Study: More New Yorkers Want to Relocate

More and more New Yorkers are eager to relocate, often to suburbs or other cities. What is the reason? - said the publication Silive.

More and more companies allow their employees to work remotely. Therefore, it is not surprising that when searching for new housing, New York tenants in percentage terms will tend to move to another place, the source notes.

Apartment List recently released its updated tenant migration report. It analyzes the cities where people tend to move to live.

The study revealed the following with respect to tenants in New York:

• 32,3% of apartment hunters currently living in New York are looking to move to another place; at the same time, 24,2% of those who are looking for housing in the Big Apple consider it in the suburbs.
• Among tenants wishing to relocate from areas of New York close to the subway, the most popular destinations are Boston (9,2%), Miami (6,6%) or Los Angeles (5,9%).
• Tenants who wish to move from other places closer to New York are likely to seek housing in Philadelphia (6,7%), Washington (6,5%), or Bridgeport, Connecticut (4,9%).

“In terms of users looking to leave the NYC area, we found that of all our users currently living in the Big Apple, 32,7% are looking to move elsewhere,” said Chris Salviati , Housing Economist Apartment List.

According to him, New York remains an attractive destination for those looking for a new place to live. Its advantages include a large number of jobs in a wide range of industries. “For this reason, it attracts tenants from all over the country, but due to the high cost of living and rapidly changing lifestyles, many of those who start their careers in New York end up moving to other parts of the country,” added Salviati.

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Real estate professionals say the high cost of living in the Big Apple makes migration from New York understandable. “We talked about how the cost of living, coupled with technology that decentralizes everything from real estate to jobs, is driving significant migration from New York and the city as a whole,” said James Prendamano, CEO and associate broker. Casandra Properties Inc.

The 2020 Migration Report may sound overwhelming, but it shouldn't surprise anyone because it only confirms what we see on the ground, says Prendamano. “It is hardly a coincidence that the cost of living in promising areas is 18,27%, 26,53% and 24,04% less than in New York. The days when you had to sit at your desk in Midtown to do your job are long gone, ”he summed up.