The pandemic-era migration frenzy is waning, according to a recent analysis by John Burns Research & Consulting.
Migration numbers have tapered off since peak pandemic years, with 2023 seeing 9.7 million relocations compared to over 12 million in 2020 and 2021.
Additionally, the trend of urbanites flocking to the suburbs has stopped, with more urban households staying put or moving to other urban areas.
However, delving deeper into the data reveals buyers and renters are gravitating towards the outskirts of high-priced metros, where housing is more affordable without sacrificing access to urban amenities.
For example, Orlando witnessed a surge of out-migration activity in 2023, with former residents setting their sights on neighboring, cost-friendly communities such as Lakeland, Ocala, and Port St. Lucie. Similar patterns have been observed in Los Angeles and Austin and their surrounding markets.
Property managers should take these migration trends into account when expanding their rental portfolios, targeting markets with the highest potential for housing demand before prices rise.
PayProp’s custom management reports allow users to track, analyze, or even compare their live transaction data with average local or national competition so they can make the best decisions for their business.
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