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Ways to Control Temporary Housing Costs
The good news is, when it comes to short-term housing arrangements, employers have options. Yes, they can elect to provide a flat relocation benefit and let employees figure it out. However, employers seeking to provide a more cost-effective (and helpful!) solution might elect to:
- Purchase a condo unit or residential property for this purpose, if they handle frequent relocations and it makes financial sense.
- Rely on home rental services like Airbnb or Vrbo, an increasingly-popular strategy in some markets.
- Strike an agreement with an extended stay hotel and make it their go-to solution.
To further cut costs, employers may opt to expand their house-hunting benefits, which frequently are limited to a single 4-5 day trip. Because the faster employees can purchase a home, the fewer days they’ll need to spend in corporate-funded housing.
For example, one UrbanBound client found itself fielding a high volume of temporary-housing exceptions in one particularly hot real estate market. A few days simply wasn’t enough time to find a desirable home when properties were snapped up as soon as they hit the MLS.
Working the numbers with the employer, we determined that allowing new hires to take more time for house-hunting would be a money-saving move. Added bonus: the employer’s generosity wowed their new hires, getting things off to a booming start.
Finding Solutions that Work for You
In the final analysis, temporary relocation housing benefits matter a whole bunch. But getting them right can be a tricky business—just like all things in the relocation universe. If you don’t have the time or manpower to become an expert, the next best thing is to find one.
Among other things, a service-minded, cost-conscious relocation company can help you identify your best short-term housing options. Better yet, the provider may already have agreements with extended-stay hotel chains and other national providers in place, allowing you to leverage their greatly discounted pricing without any work on your behalf.
And of course, a relocation specialist can help you achieve that sought-after balance of highly-competitive yet cost-effective relocation benefits. You don’t know what you don’t know—which is why sometimes the smartest thing to do is simply ask an expert.