed more than 3,000 candidates and continues to achieve a 99% candidate retention rate, has received an increase in recruitment requests. One of its current clients is Cushman & Wakefield, which is looking to hire a VP of client services for its property management arm, Pinnacle. “The primary role of this position is to drive new third-party multifamily property management business with local and regional privately held owners, as well as institutional and midsize owners,” says Elliott.

This is only the beginning. Elliott expects to continue to see an increase in staff needs related to property management and other areas of the apartment industry. “As the demand for top-quality multifamily property management grows in response to COVID-19, we expect to see an increase in hiring for similar positions to support this demand,” he says. “Geographically speaking, our clients are telling us they are seeing multifamily growth throughout California, as well as Denver, Phoenix, Dallas, Atlanta and Orlando.”