A warm welcome to the February issue of PerchPeek’s US Market Monthly update!
Here’s where you’ll find the hottest updates around employee relocation and international talent strategy, insights from our experts on housing and cost-of-living news affecting your staff, the latest trends in global mobility, and tips and tricks on ways to support your teams.
A fly-by summary
● Expats have named Miami the best city in the US to live and work, according to the InterNations Expat Insider 2022 report - here’s what they love about the city
● From Houston to Buffalo - 10 major metropolitan areas of over 1 million people where the average monthly rent comes in under the national average of $1,427
● PerchPeek’s spotlight on Seattle: the average rent is up by 5% YoY but lately, rental prices have fallen slightly - key updates on the rental market for February 2023
● Lawmakers in Maryland are pushing to introduce a four-day work week scheme that incentivizes businesses to take part - how this could boost your talent acquisition efforts
● Calling all global mobility leaders - don’t miss the Midwest Relocation Conference taking place in Chicago, February 27 - March 1, with no fewer than 35 expert speakers
According to the InterNations Expat Insider 2022 report, surveying 12,000 expats worldwide about their experiences of their adopted homes, Miami is the top US city for living and working!
Miami ranked 12th out of 50 cities in the overall Expat City Ranking 2022. The city performed well in Ease of Settling In (10th) and Expat Essentials (12th) but less so in Personal Finance (37th) and Quality of Life (38th). The city ranked in the middle for Working Abroad, at 19th.
Positive points around Ease of Settling In and Expat Essentials:
● Easy to get used to the local culture
● Easy to obtain high-speed internet, pay without cash, and open a bank account
Neutral points around Working Abroad (room for improvement):
● Personal career opportunities
● Working hours
Negative points around Personal Finance and Quality of Life:
● High cost of living
● Availability of public transportation
The only other US city that featured in the report was New York City, but it’s worth noting that the Big Apple ranked highly too, hot on the heels of Miami at 16th out of 50. Expats ranked the city first worldwide in both the Career Prospects and Work Culture & Satisfaction subcategories.
People leaders are advised to take all work-related factors into account and make sure they stay up to scratch, or are improved in order to stay competitive and attract the best talent!
● Career opportunities - offer training programs and help employees compile and work through personal development plans, increasing their prospects for internal promotion
● Working hours - offer flexible and/or remote working opportunities where appropriate
With rents having risen massively nationwide over the past few years - a report from Credit Karma found that the average rent for one- and two-bedroom units rose by a whopping 24% from 2021 to 2022 - it’s becoming more and more difficult for people to get by in major cities.
However, it’s certainly possible to find below-average rents without switching to small-town living - there are plenty of options in metropolitan areas with populations of over 1 million residents!
According to Kiplinger.com, the average unit rent across the US is $1,427. Here’s a rundown of 10 major cities where average monthly rent comes in under that level:
It’s worth taking these figures into account when it comes to global mobility strategy. If you’re in a position to scout for alternative office locations, such cost-of-living data could be an important factor in decision-making - as well as supporting flexible and remote working where possible.
This month we’re shining a spotlight on Seattle, one of the most popular destination cities among the movers that PerchPeek supports! Here’s a summary of the latest unit prices and trends, and other key updates for People leaders supporting relocating employees.
Seattle rental market update
Key trends at a glance (source: Zumper.com):
● The average rent for a 1-bedroom unit in Seattle is $1,995 - up 5% YoY
● 55% of Seattle households are renters, and the remainder own their properties
● Average rent for a studio apartment in Seattle has risen by 6% in the last month alone, but rents for larger properties are falling month-over-month
● The most affordable neighborhoods in Seattle are Lake City, Junction and Minor
Breakdown by apartment type:
Insight’s from PerchPeek’s US experts
While the average rent has risen by 5% over the course of the last year, we’ve actually seen prices coming down towards the end of 2022 and in the beginning of this year. Seattle recorded a monthly rental price decline of 1% in December. While it doesn’t sound a lot, it’s one of the steepest monthly declines for any US metro area, along with Las Vegas and Dallas!
So, in terms of global mobility strategy, it’s a good time to relocate employees to Seattle while average rents are steady and even falling month-over-month in some cases.
Lawmakers in Maryland have introduced a new bill to trial a four-day working week, incentivizing businesses to take part. This is following the introduction of a similar bill in California in 2022, and successful trials of a four-day working week in over 100 companies in the UK last year.
Here’s what we know about the Maryland bill:
● Businesses with at least 30 employees who move to a 32-hour work week, without cutting worker pay or benefits, will be eligible for a state tax credit
● Participating companies must remain in the pilot program for a minimum of one year and and a maximum of two years to receive the tax credit
● If the bill passes, it’s due to start being implemented and taking effect in July 2023
For global mobility and talent acquisition leaders, it’ll be interesting to observe how this proposal plays out. If the bill passes and proves a success, it’ll likely help attract talent to the local area.
Furthermore, seeing as the four-day working week campaign is gaining momentum in numerous countries, successful implementation in Maryland could lead to more states trialing the scheme.
At PerchPeek we love to keep our fingers (or feathers!) on the pulse of what’s happening in the world of relocation, and wanted to spread the word about one of the hottest upcoming events!
The Midwest Relocation Conference is taking place in Chicago at the Westin River North from Monday, February 27 to Wednesday, March 1.
It’s a must-visit for global mobility leaders, HR and People teams who deal with overseas talent acquisition, relocating employees, and housing and cost of living trends affecting staff.
Sponsors will be welcoming keynote speaker Mark Strong, CEO of Strong Training & Coaching, to speak to the 2023 theme ‘Elevating Mobility’. The program also features no fewer than 35 expert speakers from brands such as KPMG, Worldwide ERC and Raytheon Technologies.
Notable sessions include:
● Complexities in Remote Working
● Unseen, Unheard, Forgotten - Who are We Leaving Behind?
● Cultural Awareness Elevates the Customer Experience
● Advancing Your Company and Partnerships
What’s more, those working towards Certified Relocation Professional (CRP) or Global Mobility Specialist (GMS) certification through Worldwide ERC will be interested to know that the MRC23 is expected to be approved for credits towards these programs - win-win!
And if all that wasn’t enough to tempt you, a special event is planned for Tuesday evening at Chicago’s Howl at the Moon venue, featuring their famous Dueling Pianos - need we say more?
PerchPeek’s relocation experts can’t wait to get stuck in - we’ll see you there!
We hope you enjoyed this month’s update!
If you have any feedback, comments or questions about what's happening in your location, feel free to reach out via the form at the bottom of this page.
Thanks for reading, and see you next month!
We hope you found this update insightful! We’d love to hear your thoughts.
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