3 Things You Need to Know
About Overcoming Challenges in Today’s Rental Market
A monthly series bringing you tips and best practices, covering the Relocation Industry’s biggest trends
myth vs. reality
While it’s always helpful to check out online sites in a particular housing market, not everything is as it seems. Many sites have outdated listings and do not provide reliable information regarding availability and pricing. When an IOR Destination Services Consultant (DSC) is working with a realtor to support with home finding, they will bring the realtor into the rental market conversation from the very beginning to understand pricing and expectations, and then determine what properties are truly available. If a realtor is not involved, the DSC will utilize their established contacts, reliable sources, and local expertise to manage the home finding process to set expectations before the assignee’s arrival to their new destination.
well intentioned colleagues
While it’s great to have work colleagues help assignees navigate their move, it can often be a form of frustration when comparisons come into play. For example, if the colleague moved to the US in early 2021, chances are they had lots of housing options and concessions for apartment rentals, especially in larger metro areas. Gone are the days of the 4 month rent concession with a killer view overlooking Central Park! The market continues to change rapidly. Assignees need to be educated on what is happening now and what to expect moving forward.
what can assignees do right now?
Right now, landlords hold all the cards when renting their properties. They know how high the demand/low the inventory is as well as what people are willing to pay. Here are a few things that we are seeing that can improve the chances for success:
- Appealing to the landlord. One family from Australia recently created a presentation to send to potential landlords showing their commitment to be a good tenant. They were able to obtain a property fairly quickly.
- Being flexible. Assignees that view properties during the week and if possible, at the last minute, to show flexibility are more likely to find the right property sooner than others who wait until the weekend. Also, assignees who are flexible regarding school district typically find more choices than their peers. There is never just one good school or district!
- Being responsive. Assignees that are more responsive to their DSC and realtor will have more properties to choose from and will save time during their search process, reducing the risk of missing opportunities and having to start over