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Let's say your relocation package includes 1 home-finding trip of 5 days/4 nights, and 30 days of household goods storage to cover any gap in timing. That would cost approximately $2150.
Temporary housing is typically offered for up to 30 days at a national average of $4000 per month, and the employee also has to put their stuff somewhere while they wait to move into their new home. On average, the cost of 1 month of storage is $200. This means for just one month, you're looking at around $4200 - potentially more depending on the location, and how much storage space is needed.
Corporate housing $4000/mo
The average time to sell a house is around 2 months, and buying a house these days can take even longer due to the competitive housing market. The timeline for moving household goods is also backlogged with at least 8 weeks being the current standard.
Comparing the cost of short-term housing vs home-finding trips, means that just 1 extra month would cost $4200 just for housing and storage. You could provide an additional home-finding trip for half that. Or, you could extend the length of the trip for even more cost savings. Even better, if your employee is savvy and finds permanent housing faster than expected, you'll save the extra money but still look like a hero for offering it as part of their relocation package.
By increasing either the number or duration of home-finding trips you can significantly reduce the amount of short-term housing and goods storage needed, which helps cut relocation costs overall.