Half of all renters are spending over 30% of their monthly income on rent. The red areas below denote regions where renters are spending above 50% of their monthly income on rent.

Source: Econbrowser

The multifamily industry has a high rate of employee turnover at 37.2%, according to another NAA report — nearly double the average for other industries in the U.S. Among other issues like overwork and lack of response to issues, salary is one of the most common points of dissatisfaction for on-site personnel in particular, according to an analysis of employee surveys. 

On-site technicians have an annual turnover rate of 39.2%, the highest rate out of any multifamily position. Not only is maintenance a difficult and physically demanding job, but many professionals do not feel their pay is equivalent to their skill and experience. 

Source: Multifamily Dive & The RCLCO Compensation Survey

Myrtle Beach, SC and Charleston, SC are the fastest growing employment markets in the country.

Source: RealPage

The overall sales volume during Q1 of 2024 was down 25% from Q1 of 2023, while the number of properties trading hands was down 26% during the same period.

The average price per unit, while above pre-pandemic levels, has also continued to fall, registering at $190,184 in 1st quarter, down 6.5% year-over-year and the lowest level in three years.

Cap rates for apartment transactions in 2024’s 1st quarter were up 50 basis points (bps) year-over-year, averaging 5.7%. That was the highest cap rate in nearly eight years.

Source: RealPage

Cities With the Highest Number of Move-Ins

Last year, Florida claimed half of the top 10 spots on our list. This year, that stat goes to a rising dynamic duo: North and South Carolina. We see Greenville-Spartanburg, SC, climbing six spots to come in 4th on our list, while North Carolina’s Charlotte, Raleigh, and Asheville made equally notable gains into the top 10 after ranking below 15th in 2023. 

Even more impressive? The Myrtle Beach, SC/Wilmington, NC, area holds onto its crown as the number one most moved-to city for the second year in a row — a PODS moving trends first! 

Why the love toward the Carolinas? Aside from offering residents a low cost of living, access to the outdoors, and a solid quality of life, it’s possible the rise in popularity of these two states is part of a larger moving trend we’re seeing centered around the Southern Appalachian region. States within this region — Georgia, Tennessee, North Carolina, Alabama, and South Carolina — are home to the overwhelming majority of this year’s most moved-to locations and are among some of the fastest-growing cities in the U.S. We’ll take a deeper look into this trend later.

What Is the Best State To Live in 2024?

The best state to live in will depend on personal preferences and budget, of course. While we can’t speak for everyone, our latest PODS data suggests that many people have the Carolinas at the top of their lists as the best state to live in. And we can’t blame them; the low cost of living, good quality of life, access to nature, thriving food scene, and vibrant metro areas are easy to fall in love with. 

Where Are Companies Moving to in 2024?

Companies are flocking to southern sunbelt states like Texas, Georgia, Arizona, North Carolina, and Tennessee, according to global data center Iron Mountain. These cities offer lower operational costs, tax incentives, and better value for employees. 

Cities With the Highest Number of Move-Ins Ranked

The Carolinas Are Seeing Notable New Resident Numbers

Last year, we noted the Carolinas were worth watching, and this year, they’ve not only taken the trophy as the number one spot for new moves but also broken a record. As mentioned above, the Myrtle Beach, SC/Wilmington, NC, area is officially the first spot to top our most moved-to list for two years in a row. 

North Carolina flexed its growth with three cities in the top 10: Charlotte, Raleigh, and Asheville, while Greensboro, NC, finished off our list in 20th. 

It appears movers are getting wind of the many perks of living in the Carolinas, making them two of the most moved-to states in 2024, according to our customer data. Both states offer beautiful beaches, forestlands, mountains, and vibrant metro cities. The cost of living comes in just below the national average and the quality of life is good. Four-season weather, southern charm, history, and dynamic arts, culture, food, and wine scenes are big draws, too. Residents can also look forward to a growing economy (particularly in North Carolina) and lower tax rates than many other U.S. states. 

The median age in popular cities like Charlotte and Raleigh hovers in the mid-30s, while Asheville tends to draw a slightly older demographic with a median age of 40. All three cities have a welcoming vibe, good job market, and creative flair, and they offer an affordable, above-average quality of life.

Cities With the Highest Number of Move-Outs Ranked

Source: PODS

Here are the top three followed by all the cities in North and South Carolina that made the list:

1. Naples, FL 
2. Boise, ID 
3. Colorado Springs, CO 

Source: US News & World Report

After tracking together the last 20 years, the rent growth for single-family attached homes has turned down sharply (now negative), while single-family detached homes continue to see rents growing at 3.4% annually.

Source: CoreLogic

Cap rates and the 10-year treasury do not always move in lockstep. In 2006, cap rates and the 10-year converged just above 5% (almost exactly where cap rates are today).

Over the next 4 years, cap rates rose to almost 7% while the 10-year treasury moved below 3%.

Cap rates reflect sentiment toward real estate. In 2009, rents and multifamily property prices were falling as many tenants lost their jobs and were unable to pay. Buyers required a higher return to take on what they perceived as higher risk.

Source: Avison Young

In 2023, 93,000 new single-family homes for rent were completed. That was 39% more rental homes than in 2022, and the most in any year ever. The breakneck pace is poised to continue this year before easing by 2025.

In March of this year, the average monthly mortgage payment had ballooned to 38% more than the average monthly apartment rent. Rents for new houses often fall somewhere in between.

Source: Wall Street Journal