Millennials, the US Housing Market, and Mobility

SIRVA
Relocation Services
Global Services
Millennials, the US Housing Market, and Mobility

Whether your employees are heading across the country or crossing continents, Sirva has the on-the-ground international relocation services you need. From Canada to Australia and everywhere in between, we understand the nuances across each region .

We provide offerings to satisfy your unique needs, whether selling a home in the U.S., managing a cross-country household goods move, or helping employees to get settled into their new homes in Europe. Our global experience means that you can count on seamless international relocation, no matter what’s next.

Departure Services

From the initial policy consulting call through the move itself, there are a lot of moving pieces associated with employee relocation. Whether planning a domestic or international relocation, SIRVA is expertly positioned to offer the best departure services available during a relocation in every region around the world.

Destination Services

Setting your employees up for success upon arrival at their new locations will be key to successfully meeting your company’s goals. SIRVA’s global network and expansive resources allow us to you achieve your goals. Our destination services and international movers help employees and their families settle in and prosper in their new homes.

Visa and Immigration

SIRVA’s team of experienced international relocation specialists are expertly equipped to manage inbound and outbound global immigration services. With SIRVA’s Immigration team, the focus is on providing a smooth customer experience that enhances the relocation process, not just achieving a successful application.

Employee Counselling

For your employees, a single relocation professional assists with end-to-end coordination of services: a relocation consultant for domestic/intra-country moves or global assignment consultant for international relocation. These consultants are your employees’ resource for all communication and services relating to their move, and coordinate the delivery of all authorised services. Regardless of the service being delivered (temporary housing, moving services, etc.), the employee can rely on the consultant as their go-to resource to address any concerns.

VIP Services

If you are searching for an enhanced service for your employees, SIRVA offers VIP services such as personal relocation assistants, in-home cleaning services, personalised family assistance, and many other tailored and luxury enhancements.

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As millennials get older, establish their careers, and start families, mobility professionals are faced with a question: How do mobility programmes need to be tailored to fit the needs and challenges of this growing workforce population? Millennial housing trends, in particular, will have a major impact on mobility packages and relocation. Our white paper, How Millennials are Impacting the US Housing Market, takes a look at these trends, challenges millennials are facing, and what mobility professionals should keep in mind when developing programmes for this specific population if they hope to attract and retain the best talent possible.

Many millennials are considering the financial benefits of buying a home versus renting. Often saddled with significant student debt, mortgage payments that are often lower than monthly rent in many locations can be particularly appealing. Millennials represented over 25% of the total number of house buyers in 2018. As more millennials join the ranks of home ownership, this percentage will likely rise in the years to come.

The Challenging State of US Property

While this population is demonstrating a growing interest in home ownership, the US property market can be challenging for millennials and the mobility professionals tasked with their relocation. Demand is high for small to moderately sized homes, but a low inventory and lack of appropriate home types and locations is prevalent. Many baby boomers are attempting to sell homes and downsize, leaving homes that are larger than millennials need or can afford. Additionally, the baby boomers who have sold their properties are now also competing with millennials for downsized properties. For millennials, city-fringe properties are in high demand, as they crave proximity to amenities. Often, there aren’t viable options that fit this bill for younger employees within this group.

Additional Challenges for Relocating Millennials:

Companies face additional challenges when relocating millennials, as many employees are part of dual-income households. In such cases, the needs of spouses and partners may require consideration; many couples simply can’t afford to move unless both are guaranteed employment. If the employee is already a homeowner, a home sale and purchase of a new home may also result in a significant loss on his/her investment. Each of these scenarios must be considered by companies seeking to relocate young professionals from the millennial age group.

What Market Trends Mean for Mobility Professionals

When devising relocation practices and policies, company stakeholders should consider millennials’ needs, along with the challenges they face as a population. They also should remember that factors related to the US property market will dictate a need for both policy support, flexibility, and the management of employee expectations. While past practices have typically included the use of lump sum and managed lump sum programmes for relocating millennials, current trends suggest a need to re-examine mobility programme design, policy offerings, levels of support and guidance, and traditional home sale options as more millennials enter the housing market.

Download, How Millennials are Impacting the US Housing Market, for more information or contact us at concierge@sirva.com.

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