The multifamily employee turnover rate is particularly high for a few key reasons: stress and burnout, lack of comprehensive benefits, an aging workforce, and low satisfaction with the company or role.Īccording to NAA, the multifamily employee turnover rate steadily increased virtually every year between 20. Why is the multifamily employee turnover rate so high? Watch how ButterflyMX improves the resident experience: The turnover rate has generally increased year over year for the last decade or so for property managers at both short-term and long-term rental properties. What is the turnover rate for property managers?ĭata from the National Multi-Housing Council (NMHC) and the National Apartment Association (NAA) show property manager turnover rates trending between 33% to 36%. Generally, companies with 10% or lower turnover are said to have good retention, while those with 25% or higher turnover have somewhat subpar retention. And though it changes year by year, the national average turnover rate tends to trend around 22%. Unfortunately, the multifamily industry experiences high turnover in critical roles such as property management, maintenance, leasing, and more.Ī normal employee turnover rate is about 12-15% annually. Turnover is expected in any industry, but some are more susceptible to it than others.

5 ways to reduce high multifamily employee turnover.Why you should reduce the multifamily employee turnover rate.Why is the multifamily employee turnover rate so high?.The annual employee turnover rate in multifamily is a whopping 33%, which far exceeds the national average of about 22%.īut why is the multifamily employee turnover rate so high? And how can we overcome it? Read on for tips on how to better retain staff from property managers to leasing agents to maintenance professionals. Compared to other industries, property management sees much higher turnover rates. An alumni return campaign to encourage former staff to re-join the organizationįor additional staffing resources, you can review our hard truths on the current and future state of the nursing workforce along with the three no-regrets moves to respond to rapidly shifting employee expectations.The multifamily industry has proven resilient, but one problem that still plagues the industry is employee turnover.Reconsideration of baseline requirements for roles, particularly entry-level positions and,.A seamless application process that makes it easy for candidates to express interest in roles.Enhanced options for flexible work arrangements.Stay interviews with current staff asking what’s keeping them at your organization-and reinforcing those factors.Team-based staffing models that account for long-term nursing supply challenges.Proactive strategies to stem the rise in violence against staff.Significant, sustained investment in employee well-being.Competitive pay and willingness to use retention bonuses alongside recruitment bonuses.Achieving workforce stabilization will require C-suite attention and investment in a wide variety of tactics, including but not limited to the following: There is no one solution to this different-in-kind shortage.

These numbers validate what is all too obvious to any health care leader: staffing remains the number one crisis facing hospitals and health systems. So what's different now? How to stabilize your workforce

National turnover rate 2021