A Tale of Two Types of Cities (Part 2)

Welcome to the second half of our two-part series exploring US cities and how renter migration patterns have changed. In just under two years, a handful of lifestyle and economic shifts created a new-found sense of urgency among renters. But even before the pandemic, certain metros saw a rise in populations, leading to a surge in rent costs that pushed many renters out to less expensive cities where the cost of living was lower. On top of that, when remote work became the new normal for some types of jobs during the pandemic, an influx of renters in expensive cities like New York, Los Angeles and San Francisco started seeking out more affordable areas, such as the Sun Belt states. Today on The Top Floor we discuss some of those Sun Belt cities, including Dallas-Fort Worth, Miami and Atlanta, to discover trends influencing renter’s new living situations, and what property managers can do to respond to evolving renter preferences and become more competitive.

Resources:

High renter satisfaction, low Net Promoter Score: How U.S. renters perceive their property managers

Sun Belt real estate: Stats and trends for 2022

Census 2020: First results show near historically low population growth and a first-ever congressional seat loss for California