The housing market has undergone a significant transition from once being homeowner-heavy to now heavily populated with renters. The reason for this? There are a few.
First, as Millennials begin to saturate the workforce more and more, we are seeing their characteristics trickle into other areas of the economy. One of these characteristics is the desire to constantly move around and explore their options, both job-wise and geographically. The truth is, Millennials don't want to own a home quite yet. They associate home ownership with permanence, and seeing as 71% of Millennials reported that they expect and want an overseas experience during their career, many of them aren't prepared to make that commitment.
Secondly, buying a home is a large upfront monetary burden. While in the long run owning a home can pan out to be the cheaper route to take, the initial figures are overwhelming to those who are coming out of college carrying a lot of debt and not a lot of credit.
With cost of living figures soaring through the roof, many people cannot afford to take the plunge and purchase a home, especially when living in a high-cost, metropolitan area. Buying a home is viewed as a very time intensive, high-touch, lengthy process, and it is. However, renting comes with its own whole slew of difficulties and hoops to jump through - and those that choose to go this route need an equal amount of support.
No matter how attractive an offer is, there is going to be some level of uncertainty in the move, and your employees view renting as an opportunity to test the waters. Whether that uncertainty is due to the location, the job, the length of the assignment, or resistance coming from their family or spouse, your transferees want to make sure their new role and their new location is the right fit. They want to gain a little first-hand experience before they choose a location to purchase a home.
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It is important for companies to recognize and understand that they need to accommodate renters as much as they do their homeowners. While there might not be as much work with renting as there is to get a home ready for inspection and sale, there is still a lot that needs to be done and many problems can still arise in the process. Being prepared and properly informed about the rental market and process as a whole is going to be the best tool that you can have at your disposal - for both your sake and your employees’.
The more educated you become, and the more you know about what your renters need, the more trust and respect your employees are going to place in you. If you can serve as an expert and give your relocating transferees the tools they need to make their move successful, you will strengthen your reputation in the workforce and be able to truly attract top talent.
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