“Back to the Future” with “Friends”: Flat sharing makes a comeback
The key to a new front door is fundamental to a successful relocation. Visualizing where to enjoy down time, local attractions and amenities, and working out the journey to work, rental and overall costs of living, is a valuable part of the pre- departure excitement.
Yet, for many employees, especially those on solo missions and with limited budgets or time, searching for a new base is a reality check, particularly around accommodation costs. London and the UK’s large metropolitan centres may have a well-deserved reputation for their many attractions. But they come at a price.
Securing your home in a property hotspot
Fortunately, the demand for quality accommodation in desirable residential areas is driving the supply of high-spec, landmark apartment locations. Purpose-built destination addresses are complementing the more traditional residential offer. They are bringing exciting new neighborhoods – and previously out-of-reach locations – within the grasp of more relocating employees through the rental market.
Indeed, data shows that companies and individuals are now increasingly choosing to rent rather than buy during relocation. Affordability, uncertainty and demographic changes are helping to explain this shift in preference. To support our clients with this trend, Sterling is launching a new flat-share program to match employer and employee aspirations with local market conditions.
Meeting the need for flexibility
Flat-share programs are a great fit with today’s trends for shorter and unaccompanied assignments, and address the increasingly unaffordable home purchase and rental markets. They also complement wider demographic trends.
Mobile younger workers enjoy the flexibility renting offers. Relocating home-owning employees, often people more advanced in their careers, also appreciate being able to keep their options open while they adopt a wait-and-see approach to the property market.
An added benefit for many relocating employees too is that flat share programs can offer easy access to ready-made supportive, professional and social networks in real communities. For these reasons, flat share programs, supported by dedicated and specialist managers, are right at home with the needs of relocating employees today.
Creating a home from home
At Sterling, helping relocating employees to find their home-from-home and the all- important reassurance of familiarity, comfort and community, is one of the most rewarding aspects of our role.
Our comprehensive flat-share program offers in-depth analysis of the assignee’s housing requirements, advice on suitable areas, average rental prices, and detailed guidance on setting up a flat-share arrangement. Whether its sound advice on the legal framework around tenancy agreements, the reliable inside track on up-and-coming locations or assistance on moving day, our knowledge is key to successful relocation. Call us to find out more.