Anyone Seeing Pay Adjustments for Inflation/Tight Labor Market?
Currently an associate / VP level at a large RE firm in the Bay Area.
I see a lot of people in other industries getting big pay raises due to the tight labor market and inflationary pressure. Anyone seeing raises in real estate?
I haven't received a substantial wage increase and I feel like my purchasing power has declined dramatically in the past 6 months. Grocery bill is up 20-50%, restaurants are super expensive, rent is going back up.....any else feeling the squeeze but not getting relief on the salary side?
Do I need to hop employers?
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More suggestions...
Hope that helps.
Bump
I'm not seeing anything from the publicly-traded REIT side, but I'd be curious to see what folks are seeing at LifeCo, PE, family office, smaller developers, etc. I have a lot of friends in IB, not just the JPMs, Goldmans, and Citi's of the world -- but smaller shops that are getting substantial raises ($10-15k at the analyst level).
Private Office/Sponsor side here. No increases throughout Analyst/Associate level.
Friend who works on the REPE side received an off-cycle ~25% increase at the Associate level recently.
If you're in the bay area I feel like the rent you saved signing a new lease this year would eclipse any of the incremental increases in food gas etc
Have you tried asking for a raise?
Currently at a large life company and have not heard any whispers of an upcoming pay bump up through the associate level. Based off my close relationship with senior team members, they are not expecting any increase either.
Requesting an inflationary raise (at a minimum) should be done annually, usually at your yearly review. Most places I've worked offer one, although it's never the full amount. Usually $1-2k at the analyst level. I doubt you'll get this year's full 5% offered as a COL adjustment, but you're screwing yourself if you don't at least ask
Closed mouth don't get fed. You'd be surprised how underpaid some people are simply due to the fact that they never ask for what they want
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