STRONG MULTIFAMILY MARKET, NEED FOR
SKILLED TALENT EMERGE AS THEMES AT
“LIVE WITH INDUSTRY LEADERS.”
The state of the multifamily mar- ket was the focus of this year’s “Live with Industry Leaders,” as
executives from Camden Properties,
Edward Rose & Sons, Related Companies and National Multifamily
Housing Council (NMHC) shared
the stage on Friday, Oct. 23.
Three themes emerged from the
one-hour panel discussion, moderated by John Salustri:
1.A resounding agreement that the
multifamily market is exceptionally strong.
2.The challenge of finding skilled
staff to support this growth.
3. The impact of demographic shifts.
Speaking to the strength of the
market, Jeff Brodsky, CPM, of Related Companies in New York City,
called this an “extraordinary time in
the multifamily space” with expansion occurring “at an unprecedented
rate.” This was echoed by Mike Gorman, CPM, of Edward Rose & Sons
in Indianapolis, who declared this
“the best time of my career” characterized by “exceptional year-over-year growth” in all markets.
The challenge all of the panelists
cited is being able to build a strong
staff. Brodsky said that Related Com-
panies is “having trouble finding
skilled people to keep up with the
This was reinforced by Mike
Brown, CPM, ARM, from Camden
Property Trust in Mission Viejo,
Calif., who said that trying to staff
the company’s communities is the
biggest challenge he is facing and
that “we as an industry need to find
ways to manufacture” the talent
that is required in this growing
market, with particular emphasis on
Turning to demographic shifts,
Doug Bibby of NMHC suggested that
the multifamily industry was “taken
by surprise by the Baby Boomers’
impact on rental.” He cited an apartment community that was built for
Millennials, only to be occupied by
Baby Boomers who are downsizing
and moving to apartments and have
“They have more stuff and they
need more space.” As for the Millennials, Bibby suggested that it’s too
soon to know what their long-term
impact will be, although current data
indicates that six out of 10 new household formations will be rentals.
MICHAEL BROWN, CPM
CAMDEN PROPERTY TRUST, AMO
MISSION VIEJO, CALIF.
JEFF BRODSKY, CPM
MICHAEL E. GORMAN,