Millennials moved all over the country during the pandemic, leading to massive home price increases in places you wouldn’t normally expect. Now the frenzy is spilling into the rental market with record-low inventories and no signs of give. With renters leaving big cities for greener pastures, here are the most popular destinations in this week’s Five For Friday.
#5: Tempe, Arizona
Sitting just five miles outside of Phoenix, new residents in Tempe put up with comparable rents for the college-town vibe, insanely pleasant weather (in the winter at least) and growing job opportunities at Arizona State University, Wells Fargo and State Farm. While many migrants hail from the nearby capital, others are escaping the nation’s most expensive state to rent: California.
#4: Boulder, Colorado
Another pricey college town, for every renter to leave Boulder, 2.7 move in. Located just half an hour from Denver, this uber-progressive city has a rock-solid job base and a lifestyle to match. According to a StorageCafe study, at least 59% of new arrivals to this city are Gen Zers.
#3: Palm Bay and Orlando, Florida
Both of these central Florida cities draw on residents from Jacksonville in the north and Miami in the south, capitalizing on renters looking for a less-hectic suburban lifestyle, good jobs and perhaps, proximity to Disney. A one-bedroom rental in Orlando will cost around $1,600, compared with Miami’s market, which is commanding well over $2,000. Miami’s mayor just declared a housing affordability crisis, which explains why so many are moving north.
#2: Arlington, Virginia
With the nation’s capital just across the Potomac River, overeducated Millennials armed with high earnings and growing families are fleeing the urban core for Arlington. The town’s big draws include walkability, bigger homes and Amazon’s soon-to-open HQ2.
#1: Irving and Lewisville, Texas
These two Texas towns were the nation’s top cities at luring renters this past year. The majority of newbies in Lewisville hail from neighboring Dallas. But Irving, just 10 miles outside of Dallas, is attracting major out-of-state attention, with 12 times as many outsiders arriving as leaving last year.
SIMONE DEL ROSARIO: I LOVE LIVING IN NEW YORK BUT WITH RENT PRICES LIKE THESE…IT’S NO WONDER RENTERS EVERYWHERE ARE LEAVING BIG CITIES FOR GREENER PASTURES. SO WHERE ARE THEY GOING? THAT’S THIS WEEK’S FIVE FOR FRIDAY.
IN THE FIFTH SPOT – TEMPE, ARIZONA. SITTING JUST FIVE MILES OUTSIDE OF PHOENIX, NEW RESIDENTS PUT UP WITH THE HIGH RENTS FOR THE COLLEGE TOWN VIBE, INSANELY PLEASANT WEATHER (IN THE WINTER AT LEAST) AND GROWING JOB OPPORTUNITIES AT ASU, WELLS FARGO AND STATE FARM. WHILE MANY MIGRATES HAIL FROM THE NEARBY CAPITAL, OTHERS ARE ESCAPING THE NATION’S MOST EXPENSIVE STATE TO RENT – CALIFORNIA.
IN FOURTH PLACE, ANOTHER PRICEY COLLEGE TOWN – BOULDER, COLORADO, WHERE 2.7 RENTERS ARE ARRIVING FOR EVERY 1 THAT LEAVES. A HALF HOUR DRIVE FROM DENVER, THIS UBER- PROGRESSIVE CITY HAS A ROCK SOLID JOB BASE AND A LIFESTYLE TO MATCH. 59% OF ITS NEW ARRIVALS ARE GEN Z-ERS — THAT’S MORE THAN ANY OTHER CITY IN THE COUNTRY.
IN THE THIRD SPOT, WE MOVE EAST TO CENTRAL FLORIDA CITIES PALM BAY AND ORLANDO. BOTH DRAW ON RESIDENTS FROM JACKSONVILLE IN THE NORTH AND MIAMI IN THE SOUTH FOR A LESS HECTIC SUBURBAN LIFESTYLE, GOOD JOBS AND – YEAH – PROXIMITY TO DISNEY. A ONE BED RENTAL IN ORLANDO WILL SET YOU BACK $1,600. COMPARE WITH MIAMI -WHERE THE MAYOR JUST DECLARED A HOUSING AFFORDABILITY CRISIS – SOUNDS LIKE A DEAL.
IN SECOND POSITION – ARLINGTON, VIRGINIA SEES MORE THAN TWO AND A HALF TIMES RENTERS WANTING TO ARRIVE THAN LEAVE. WITH DC JUST OVER THE POTOMAC, OVEREDUCATED MILLENNIALS ARMED WITH HIGH EARNINGS AND GROWING FAMILIES ARE FLEEING ITS URBAN NEIGHBOR FOR THE TOWN’S WALKABILITY, BIGGER HOMES AND AMAZON’S SOON-TO-OPEN HQ2.
AND IN THE TOP SPOT, TWO TEXAS TOWNS – IRVING AND LEWISVILLE – WERE THE NATION’S TOP CITIES AT LURING RENTERS THIS LAST YEAR. THE MAJORITY OF NEWBIES IN LEWISVILLE HAIL FROM NEIGHBORING DALLAS. BUT IRVING IS ATTRACTING MAJOR OUT OF STATE ATTENTION, WITH 12 TIMES AS MANY OUTSIDERS ARRIVING AS LEAVING LAST YEAR.
GREAT PLACES TO RENT – AND PRICES TO MATCH. WITH RENTS UP 33% HERE IN MY CURRENT HOME TOWN, IT’S NO WONDER TWICE AS MANY PEOPLE LEFT NEW YORK LAST YEAR FOR TOWNS LIKE THESE. THAT’S YOUR FIVE FOR FRIDAY. I’M SIMONE DEL ROSARIO, I’LL SEE YOU MONDAY.