Apartment Labor Market Dynamics Report: Q2 2024

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In this edition of NAAEI’s Apartment Labor Dynamics Report, apartment job listings totaled about 51,000 during Q2 2024. 

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Key Takeaways

  • The Q2 2024 Apartment Labor Market Dynamics is a report encompassing data on apartment job postings, market growth and demand, trends in advertised salaries at both national and market levels, as well as the emerging skills requirements for major job categories within the multifamily housing industry.  
  • As at the end of the second quarter, total apartment job postings were reported at 51,001, reflecting a 7.8% year-over-year decline. This is a smaller decrease compared to the previous year’s 17.6% drop from the number of postings recorded in the pandemic recovery year of 2022.
  • Additionally, there was a 1.9% year-over-year decrease in the number of employers actively recruiting for workers. Nevertheless, national advertised salary trends increased across major job categories, with maintenance technician roles rising by 2.9%, property managers by 2.3%, leasing professionals by 2.7%, and maintenance supervisors by 2.8%. 
  • Dallas-Fort Worth, Atlanta, Los Angeles, Seattle, Houston, and Washington, D.C., metro areas were the highest-ranking markets for apartment job demand, while the highest trending skills by the end of the quarter were customer service, communication and property management.

 

For the property manager profession, Seattle had the highest premium of 37.1% compared to the national median. Conversely, in Dallas, employers are advertising salaries 11.2% lower than the national median for property manager roles.

Seattle, D.C., and Los Angeles metro areas had a premium across all job categories.

 

 

 

In Q2 2024, the highest-ranking skills in the multifamily housing industry and across major job categories were customer service, communication and property management.

 

 

top charging skills on jobs posted for leasing professionals

 

Skill Volatility

Year-over-year skill trends for leasing professionals have remained mostly stable for the top three skills. However, compared to Q2 2023, the demand for marketing strategies skills has increased significantly, while the demand for market research has decreased. Fluctuations have been observed in skills such as lease contracts, office equipment, internet marketing and merchandising. These fluctuations could be attributed to shifts in industry operations and evolving market conditions. 

 

References

Sources:  NAA Research; Lightcast; Q2 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.

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