Less availability. Rising costs. Reduced options. Below we have delved into the causes of these home finding challenges and included tips on how to prepare. There are three major factors currently affecting the home finding experience: the impact of COVID-19, the situation in Ukraine and normal summer volume increases.
The Impact of COVID-19
Around the world, markets have not had time to fully recover from the impact of COVID-19. During this period, lots of locals looked to move into bigger properties, which meant relocating employees and their families found it difficult to find larger properties to rent. The lifting of many travel restrictions and the resumption of work-from-office roles also resulted in activation and influx of pent-up volume caused by the pandemic. This has led to increased demand for rental homes across all types of properties in key markets.
Example – Malaysia
Many assignees with families, who remained in Malaysia during the pandemic, moved from condos into landed properties so they had more space. This reduced the already limited number of landed properties further.
Example – Singapore
As Singapore’s borders opened while China continued their strict COVID-19 policy, assignees and their families moved from Hong Kong to Singapore in Q1/Q2 2022. This continues to add further pressure to Singapore’s housing situation.
Moving forward, relocating families looking to live in competitive rental markets like Malaysia and Singapore, will have to be more flexible with their housing criteria and expect a longer home search duration.
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