Executive Summary
- The Q3 2024 Apartment Labor Market Dynamics report provides an overview of apartment job postings data, labor market demand and supply and year-over-year trends in advertised salaries at both national and market levels, as well as the evolving demand for skills in the multifamily housing industry.
- According to Lightcast data, total multifamily housing industry job postings by the end of the third quarter were recorded at 50,123, reflecting a 9.6% year-over-year decline. This decrease aligns with market-specific slowdowns, impacting both operational and corporate roles. While maintenance roles have retained steady demand, sales-related roles have seen reduced demand, possibly due to operational changes and evolving roles and job titles resulting from technological advancements and centralization.
- Despite fewer job postings, national advertised salaries increased year-over-year across major job categories, with maintenance technician roles rising by 2.3%, property managers by 1.9%, leasing professionals by 5.3% and maintenance supervisors by 2.1%.
- The number of actively recruiting employers decreased by 4.1%, suggesting more selective hiring.
- Dallas-Fort Worth, Atlanta, Los Angeles, Houston, Denver and Seattle metro areas were the highest-ranking markets for apartment job demand, while customer service, initiative and leadership, and communication were the top-demand skills, underscoring the industry’s focus on resident relations, proactive problem-solving and effective communication.
- The year-over-year advertised salary for leasing professionals rose nationally and particularly in Denver, indicating a competitive landscape for leasing expertise as new properties continue to come online.
- Maintenance roles (technicians and supervisors) showed consistent salary growth, specifically in markets like Seattle and Atlanta. Dallas experienced the highest year-over-year increase for maintenance technicians, with a rise of 7%.
- Property managers had more mixed results, with year-over-year salary declines in metro areas like Dallas, Denver and Seattle. These decreases are partially due to a correction following last year’s inflated salaries in some regions, bringing them back to more normal levels.
In Q3 2024, the highest-ranking skills in the multifamily housing industry and across major job categories were customer service, initiative and leadership, and communication. While maintaining operational effectiveness and resident experience, there is also a requirement to uphold regulatory standards, particularly for property managers.
Skill Volatility
The data in the chart highlights the most frequently listed skills for leasing professionals as of Q3 2024. Notably, there is a growing emphasis on marketing strategies and marketing planning with fluctuations in internet marketing skills, suggesting that employers are prioritizing candidates with a blend of traditional sales acumen and advanced digital marketing capabilities to enhance resident engagement, acquisition and retention. Additionally, lease-related skills, such as knowledge of lease contracts, have remained consistent, while property leasing has seen a slight year-over-year decline. This trend highlights a growing demand for well-rounded professionals who can effectively drive both occupancy and resident satisfaction.
References & Glossary
Sources: NAA Research; Lightcast; Q3 2024 Job Statistics
Note: Top company lists from Yardi, specifically companies with 5,000 or more units, were used to capture data for the multifamily housing industry.
*Unique Job Postings is the number of deduplicated job vacancy advertisements scraped from over 45,000 websites.
