The Performance Ecosystem
What’s Really Driving Property Management Performance?
The United States economy continues on a moderating growth path, with low unemployment, resilient consumer spending, and a shifting monetary stance as we move toward 2026. However, economic activity is also facing headwinds: Inflation remains above the Federal Reserve target, adding pressures on consumers contending with a slowing job market, rising debt levels, and housing affordability.
The labor market is shifting from the employee-driven "Great Resignation" of 2021-2023 to a more cautious "Great Stay," as the number of job openings diminishes. At the same time, Generative and Agentic AI is taking a more prominent role as an economic force, automating processes and changing job skill demands.
Against this backdrop, the National Apartment Association (NAA) explored current trends in multifamily performance, ongoing management challenges, and key operational factors. Sponsored by AppFolio, the research initiative centered on a survey of industry professionals across the country. The survey was administered from July 16 through August 4, 2025, receiving 1,984 complete responses.
Respondents to the survey represent a wide range of companies, from independent rental owners with fewer than 49 units to large-scale operators managing more than 30,000 units. In terms of operational roles, most respondents are focused on property management.