RDC Is Taking Action to Solve Housing Inventory Challenges
Lynn Shotwell, GMS - Jun 01 2022Theme of Spring Event – ‘The Future is Now’ – Rings True in Work of Relocation Directors
Last week, I attended the RDC® 2022 Spring Event in Dallas, Texas, themed ‘The Future is Now.’ It was great to meet everyone and feel the energy at another in-person event as we navigate the post-pandemic relocation industry. I applaud RDC for welcoming so many new members in the past few months, all of whom hold CRP designations.
‘The Future is Now' could not have been a better theme for the RDC Spring Event, as relocation directors displayed how they are stepping up to combat current and emerging issues effecting employees, employers and their families – most significantly, the housing inventory crisis.
As we heard at the Worldwide ERC® Spring Virtual Conference and again at RDC, there is an inventory crisis that is making relocations more challenging. This is due to demographic issues –Millennials are having kids and buying houses – as well as an increase in location changes and an ongoing lack of sufficient new construction due to zoning issues, supply chain bottlenecks and labor shortages. Upsizing due to remote work has also had a major effect on housing demand, as seen in new research this week from the National Bureau of Economic Research.
In addition to the inventory crisis, anecdotal evidence has shown that many buyers are hesitant to relocate because of the cost of housing. Many exceptions to company policies have also been made as buyers bid above asking price or extend their temporary housing arrangements when multiple bids fail. In turn, conversations at RDC revolved around dusting off policies from the 1980s and updating them for when the market turns and relocated employees cannot sell their homes for what they paid.
To navigate these challenges, relocation directors are getting involved with local government and business leaders to build communities with the capacity to support new employers and attract talent. RDC and Worldwide ERC members, along with experienced relocation directors, are spending considerably more time counseling employees and families through these tough situations, bringing much-needed value to these experiences.
Considering how fun and informative the RDC Spring Event was, I am very much looking forward to the Global Workforce Symposium 2022 in Las Vegas, October 26 – 28. Watch a preview for the event here.