NAREIM Member Survey: Internship practices & compensation

Results. April 7, 2025

Three-quarters (75%) of real estate investment managers say the top non-compensation-based benefit they offer interns is internal networking and mentorship opportunities, according to the latest NAREIM member survey.

Other popular programs include fitness, housing and meal related benefits.

More than 90% of internships last for less than 10 weeks: 64% range from 7 to 10 weeks and a further 30% last for 4 to 6 weeks. Over seven in ten managers (72%) start the hiring process 5 to 12 months prior to the internship start date. 

NAREIM’s survey on hybrid work practices revealed that nearly four in five real estate investment managers (77%) paid undergraduate interns between $16 and $35 per hour. Over half (53%) of graduate interns were paid the same rate of $16 to $35 per hour. 

The survey, conducted between March 7 and March 27, 2025, represents 34 real estate investment manager respondents and over 37,000 FTEs.

To download a copy of the full survey results, click here.

Addition survey highlights include:

• Number of interns: Half of responding member firms said they typically recruit less than five interns each year. Almost three in ten firms (29%) bring in six to ten interns a year, while 6% of firms hire between 11 and 15 interns annually. The largest member firms (9%) reported hiring over 40 interns in a typical year.  

• Duration: Almost nine in ten real estate investment manager survey respondents brought on interns for less than 10 weeks. A majority of managers (60%) had intern programs between 7 and 10 weeks, while another 29% had interns for 4 to 6 weeks. An equal number of managers (6% each) hired interns for 10 to 12 weeks, as well as co-op style programs that ran 3 to 6 months, beyond summer months.

• Recruitment Timeline: Nearly three-quarters of respondent firms said they begin recruiting interns 5 to 12 months before the internship start date: 42% begin 8 to 12 months out and 30% within 5 to 7 months. Almost one in five (18%) of firms recruited on a rolling basis. One firm had two different windows: at 11 and 16 months prior. 

• Departments: Survey respondents said the top three departments within a real estate investment firm that hired interns are Asset Management (81%), followed by Portfolio Management (72%) and Transactions (59%). Accounting & Finance and Investor Relations round up the top five departments that hired interns. 

Real estate investment managers said the top source of interns is universities and colleges (82%), followed by referrals (73%). Organizations focused on placing diverse interns, such as SEO, are used by 52% of firms. 

For more than half (55%) of firms responding to the survey, 100% of interns are undergraduates. For another 21% of firms, undergrads comprise 90% to 99% of the intern class. Meanwhile, 14% of firms said graduates made up 10% to 19% of the intern group, while another 14% had over 20% of interns consisting of graduate students.

Download the survey by click here.

NAREIM members often reach out to ask their peers about pressing concerns impacting their business. To enquire about potential future NAREIM surveys, email IvyLee Rosario, Head of Programs.