AUSTIN, Texas — For the past couple of years, it has seemed like everyone has been trying to move to Austin. But now, data shows we're starting to see more people moving out of the city.
The latest migration report from Rent.com shows Austin is the fourth leading city in the U.S. when it comes to outward migration, or people moving out of the city. The top three cities for outward migration were Charlotte, North Carolina; St. Louis; and Chicago. The No. 5 city was Atlanta.
Rent.com noted that renters in Austin saw the average cost of a one-bedroom rental increase by 108.2% since last June – the largest increase in the nation.
The migration report also states that Austin renters looking to leave the city aren't hoping to move far. Their top six searches were all in Texas, including San Antonio, the Waco-Temple-Bryan metro area, Houston, Corpus Christi and Dallas-Fort Worth.
Nationwide, Rent.com reported that metros and states in the Northeast and West saw more outbound leads during the second quarter, while states and cities in the Midwest and the South saw more inbound leads. The report states that there is evidence that this desire to move to the Midwest and the South is at least partially driven by economic factors.
Rent.com noted that two of the most nation's expensive cities for renters are located in the Northeast (New York City and Boston), as are 13% of the Top 100 most expensive cities for renters. Meanwhile, the majority of the most expensive markets for renters (58%) are in the West. Of those, 41% are in California.
Rent.com's data states that the following states had the highest inbound lead delta: Delaware, North Dakota, South Carolina, New Hampshire and Mississippi. These metro areas had the highest inbound lead delta were:
- Huntsville-Decatur (Florence), Alabama
- Tri-Cities, Tennessee-Virginia
- Biloxi-Gulfport, Mississippi
- Knoxville, Tennessee
- Springfield, Missouri
To dig into the data further, check out Rent.com's full report.
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