Newly-formed remote workforces, lock downs, social unrest. Whatever the reason, city dwellers are increasingly navigating to the suburbs and beyond.
24% major metros (of 43) that saw higher rent growth in suburban ZIP codes versus urban ZIPs
Metros that saw urban rents shrink more than suburban rents Y/Y
Rent growth in urban Memphis ZIPs, for example, fell from 6.3% to 4.8% year-over-year. Meanwhile its suburban ZIPs went up from 3.4% to 5.4%, an increase of 2 percentage points.
Greater inventory in San Francisco
(+96% Y/Y) following a flood of new listings during the pandemic, are sitting empty—significantly larger than its surrounding suburbs.
51% of home searches by urban residents of the100 largest metro areas were for suburban properties near their area (2020 Q2)
122% increase in vacancies, (13,177 units)—and lower rents—challenge NYC landlords. More than 16,000 New Yorkers switched their residence to Connecticut starting in March.