Nearly everyone has heard of the sky high rent prices in the San Francisco Bay Area. A high concentration of well paying jobs, limited housing, and little new construction all add up to some of the highest median rent prices in the world at $4,450/mo. Just renting a closet at those prices could prove formidable for most workers, and one law firm in Houston was so fed up with excessive rent prices they decided to take to the sky instead.
As BusinessInsider.com reports Patterson and Sheridan, a Houston based law firm, has purchased a $3 Million jet in which to fly it’s employees back and forth to the Bay Area once a month in order to meet with clients. While this may seem a bit excessive, at 9 Seats, one month in the Bay Area for 9 employees would cost them at least $45,000 in rent. At these rates the law firm should quickly recoup its cost. Plus because the jet is only used for business purposes with lawyers working on board, it can be written off as an expense.
The plane is also a perk used to attract top talent in the Houston area. After all who doesn’t enjoy a trip on a beautiful private jet, and the chance to work in the glamorous Bay Area while continuing to live in Houston where monthly living expenses are a 1/3 of those in San Francisco.
As rising rent prices continue to price out top talent, firms will have to continue to find creative solutions to help fill the demand. Young and talented workers have high living expectations, and they are unlikely to want to move into an area where they would barely be able to afford to go out or own a car. Flying in talent is one of the most innovative solutions we are sure to see more of. Who knows, maybe the big idea won’t be putting your employees on a private jet and flying them in, but in a private submarine for an underwater voyage. After all in today’s competitive market place, a company has to be willing to go high, or low, to set themselves apart.