German companies are facing a growing challenge when trying to attract skilled workers: the lack of affordable housing.
Bernhard Beck, from a municipal enterprise in Munich, explains the situation, saying, “We have been unable to find enough qualified personnel in Munich for a long time.” This issue is particularly evident in Munich, where soaring housing prices have made it difficult for employees to find suitable accommodations.
Beck’s colleagues are now looking for talent from countries like Bosnia, Albania, and Spain. However, interviews increasingly focus not just on job qualifications, but also on securing housing. For foreigners, finding a place to live in Munich is an even greater obstacle.
The housing shortage extends beyond Munich, with four out of five companies in Germany reporting difficulties due to the tight housing market. A study by PwC found that the issue is especially severe for industries with lower wages, such as healthcare, hospitality, and retail. People are finding it harder to move to cities with ample job opportunities, making it increasingly challenging to live and work in urban areas.
The German Council of Economic Experts has warned that this housing crisis is already affecting the nation’s economic growth. In response, Beck’s company has implemented a solution: creating its own corporate housing registry. So far, the company has built or acquired 1,500 housing units and plans to expand this number to 3,000 by 2030. Beck notes, “If you can tell someone who wants to work for you that the employment contract also includes a housing rental agreement, that’s a big advantage.”
