W
ith international travel on the rise, borders reopening, and companies
starting projects that were put on hold during the pandemic, there has been a resurgence in assignments and relocations. However, demand for rentals is outstripping supply in many major cities around the globe. “The pre-pandemic assignee
lifestyle is making a comeback in 2023,” says Vicky Woods, client services director for Europe at Crown World Mobility. “Yet the landscape for those seeking overseas assignments has shifted dramatically, particularly when it comes to housing.” She says the UK in particular
presents a multitude of challenges for new assignees. The demand for rental properties in the UK has surged, leading to an overwhelming scarcity of available options. This issue is not limited to London; cities like Manchester, Leeds and Glasgow are also affected. “Several factors have contributed
to this shortage, including disruptions in the construction sector due to lockdown measures, economic instability, interest rate increases, and a shift towards short-term rental
agreements,” she says. The result is a fast-paced market where properties come and go quickly, leaving little room for assignees to be selective. “In this climate, relocating to the UK presents myriad hurdles,” she says. This lack of housing supply
creates a stressful house-hunting process for mobility managers and assignees. Unlike before, assignees cannot expect agencies to arrange numerous property viewings in a short timeframe. Securing a property in the UK also
comes with challenges. Rents have skyrocketed, with landlords seeking substantial increases due to rising interest rates. Special conditions like repainting walls or adding furniture can be difficult to negotiate, as these costs typically fall on tenants. Deposit disputes require a formal and complex process, involving evidence submission and adjudication.
EUROPEAN CITIES SEE STRONG RENTAL DEMAND Alec Smith, manager, benefits & daily rates at ECA International, which provides insight into increased mortgage rates and the effect of rent prices on remote working, says the greatest annual rent increases
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GLOBAL MOBILITY
GLOBAL MOBILITY PROPERTY
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