We analyzed 6 million renters across 4 CBSAs to see if COVID had induced any changes to mobility, net migration, and home-ownership trends.
|CBSA||Renters Tracked (2020)||2015 Population||2015 Annual Net Migration (All)|
|San Diego, CA||1,211,037||3,265,700||19,212|
We broke the tracked renters, into 2 cohorts of movers, people moving before COVID and during COVID.
(a) 01 Nov’19 – 01 Mar’20 (Pre-COVID), figures in RED
(b) 01 Mar’20 – 01 Sept’20 (Post-COVID), figures in GREEN
Since the US national emergency was declared on 03/13, this cut-off date is a decent proxy for observing changes in behavior, employment and migration patterns.
The below is for analysis purposes and aims to find trends in renter behavior due to the pandemic.
Check 1: People did move Post-COVID, despite lockdown
Check 2: More renters are buying homes than Pre-COVID
Check 3: In need for space, Apartment renters are not moving to Single Family Homes post-COVID
Check 4: Incomes have dropped for renters
Check 5: Renters are moving to suburbs Post-COVID
Top-5 Zips to Move to: Pre-COVID red, Post green
|19143||Kingsessing||08110||Delair, NJ (suburb)|
|19130||Fairmount District||08009||Berlin, NJ (suburb)|
|19103||Center City||08105||Camden, NJ (suburb)|
|19146||Point Breeze||19525||Gilbertsville, PA (suburb)|
|19139||Haddington||08102||Pyne Point, NJ (suburb)|
|60636||W. Englewood||60585||Plainfield, IL (suburb)|
|60614||Depaul||60554||Sugar Grove (suburb)|
San Diego, CA
|92109||Pacific Beach||91931||Guatay, CA (suburb)|
|92104||North Park||92170||Horton Plaza|
|92101||Little Italy||91905||Boulevard, CA (suburb)|
|92107||Point Loma Heights||92175||College East|
|92126||Mira Mesa (suburb)||92051||Townsite|
Data can help you understand patterns, and win in tough markets. For learning how Beekin can help you buy, manage assets better, write to email@example.com.
TLDR: Renters are moving to suburbs, based on 6 million renters’ moves tracked over 12 months. Some wealthy renters are buying homes more aggressively.