Nearly two-thirds of renters—about 64 percent—say they plan to move to a different city before settling down, according to rental website ApartmentList.com. So where are they leaving from and going to?
Apartment List surveyed about 24,000 renters and analyzed data from 50 of the largest metros across the country. Renters in the priciest cities, such as New York, San Francisco, Denver, and Austin, Texas, indicated the most eagerness to move. Those in areas with cooler climates and low job prospects, such as Milwaukee, Cleveland, and Detroit, also say they want to move, according to the report.
“In the coastal cities, people want to move somewhere where rents are lower and where they can purchase a home,” says Sydney Bennet, a research associate at Apartment List. However, many of the destinations where renters say they want to move also aren’t known for being cheap, the most popular being Los Angeles, Washington, D.C., and Atlanta. “Those are big job hubs where a lot of people move, especially when they’re young,” Bennet says. “[But] they’re not necessarily going to settle down there.”
Bennet says that those who live in the Sun Belt, where the weather is warmer and home prices tend to be lower, are the most likely to want to stay put. San Antonio has the highest percentage of renters—45 percent—who say they don’t want to move to another city. Other cities with the highest rate of renters who say they wanted to stay are Louisville, Ky.; Houston; Raleigh, N.C.; and Charlotte, N.C.
About a third of renters surveyed say the reason they want to move is to find a better job. Thirty percent say they want to relocate due to affordability concerns, according to the survey.
Source: “Where Do Most Renters Want to Live – and Where Are They Trying to Escape?” realtor.com® (Aug. 15, 2017)