Salary Satisfaction Exceeds Those of Peers at Market-Rate Properties

SOLON, Ohio, July 25, 2024 /PRNewswire/ — Limited budgets, compliance complexity, and macro-economic pressures are just a few of the stressors on operators of affordable and public housing communities, yet more than 70% are satisfied with their jobs, according to MRI Software’s inaugural Voice of the Subsidized Housing Operator (VoSHO) report. Equally unexpected is the finding that these operators are more satisfied with their salaries than multifamily property managers are.

The survey garnered more than 320 responses from subsidized housing operators across the U.S., representing site operations and property management staff from both public housing authorities and affordable housing providers. MRI compared these responses to findings from the Voice of the Property Manager (VoPM) report, conducted by MRI and the National Apartment Association in late 2022, which surveyed more than 1,600 property managers at market-rate apartment communities across the U.S.

Highlights include:

• Most of the VoSHO respondents are satisfied with their job flexibility (80%), support from leaders (69%), salaries (67%), and the technology they use (65%).
• Like the VoSHO respondents, most of the VoPM respondents expressed job satisfaction, but only 57% were content with their salaries.
• Job satisfaction is lower for staff in public housing organizations than in affordable housing.
• Younger age groups in the VoSHO report have the highest commitment to the industry, but they are also the most dissatisfied with the technology they use.
• Only 7.4% of the VoSHO respondents said that their job has a significant, negative impact on their mental health.

The full report can be downloaded here.

“I was pleasantly surprised by some of these findings,” says Allen Feliz, vice president, U.S. affordable housing at MRI Software. “I wouldn’t have expected, for example, that salary satisfaction levels of subsidized housing operators are higher than those of market-rate property managers. Or that job satisfaction overall would be so high following the turmoil of the pandemic and ensuing rise in operating costs and reported staff attrition, not to mention longstanding economic headwinds facing subsidized housing portfolios. My conclusion is that subsidized housing providers have worked hard to mitigate the newer challenges, including lending operators the support they need to weather the storm. I also believe that housing operators feel fulfilled by doing work that benefits others, and that sense of gratification also helps override stress and other challenges.”

Feliz warns, however, that the industry can’t rest on its laurels, especially because the subsidized housing workforce is aging. He points out that more than 83% of the VoSHO respondents are at least 45 years old. “Although the younger respondents expressed the highest levels of commitment to the industry, employers need to keep these workers engaged by providing them with ongoing training and equipping them with the advanced technologies that they’ve grown up with and use in their personal lives,” Feliz suggests.

Results from a new VoPM survey will be published by MRI and the NAA in September. “The ability to compare and contrast the different sectors of the residential industry is valuable,” says Feliz. “Each has its own culture and processes, but many of the best practices for employee engagement and retention apply to all.”

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s open and connected, AI-first platform empowers agents, owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide, including the public and affordable housing sector. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.

Media Contact
Rachel Antman
[email protected]
212-362-5837

SOURCE MRI Software