The multifamily industry universally espouses support for diversity and inclusion in its workforce, but that effort is often not reflected within the leadership teams of real estate organizations.
According to a study by the Harvard Business Review, women make up 47% of the total U.S. labor force, yet they represent only 5% of the 100 richest tech billionaires, 6% of S&P 500 CEOs and 20% of the Fortune 500 board.
The numbers tell a similar story in real estate.
A 2020 CREW Network benchmark study revealed that the percentage of women in senior VP, managing director and partner level positions in commercial real estate dropped from 27% to 22% in the past five years. Women in the industry on average still make only 90 cents to every dollar men earn in fixed salaries, while Hispanic/Latinx women earn only 80 cents, comparatively.
The recent NAA webinar, Women, Diversity, Growth and Leadership in Rental Housing, took a closer look at this disparity, as well as the barriers that still exist on the path to the executive suite. Panelists fielded difficult questions and also presented avenues for advancement and better representation across all levels of the apartment industry.
Dru Armstrong, CEO of Grace Hill, said that current social movements in the U.S. have placed a spotlight on the topic of inequality following decades with little to no progress in the real estate industry.
“The Black Lives Matter movement has brought the conversation of equality forward,” Armstrong said. “But there has been no improvement in real ……
