Yet, people are in fact moving. Data from moving companies indicate a significant uptick in moving activity and a material shift in where people are moving to. In an analysis of their user data, online mover marketplace HireAHelper found that the pandemic has driven an abnormally high percentage of emigration out of major urban centers like San Francisco, New York, Los Angeles and the Greater Washington D.C. Area and to small and medium-sized cities (SMCs) like Scottsdale, Durham and Columbus. Similarly, FlatRate Moving company in New York City told The New York Times that the number of moves it conducted between March and August for people moving out of the city entirely was up 50 percent year over year.
#massexodus #housingcrash #mikemartins
Admittedly, many of these moves may not be permanent. There are a number of data points that suggest people did relocate at the onset of the pandemic, but only temporarily. Such temporary moves might explain why Scottsdale, for example, ranked so high in HireAHelper’s list of destinations. Regardless, some of the moves are likely to be permanent as evidenced by the number of renters giving up their apartment leases. Zillow data indicates that the national rental market has been disproportionately impacted in major urban centers, implying that renters are swapping one lease for another somewhere else. Such is the case in San Francisco and New York City, where rental inventory is up 96 percent and 26 percent year over year respectively.
#housingbubble #housingcrash #mikemartins
Please watch: “Mike in The Night ! – The Great Reset – #mikeinthenight #talkshow #Thegreatreset”