As we continue to see, Americans have been on the move of the last couple years. A new report from StorageCafé about U.S. migration patterns shows renter interest grew stronger, with a 10% increase in renter applications in 2021 versus 2020. They also point out that some big urban areas attracted large renter cohorts, but nearby smaller cities “stole the limelight” as preferred destinations for apartment hunters. To come up with their data StorageCafe looked into 3.4M rental applications from RentGrow from 2021, illustrating renter interest across 257 markets with populations of over 100,000. They determined preferred migration destinations based on their applications, and we determined each destination city’s relative ranking for net renter migration (inbound minus outbound0 as a proportion of its population.
“Millennials are the renter age group most frequently wishing to move across the nation — 2.6 and 4.6 times more than Gen Xers and boomers, respectively — often reaping advantages by leaving large cities for smaller ones nearby or for ‘Cinderella’ states such as the Dakotas. Moving during the pandemic has certainly had its own specific pattern.”
Click here to read the full report at StorageCafé.