- The Covid Migration Surge Has Ended: People are generally moving less than they did during 2020-2021.
If people do move, a larger percentage are staying in the same Metro area:
2. High-growth markets have become increasingly expensive to buy and rent homes, forcing many potential home buyers to relocate to a nearby, smaller market with more affordable homes.
3. Some regions are experiencing strong positive migration and housing demand while others are experiencing the opposite:
- Expect out-of-town buyers and renters to impact home prices and rents less in most metros.
- In more affordable metros near major, higher-priced metros, expect stronger migration and housing demand.
- Expect builders to buy and option more land for future development in smaller, more affordable metros near major, higher-priced metros (e.g., Lakeland, FL, Killeen, TX, and Greeley, CO).
Source: John Burns Consulting
Multifamily Market News 