close back

How rental assistance companies are taking the stress and high expenses out of the rental process.


Warning: array_push() expects parameter 1 to be array, null given in /home/msigts/public_html/wp-content/themes/msi-parent-theme/content-page.php on line 28

Blog

duty of care

Duty of Care – Keeping Employees Safe in High Risk Locations

19 April 2018 / By Nick Royle / Business  / Business Travel Tracking  / export  / Global Mobility Management  / Global Talent Mobility  / HR  / International Assignment  / Relocation  / 

Duty of Care – Keeping their global business travelers and assignees safe has become much harder for companies than it…

Read More
restrictive covenant

Should Companies Include Restrictions in Assignee Contracts?

9 April 2018 / By Nick Royle / Business  / Global Mobility Management  / Global Talent Mobility  / HR  / 

Anytime a company sends an employee on assignment, there are multiple issues to consider, although some tend to be overlooked.…

Read More

More Blogs


Warning: array_push() expects parameter 1 to be array, null given in /home/msigts/public_html/wp-content/themes/msi-parent-theme/content-page.php on line 28

MSI News

Baker's Dozen

MSI wins 1st place for Quality of Service in HRO Today Magazine’s 2018 Baker’s Dozen: Relocation Ranking

March 25th 2018 – MSI Global Talent Solutions, a human capital advisory firm that enables companies to improve, grow, and…

Read More
Move for Hunger

MSI Global Talent Solutions and Move for Hunger Announce Collaborative Effort to Help Feed Families in Need

Hampton, NH February 12th 2018 – MSI Global Talent Solutions, a professional services organization dedicated to helping companies create human…

Read More

More News


Warning: array_push() expects parameter 1 to be array, null given in /home/msigts/public_html/wp-content/themes/msi-parent-theme/content-page.php on line 28

Twitter

Read More


Warning: array_push() expects parameter 1 to be array, null given in /home/msigts/public_html/wp-content/themes/msi-parent-theme/content-page.php on line 28

Whitepapers

An introduction explaining what these whitepapers are about & why people should register should go here

GDPR

Not yet GDPR compliant? Here’s how to minimize your organization’s risk

For better or worse, it’s almost here. On May 25, after a two year transition period, a strict new regulation…

Download
high-risk travel

Keeping Employees Safe in High Risk Locations

Keeping their global business travelers and assignees safe when visiting high-risk travel locations has become much harder for companies than…

Download

Read More


Warning: array_push() expects parameter 1 to be array, null given in /home/msigts/public_html/wp-content/themes/msi-parent-theme/content-page.php on line 28

Webinars

GDPR – Will you be ready?

Summary: What is the GDPR?  Who needs to comply? In this session we reviewed the highlights of the new General…

Read More

Global Talent Strategy: Modernization to Facilitate Success

Summary: Organizations continue to be impacted by the evolution of advancing technologies, shifting political climates and high competition for quality…

Read More

Read More


Warning: array_push() expects parameter 1 to be array, null given in /home/msigts/public_html/wp-content/themes/msi-parent-theme/content-page.php on line 28

Warning: array_push() expects parameter 1 to be array, null given in /home/msigts/public_html/wp-content/themes/msi-parent-theme/content-page.php on line 28

Glossary

  1. A
  2. B
  3. C
  4. D
  5. E
  6. F
  7. G
  8. H
  9. I
  10. J
  11. L
  12. M
  13. N
  14. O
  15. P
  16. Q
  17. R
  18. S
  19. T
  20. U
  21. V
  22. W
  23. X
  24. Y
  25. Z

Read More

How rental assistance companies are taking the stress and high expenses out of the rental process.

PorchlightYour transferee has just landed a fantastic new promotion. You’re happy; they’re happy and eager to get the relocation process started. After the adrenaline of the news settles, the stress starts to creep in for the transferee: they have to relocate. Suddenly, the process can seem intimidating. How do they start their rental search process, when they have no idea what they should be looking for? As for the relocation company, how do you keep your costs as low as you can while providing the best service?

With renting in America at an all-time high, mobility professionals have few resources to help relocating employees who need or want to rent. Relocation Management Companies (RMC’s) and Human Resource professionals find it challenging to figure out how to fund rental finding services within the relocation policy. The result? HR professionals are spending more time and money on temporary housing that doesn’t need to be spent, and employees are stressed out looking for a rental property.

In a 2013 case study, companies who participated recognized that there was potential for significant savings. With a successful service model and dedication from the rental assistance company, $1.7 million was saved by using the available services. This cost savings was measured by taking the number of temporary housing days authorized through policy less the days actually used to tell us how many days were saved. By multiplying days saved times the average cost of temporary living resulted in the dollars saved.

  • 43% of the renters using a tour service through this rental assistance company reduced the number of days needed for temporary housing. This resulted in a 78% cost savings for the employer .
  • 48% of the renters were moved into temporary housing immediately when the rental assistance company was assigned which resulted in a 30% cost reduction for the employer.
  • The savings nets to $1,368* per transferred employee after subtracting the rental assistant company’s fee of $850 per renter.
  • Services provided by this rental assistance company result in an overall 47% cost savings to the companies by reducing the number of temporary housing days needed.

*Based on Industry standards from CHPA for temporary housing at an average rate of $131/day in 2013 and $78 in 2003

While these numbers are beyond impressive, they aren’t the only benefits to using a rental assistance company. The amount of stress to the employees and their families significantly decreased and the time required from the transferee in the rental search was lowered.

The average vacancy rate in 2012 and 2013 was only four percent, creating more demand than supply in many areas in the country. As this trend continues to grow, transferring the employees will struggle to find housing in a timely manner. They will face more competition securing a rental due to multiple applicants. Although new apartment inventory will become available as developers complete new projects, less than 40% of relocating professionals want apartments. Most prefer the residential lifestyle of single-family home rentals, town homes and privately listed condos.

Finding the right rental home in the right community that closely replicates a preferred lifestyle is difficult for those needing to relocate quickly. Moreover, when children are involved, the schools are a top priority. Having the right support through the acclimation and rental-finding process is critical to a successful move for the entire family, not just the employee.

By Alexandria Rhodes
PorchLight Rental Services
www.porchlightrental.com

 

Register

Create an Account


Already have a user account?

Thank you for registering!

The page will reload soon and you will be able to see our premium content.

Close