Top 5: Property Manager Turnover

2022 has been a very different year for the multifamily industry than last year. Apartment demand has been at its lowest point in years, average occupancy has trended downward all year, and the rent growth that had garnered so much attention over the last 18 months or so has finally petered out.

One common feature of the industry that did not change this year was the active rate of turnover at the property manager level. This edition of the Top 5 series is an update to the rankings from the first quarter with property manager changes from January through November.

Market2022 Changes2021 Changes
TX - Dallas/Ft. Worth2,5412,197
TX - Houston1,9601,509
GA - Atlanta1,4701,230
AZ - Phoenix1,082766
WA - Seattle1,060918

The top five markets remained unchanged from the first quarter, although Phoenix moved ahead of Seattle into the fourth spot. Phoenix is also the only newcomer to the list compared to last year for the same portion of the calendar.  All five markets saw more turnover at the manager position than in the same period of 2021. The largest change was Houston, with about 450 more property manager changes through November of this year than last.

Of course, the largest markets will always top the list of manager or regional manager changes by virtue of the number of properties and positions in those markets. Another way to evaluate turnover is to consider the number of property manager changes as a percentage of the number of conventional multifamily properties in a market. Some properties will have multiple changes, but the idea is to control for market size.

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Market2022 Changes (%)2021 Changes (%)2022 Changes
TX - College Station81%80%137
SC - Charleston77%60%230
TX - Austin72%68%903
SC - Columbia72%58%218
TX - Corpus Christi71%58%154

When evaluating changes on a percentage basis, different markets come into focus. Here again, all five markets saw a higher rate of turnover this year than last year relative to market stock. The top three markets for this year through November remained the same from last year, though, in a different order. The two newcomers, Charleston and Corpus Christi were not in the top five last year but were close at spots seven and eight, respectively.

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