Global Mobility Insights, June 2025 – Part II

Housing

In the UK

We continue to monitor the progress of the Renters’ Rights Bill, which has now completed the ‘committee stage’ within the House of Lords and has now moved into the ‘reporting stage’. This stage will be followed by the ‘3rd reading’ review. We anticipate that matters won’t be finalised until towards the end of the year.

In the meantime, K2 are preparing to support clients who have employees on long-term assignments: when the new legislation goes live, these employees will be impacted by the removal of their current fixed term assured tenancies and the introduction of new periodic tenancies. Your account manager will be sharing more details about this in due course.

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USA – New York City

The FARE Act, which prohibits landlords in NYC from passing broker fees on to tenants, came into effect on 11th June 2025. Under the new Act:

• Brokers who represent landlords can no longer charge fees to tenants in connection with a rental transaction. Tenant payable broker fees only apply if the broker is fully retained by the tenant.
• All tenant fees must be disclosed in rental listings with clear descriptions.
• The Act presumes that the broker has the landlord’s permission when they publish a listing. It is the brokers responsibility to formally obtain this.
• Compliance may now be enforced through private right of action, which allows individuals to sue for damages or injunctive relief when their rights under a statute or regulation have been violated.
• There may be financial penalties of up to $2,000 for non-compliance with the Act.

Australia

The Australian rental market remains quite competitive, with limited homes available in many areas. In Sydney, as a result of the city’s rapid growth over the years, the market is highly competitive and produces very volatile rental prices. Finding a home requires an open mind, preparedness and swift decision-making.

As Australia heads into its winter months, school holidays and winter festivals in major cities may make it more challenging to secure short-term accommodation. K2 advises planning ahead and securing housing as early as possible.

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China

There is currently limited availability of larger units within compounds, which tend to be preferred by expat families.

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Indonesia

Serviced apartments and hotels currently have limited availability, particularly in the neighbourhoods favoured by expats. Due to the high demand, rates and prices will increase during peak season – June to August.

Housing costs are expected to rise over the course of the year. Demand is high, which means that properties do not remain on the market for long; swift payment of the security deposit is essential to secure a house/apartment.

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Singapore

Temporary accommodation rates remain high across the island; properties that are further away from central locations may offer lower rates.

The rental market in Singapore is expected to remain relatively stable. Occasional increases like those seen in February of this year may occur during peak season, from June – August 2025. Analysts predict that the influx of new residential units will continue to provide tenants with more options, potentially limiting significant rent increases.

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South Korea

Availability of properties at all budget levels in Seoul is low. Expats have to compete with locals, and if looking to rent, be prepared to move very quickly in order to secure a property.

Keep an eye on the following:

• The recent election outcome in Romania: The hope is that the change will reduce political uncertainty and so persuade skilled Romanians abroad to return, stabilising labour availability as well as encouraging foreigners to keep relocating to the country. There have been no immediate changes to/official announcements regarding real estate market rules or immigration policies. The immigration framework in Romania remains governed primarily by EU directives and national legislation; typically, it isn’t influenced by the presidency.
• Upcoming events in the APAC region: This may impact both the availability and the cost of temporary accommodation in several major cities:
  – ICAO APAC Meetings (aviation industry); Bangkok; June – August 2025
  – Singapore’s 60th National Day; Singapore; 8th – 9th August 2025
  – Autumn festivals in Japan; Tokyo, Kyoto, and Osaka; October – November 2025
  – Singapore F1 Grand Prix; Singapore; 3rd – 5th October 2025
  – Southeast Asian Games; Bangkok; 9th – 20th December 2025
  K2 advises clients to review and initiate upcoming bookings within these locations as early as possible.
• Upcoming events in Africa: These may impact the availability of temporary accommodation in the relevant area:
  – G20 Conference and related meetings; Johannesburg, KwaZulu-Natal, and Cape Town – all South Africa; June – October 2025
  -2025 Davis Cup Africa Group V Soccer; Botswana; July 2025
  – Lagos International Trade Fair; Lagos, Nigeria; November 2025
• Foreign Exchange restrictions: K2 have seen a rise in the number of landlords’ banks which reject overseas payments due to FX controls. We are currently exploring alternative solutions such as local RMB payments, with the aim of ensuring smooth transactions.
• K2 continue to monitor all of the elements detailed above very closely, and we will provide further updates as and when they come through. In the meantime, should you have any questions or concerns, please contact your K2 Account Manager.

K2 continue to closely monitor all the elements detailed above as well as in Part I, and will provide further updates via LinkedIn, as and when they come through. Our next full Global Mobility Insights publication is due to be released at the end of September.