What should my company know about the state of temporary housing today?
The world of temporary housing is rapidly evolving, with many new options entering the scene. Senior Global Supply Chain Specialist Amanda Finneman takes a closer look in this Relo Tip Tuesday.
Complete transcript: “Hi, I’m Amanda Finneman, and welcome to Relo Tip Tuesday. My question is, ‘What should my company know about the state of temporary housing today?’
Relocating employees have traditionally stayed in corporate housing or a hotel when they need somewhere to stay for a short period of time. Now, there are a variety of options that companies can utilize to meet a relocating employee’s needs. This includes renting a room or the entire house from a homeowner, as well as a hybrid model where a third party professionally decorates and manages a home, ensuring greater quality control.
As acceptance of these nontraditional forms of housing has grown, lobbyists and citizen groups have petitioned for new regulations and tax laws to counteract the impact on local housing prices and availability. From additional taxes on short-term rentals to making it illegal to rent for shorter durations of time in certain areas, these new regulations are not only impacting nontraditional rentals but also traditional corporate housing providers who are often held to many of the same laws.
One of the markets that has received the most attention is the San Francisco Bay Area, which is home to more than 7 million people. Economic growth has spurred a need for skilled workers to be brought in, but permits for new housing have not kept up with the pace of population growth. As a result, many nontraditional options have filled the void, though the market remains in flux due to evolving regulations.
Before utilizing alternative options, your company should:
• Speak with key stakeholders and assess if these options align with company culture. Does nontraditional housing fit well in your benefit offerings and mesh with your typical mobile employee experience?
• Assess the level of interest from current employees
• And determine when an employee would be allowed to utilize these resources
And, because of all the new laws and regulations, you’ll want to closely track the market and adjust accordingly. Thanks for watching!”