Where are the Moving Trucks Going?
Noticed the moving trucks we see in your neighborhood? Working from home is allowing some people to move away from employment centers; Zumper is reporting a 14% rental rate decrease from last August, as evidence. However, most of the moving may be within the region and even within the same cities. ApartmentList found that the percentage of renters who are currently living in the San Francisco metro and looking to move elsewhere has remained largely stable, increasing only very slightly from 31.6%t at this time last year to the current rate of 32.1%.
What is atypical is that places like San Francisco are not seeing the usually high number of people moving in. And it seems renters may be moving more than homeowners, as demand for homes is actually quite high regionally. Bay Area median home price has actually remained stable through August, although there is a lot of variation between cities and neighborhoods. There is also anecdotal evidence that many renters are opting to buy homes now while interest rates are super low.