A quirk in the Stockholm rental market made it one of the more interesting cities that I researched virtually since the start of the pandemic.
What a year 2020 was in so many ways. For Global Mobility, we witnessed an impact to international and domestic assignments unlike anything we've ever seen. With this change to business norms, there has been a rise in creative adaptation, accelerating the speed of business and harnessing change in a way that will fabricate the future of work.
As a long-time Compensation consultant and senior instructor at WorldatWork, I have always taught that cost of labor was the right metric to use when setting pay as well as assessing geographic differences. Cost of labor is the assessment of the supply and demand of labor in a labor market via relevant compensation surveys. With the current environment of distributed workforce, I am changing my view on adjusting pay for geographic differences.
Remember the beginning of 2020? People commuted to work, traveled for leisure and business, and attended school, events, and get-togethers in-person. The world was normal in most respects before the COVID-19 pandemic changed everything, in many ways, forever.
Between August 2019 and March 2020, Georgetown rents skyrocketed with strong oil and gas demand and limited rental supply. In March 2020, the COVID-19 pandemic began to impact Guyana and the Georgetown housing market. This, combined with the Guyanese General Elections on March 2nd, resulted in decreased demand. With fewer assignee arrivals, landlords became increasingly anxious over the thought of empty properties and are now more willing to negotiate rents.
AIRINC's Domestic Transfer Reports now include home values. These values can be used to calculate:
The expatriate rental market in Luanda has been mostly uneventful over the past year. Kwanza prices for apartments and villas have not shown any major movements, although in USD rental prices have come down due to the depreciating Kwanza.
Looking back to the world of a year ago, open borders, naked faces and all-you-can-eat buffets feel remarkably foreign. In December 2019, few of us could have predicted how volatile the upcoming year would be.
London rents decreased over the last twelve months with the impact of COVID-19. Multiple lockdowns have forced renters to re-evaluate where they want to live. Demand has shifted to rentals with more space, such as balconies, terraces, and gardens. Work-from-home and remote work policies enable tenants more flexibility and recent demand has been for suburban locations with access to green spaces.
With the COVID-19 pandemic leading to a number of professionals working from home, cities across the globe have shown decreased demand for rentals in inner cities and higher demand in the suburbs.