The 2024 Voice of the Property Manager—NAA Research sponsored by MRI Software—surveyed nearly 1,000 industry professionals from July 9–22. The analysis in the report represents the voices of more than 850 Property and Regional Managers across the U.S.
The research assesses the state of property management in the rental housing industry, exploring perceptions of roles, working conditions, training, technology and future trends to equip stakeholders with insights for navigating the evolving market. Below are 10 findings about the current state of property management in the industry.
1. Outlook and Career Longevity:
Some 74% of property management professionals envision themselves in the industry three years from now, up from 72% in 2022. Three-fifths of respondents indicated a desire to grow within the industry, a slight decline from 2022, with the younger generation showing a higher likelihood of leaving the industry.
2. Top Challenges:
The primary challenges in property management remain largely unchanged from the 2022 survey. The most frequently cited challenges in 2024 were dealing with aggressive and abusive residents (22%) and the inability to disconnect after working hours (16%).
3. Workload and Work-life Balance:
Nearly half of respondents describe their workload as “on the busy side,” yet a slight majority (55%) report having a good work-life balance in property management. However, 34% feel they lack a good work-life balance.
4. Mental and Physical Health:
A larger proportion of respondents report a higher adverse impact on their mental health versus physical health. Slightly more than half (53%) experienced mild or moderate impacts on their physical health, while 68% reported similar levels of impact on their mental health.
5. Job Satisfaction:
More than four out of five respondents (83%) enjoy working at their current place of employment, and 74% feel secure in their roles.
6. Salary Satisfaction:
Total compensation satisfaction is highest in the 55 and older age group, with over 60% indicating satisfaction. However, the 35-44 age group had the highest level of total dissatisfaction, with 29% reporting dissatisfaction with their compensation.
7 Training Gaps:
The top two areas lacking sufficient training in the industry are artificial intelligence training and mental health and wellness training. However, respondents reported receiving recent training in legal and compliance as well as diversity, equity and inclusion, which were the top-ranked training topics.
8. Dominant Tool, Adoption Complexity and New Technology Acceptance:
Social media and email marketing emerged as the most widely adopted technology in recent months, followed closely by resident portals. AI/process automation, fraud prevention/ID verification, virtual tours and mobile inspections were identified as the most challenging technologies to use and adopt. Most respondents (68%) expressed reluctance to change or adopt new property management software within the next 12 months.
9. The Net Promoter Score (NPS):
The NPS dropped by seven percentage points from 2022 results, meaning HR and talent professionals have their work cut out for them when it comes to employee recruitment and retention.
10 Future Projections:
More than a quarter (27%) expect more tech-enabled property managers in five years, while 23% anticipate fewer property managers due to centralization and/or other time-saving tech initiatives.
Erioreoluwa (Eri) Bajomo is NAA’s Industry Research Analyst.