STATEN ISLAND, N.Y. -- With more companies allowing their employees to work remotely, it’s not surprising that a percentage New York City renters would seek to move elsewhere when searching for a new home.
Apartment List recently published its updated Renter Migration Report, which analyzes the cities people are looking to call their new home.
The study revealed the following about New York City renters:
- 32.3% of apartment hunters currently living in New York are looking to move elsewhere, while 24.2% of those looking for a place to live in New York are searching from outside the metro area.
- Among renters looking to move away from the New York metro area, the most popular destinations are Boston (9.2%), Miami (6.6%), or Los Angeles (5.9%).
- Renters looking to move to the New York metro from elsewhere are most likely to be searching from Philadelphia (6.7%), Washington, D.C., (6.5%), or Bridgeport, Conn. (4.9%).
“As far as the users who are looking to leave the New York City area, we found that of all our users who are currently living the NYC metro, 32.7% are looking to move elsewhere,” said Chris Salviati, a housing economist for Apartment List.
“This is the No. 12 highest share among the nation’s 25 largest metros, so NYC doesn’t rank particularly high or low on this metric ... NYC is the nation’s largest metro, with plentiful job opportunities across a wide range of industries. For this reason, it attracts renters from around the country, but because of the high cost of living and fast-paced lifestyle, many who start their careers in NYC eventually move to other parts of the country,” he added.
Real estate professionals say the high cost of living in the Big Apple makes the migration out of New York for many people not surprising.
“We have been talking about how the cost of living, coupled with technology decentralizing everything from real estate to employment basis, has been leading to a significant migration out of New York and the city in general,” said James Prendamano, CEO and associate broker for Casandra Properties Inc.
“While the 2020 Migration Report reveals what seemed to be staggering numbers, this should come to no surprise to anyone, as it just confirms what we’ve been seeing on the ground. ... It’s hardly a coincidence the cost of living for the prospective areas are 18.27%, 26.53%, and 24.04% less than New York. The days of having to sit at your desk Midtown to do your work are long gone,” he added.
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