After sheltering-in-place throughout much of 2020, residential migration has come roaring back in 2021.
Apartmentlist.com’s Quarterly Migration Report finds that not only are more people moving, but movers today have higher incomes and higher budgets than ever before. This is putting added pressure on already-competitive markets and contributing to rising rent prices across the country.
Highlights from the report:
• In the second quarter of 2021, the most common destinations for people searching to leave Seattle were Los Angeles, Calif., Phoenix, Ariz., and Portland, Ore. On the flip side, people looking to move into Seattle were most likely searching from Portland, Ore, San Francisco, Calif., or Los Angeles.
• In total, 33% of searches into Seattle are coming from out-of-town apartment seekers. This migration flow is putting pressure on local rent prices because these movers have budgets that are 16% higher than the existing residents who are also searching for a new apartment.
• On average, Seattle residents looking for a new home have a monthly budget of $1,582, while renters searching from a different metro have a budget of $1,831.