ADP released it’s national employment report for January this morning and the prognosis was good.
ADP announced that the private-sector employment had increased by 187,000 over December’s employment numbers.
What does this mean for the rental market? Well, cities with strong job markets (such as Seattle) are the first to add positions and draw in new employees. Often the newly employed prefer to rent instead of own immediately because of the greater flexibility in renting.
How do you see the rental market affected by the growing number of jobs out there? Do you see this in Seattle, or does this national data seem disconnected from the local job market? Chime in on Facebook, Twitter or in the comment section below!
*Update 11:10 am (2/4/11): The Bureau of Labor Statistics released the January Employment Situation Summary, and it contained more good news! Unemployment fell nearly half a percent from December. Read more here.
We all know that in 2009 the major companies in western Washington all seemed to be eliminating jobs left and right, with “hiring freeze” being muttered under everyone’s breath (even during our 100-degree-plus summer temps).
The media and forecasters tell us that it’s not over, that it’ll be 2012 before we see a recovery, and that we need to hunker down and reevaluate our best practices in order to be better prepared for the future.
Now, reevaluating your processes and preparing yourself is very practical advice (and at SeattleRentals.com we’re doing just that – streamlining our operations, building cool new efficient features and focusing on simplifying life for both our staff and our clients), but hunkering down? I don’t think so!
Our relocation branch has seen more new hires from the major corporations coming in to the greater Seattle area in the past 30 days than we’ve seen in MONTHS. Renters are looking to move in February and March with great price ranges (today we had a client looking for a $1300 1 bed apartment and one looking for a $5000 rental home, among quite a few others). They’re coming from all over the US, including other parts of Washington state.
If you believe there are still hiring freezes, check out Microsoft’s career page. And that’s just one example. Western Washington’s “big player” employers are also following the route of streamlining their operations, but they need bright new talent to implement these changes and they seem to be back on the hunt to find it.
Now is the time to make sure your properties, your services and your staff are performing in the most high quality and efficient way possible. I know 2010 budgets are tight, but don’t cut back so much that you disappear – it’s more important than ever to make sure you’re still in front of the new hires, their employers and the relocation companies that service them.