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