At the moment, it might. A year ago the Utilities alowance would have rented a one-bed studio, today it would probably get you a three-bed semi.
The unknows are:-
1) will the company reduce it
2) Will rents go back up.
I think the answer to both is no in the short term- the company needs as many folk as possible in their own accomodation, and rents are down for at least the next couple of years.
Beyond that, who knows?
It might actually make buying look like an option.