New report suggests Bay Area exodus may only be temporary

This ranks the metro at #1 for the biggest increase in demand for short-term leases nationwide.

2f388 1200x0 New report suggests Bay Area exodus may only be temporary

A new report from Apartment List shows that many of the moves taking place during the pandemic may end up being temporary.

Apartment List

Los Angeles is the top destination for outbound searches from San Francisco for short-term leases, followed by San Jose and San Diego. Sacramento and Portland trail just behind, respectively. This is only a slight change from last year’s top outbound destinations among users looking to leave the S.F. metro for a short-term lease, with San Jose taking the top spot in 2019, followed by Los Angeles, Sacramento, Seattle and San Diego.

2f388 1200x0 New report suggests Bay Area exodus may only be temporary

A new report from Apartment List shows that many of the moves taking place during the pandemic may end up being temporary.

Apartment List

Overall, 30.7% of apartment hunters currently living in San Francisco are looking to move elsewhere, compared to 29.6% at the same time last year. With this very modest increase, the data suggests that the claim that there’s a mass exodus happening from the Bay Area for small markets is “likely a bit overblown,” said Chris Salviati, a housing economist at Apartment List.

Only 29.6% of those looking for a place to live in San Francisco are searching from outside the metro, compared to 37.9% last year. This supports the theory that the Bay Area’s population decline — and thus falling rents — is due to fewer people moving into the metro, rather than a huge increase in residents moving out of the city.

0999f 1200x0 New report suggests Bay Area exodus may only be temporary

A new report from Apartment List shows that many of the moves taking place during the pandemic may end up being temporary.

Apartment List

San Jose saw a similar increase in residents looking to move elsewhere, with the overall share of San Jose renters looking to move to a new metro area increasing from only 34.8% to 36.6%.

Article source: https://www.sfgate.com/realestate/article/New-report-Bay-Area-exodus-short-term-leases-15792121.php

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