Salary increases cool for apartment managers

Fewer employees left jobs during last 12 months

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A slow recovery in the job market is enabling apartment firms to hold the line on compensation increases and employee turnover, according to the National Multi Housing Council's (NMHC) 2004 National Apartment Management Survey of Compensation and Benefits Practices. Merit increases for all levels of property management employees are expected to fall in 2004. Executive-level salaries are projected to rise just 3 percent this year, continuing a steady decline over the past four years from a 5 percent increase in 2001. Meanwhile, merit increases for other exempt employees (such as non-executive supervisory employees) appear to have stabilized at 3 percent, the amount actually granted in 2003 and the figure forecasted for 2004 and 2005. This is down from 3.5 percent in 2002 and 3.7 percent to 4 percent in 2001. Apartment firm pay increases are lower than those reported by other industries, according to Watson Wyatt Data Services, which conducted the survey in partnership with NMHC. Th...