Seattle ranked among the most attractive cities for moving renters, even during the pandemic
The pandemic may have caused some people to rethink life in larger cities. However, according to a new study, urban areas remained attractive to tenants looking to move last year.
StorageCafe’s study found Seattle ranked 19th on the list of the 100 best cities to migrate inbound tenants in 2020. Of those planning to move to the city, over 60% were millennials and nearly 40% earned more than $ 100,000. found the report. Popular Seattle neighborhoods included South Lake Union and downtown.
“The big exodus towards suburban or small towns that many had expected on a grand scale actually came about for a smaller part of the tenant cohort,” the report said.
The study found that fewer than a third of people planned to move to the suburbs, which “largely followed the prepandemic patterns”.
“In fact, urban locations have emerged as the preferred destinations for most renters over the past five years, with the trend towards suburban flights seriously slowing,” the report said. “In 2020, suburbs barely attracted 32% of tenants, a significant decrease from 2016 when almost 40% of tenants moved to the suburbs.”
People who live in large cities of over 1 million people were even less likely to want to move to suburbs, the report said. People who lived in slightly smaller towns were more likely to move to the suburbs.
Income also played a role where tenants wanted to move.
“The higher the income, the less likely it is that the tenant will move to a suburb – only 25% of tenants with incomes between $ 100,000 and $ 2 million who wanted to move in 2020 have a new rental home in the suburbs selected, “the report said. “However, 40% of tenants with incomes less than $ 30,000 a year who moved last year preferred suburb.”
During the pandemic, some experts anticipated a major exodus from cities to more affordable suburbs that gave people more space as businesses moved to more flexible work from home. However, according to the report, cities are not going anywhere – even after the pandemic.
“The magnetism of cities – and their irresistible appeal to society – will reappear and thrive. Young graduate movers will gather in equal or greater numbers of people, “said Larry Rosenthal, a public policy professor at the University of California at Berkeley.
The study looked at approximately 1.7 million rental requests from January through November last year to compile the list.
Read on to see the cities that top the list.
Albert Maghbouleh (far left) and Miles Santamour (89) with the Amigos de Jaibalito Foundation (ADJ) share lunch outdoors to maintain social distance and overlook the Los Angeles skyline on Monday, January 11, 2021 . The California coronavirus death toll hit 30,000 Monday, another staggering milestone as the nation’s most populous state sees the worst surge in its nearly year-long pandemic. Los Angeles County is one of the epicentres, and health officials urge residents to wear a mask even at home if they regularly go outside and live with the elderly or otherwise at risk.Damian Dovarganes / AP
The angel
Los Angeles topped the list as the city that saw the greatest interest from tenants.
TOPSHOT – The Manhattan skyline is seen at sunrise from the Observatory on the 86th floor of the Empire State Building on April 3, 2021 in New York City. – The Empire State Building, a 102-story Art Deco skyscraper in Midtown Manhattan, opened on May 1, 1931 during the Great Depression. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS / AFP via Getty Images)ANGELA WEISS / AFP via Getty Images
New York City
New York City ranked second on the list of cities with the greatest interest from tenants.
Traffic on the Kennedy Expressway in Chicago at dusk with the downtown skyline behind.
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Chicago
Chicago ranked third on the list of cities with the greatest interest from tenants.
Phoenix skyline sunset
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Phoenix
Phoenix ranked fourth on the list of cities where renters were most interested.
The Association of Commercial Real Estate Professionals will host a Houston business event over lunch on Wednesday.
Steve Gonzales, Houston Chronicle / Staff Photographer
Houston
Houston ranked second on the list of cities where renters were most interested.
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