Apartment List Renter Migration Report: 2020 Q4

From Apartment List.com, December 6, 2020 (excerpt)

Who wouldn’t want to live in Hawaii for six months?

When we break down this data locally, we find that among renters looking to move to a new metro, Honolulu has seen the biggest increase in a preference for short-term leases.2 Since July, 26.8 percent of users searching in Honolulu from somewhere else in the country were looking for a short-term lease, up significantly from 14.9 percent at this time last year. In recent months, no other metro has had a higher share of out-of-towners looking for short-term leases. Furthermore, Honolulu has experienced the second biggest increase in the overall share of searches coming from other parts of the country. 42.2 percent of all users searching for apartments in Honolulu during the report period are currently living in a different metro, compared to 30.4 in the same months of 2019.

In other words, the pandemic seems to have spurred more interest in Honolulu from out-of-towners, but it seems that many of those renters are unsure if they will stay long-term. Among those looking for a short-term lease in Honolulu, the most common sources are Los Angeles, San Francisco, and San Jose. Los Angeles is the top source of all inbound searches to Honolulu, not just those looking for short-term leases, while San Francisco ranks number three.

Beyond Honolulu, the cities that have seen the biggest increases in the share of out-of-towners looking for short-term leases are primarily small to mid-sized cities, including a number of tourist destinations in scenic locations. Boulder, for example, attracts outdoors enthusiasts with its close proximity to Rocky Mountain National Park, while Charleston, SC and Savannah, GA are picturesque port cities known for their rich histories. Similarly, Portland, ME and the Western MA region encompassed by the Springfield metro are popular destinations for weekend trips from the Boston area.

As the pandemic continues to rage on, many companies whose employees can work remotely have signaled that they plan to keep offices closed until well into 2021. With the ability to work anywhere with an internet connection, it seems that some are taking advantage of this flexibility to temporarily relocate to areas that may offer more relaxation and recreation than where they currently live.

read … Apartment List Renter Migration Report: 2020 Q4

PBN: Honolulu is No. 1 place for short-term apartment searches

SA: People moving in, moving out