Where Are Renters Moving?

Renters are on the move across the country again, and many are headed for new cities. While some markets are seeing a higher share of new renters entering than leaving, others are experiencing the opposite.

More than 3 million renters across the country are interested in leaving one region for another, according to Rent.com data. The Northeast and West have a higher share of renters looking to move out than in, while the Midwest and South are seeing an influx of renters.

North Dakota has the highest ratio of renters arriving to renters leaving out of the 50 states, at 38.7%. New Jersey is a close second with a 36.35% ratio of renters arriving to renters leaving, although the state’s gross inbound prospects are over seven and a half times higher than North Dakota’s.

Illinois leads the nation in out-migration, with a -46.41% ratio of renters arriving to renters leaving, followed by New York at -44.04% These numbers are driven by the state’s biggest metro centers, Chicago and New York City, which are among the top five for out-migration at the metro level.

So what does this mean for us? 

The south is experiencing an influx of renters, which means that the region will need to build more apartments in order to accommodate the growing population.