Dwellworks has built its reputation and its delivery of service as a top Destination Services provider worldwide through incredible customer service and talent. Maura Carey, Dwellworks VP of Content and Research is not only a leader here at Dwellworks and the Dwellworks family of brands, but she has also long been recognized as an expert in global mobility by her peers and the industry.
Thanks to her exceptional experience and influence in the industry, Maura gets the ‘story behind the story’ and many of the factors that impact global workforce mobility. Now she’s sharing them with the world. In our new “Ask Maura” series, Maura will share her perspectives, knowledge, and some fresh insights as well as top trends to watch for in relocation with a very special series of blogs and white papers. She will touch on all areas of relocation, from rental trends, to shifts in policy priorities, to changes in global supply chain and regional markets, to the impact of ESG - environmental, social, and governance initiatives. First in our series, Maura shares the top trends affecting rental prices in North America, specifically key markets in the US, Canada, and Mexico where the customers we support are moving to.
Be sure to look for a new "Ask Maura" blog regularly. Have a mobility question? Contact us at marketing@dwellworks.com and label your subject line: “Ask Maura.”
Rental Market Trends in the US
- The most significant trend in the US economy is the slowing rate of inflation.
- The return-to-office work model is on the rise. We’re watching to see if that also means ‘return to commutable locations.’ Rents are going up faster than the national norm in many ‘knowledge worker’ locations, like Silicon Valley, Boston, and Seattle, where employers are requiring a more regular presence in the office.
- With high interest rates, potential home buyers are not pulling the trigger to purchase. Potential home sellers who don’t want to lose their lower interest rates aren’t putting their homes on the market. So, current renters are forced to stay put, putting pressure on the inventory available for new renters.
- Multi-family unit housing supply is a bright spot, to the point of excess in some cities. The surge in apartment supply is not being matched by the availability of single-family homes. That supply continues to be very limited.
- If you are renting in an oversupplied market, try negotiating for concessions or incentives. While not a universal or even a national trend, an increased number of landlords and developers are offering reduced initial rent or waived rental payments to build occupancy in their new buildings.
Rental Market Trends in Canada
- Inflation rates are stubbornly higher than in the US and rental rates continue to climb.
- Construction activity remains low.
- Vacancy rates in Toronto and Vancouver remain at 1-2% and rental rates are only likely to increase.
Rental Market Trends in Mexico
- Mexico is experiencing good economic growth as a ‘nearshoring’ alternative to Asia.
- Mexico City rental rates are on par with other global markets; costs are lower and housing availability is good in growing manufacturing markets like Queretaro and San Luis Potosi.
Be sure to read the full North America market trends report here.