Apartments.com’s report, published last week, analyzed renter migration trends to determine which states are experiencing the highest and lowest net migration numbers. Unsurprisingly, the Sun Belt region of the U.S. dominated among renters on the move — with Texas, Florida and North Carolina topping the list of states with net gains — largely due to lower rental rates, ample apartment supply, and substantial job growth.
In Texas alone, that net migration translated into 72,680 new renters, according to the analysis.
“People are moving to the Sun Belt for a simple reason: it offers a rare mix of affordability, lifestyle, and opportunity,” the report read. “The region’s popularity has fueled a massive supply wave of apartment communities. This surplus has kept rent prices low, rent concessions high, and availability strong, attracting renters from across the country.”
Specifically, Apartments.com’s findings praised major urban communities like Houston and Atlanta for their ability to offer “relatively affordable pricing with high availability.”
This appetite for Texas living is a stark contrast compared to domestic renter mobility trends, which have dropped from 26.7% in 2014 to 21.6%, according to current U.S. Census Bureau data. The reason? Many renters are nesting in place rather than moving due to higher costs. The bulk of renters who do take the plunge and plan a domestic move do so in search of affordability, job access and lifestyle changes.
So, which Sun Belt cities are the biggest standouts? Texas claimed three of the top six players, with Houston clinching the No. 1 spot courtesy of an average rent price of $1,185 per month and a vacancy rate of 12.7%. Dallas followed up in the No. 2 spot with an average rent of $1,402 a month and a 12.4% vacancy rate, while Austin claimed the No. 6 spot for its average rent of $1,387 and a 13.6% vacancy rate. Other cities praised included Atlanta (No. 3), Miami (No. 4) and San Diego (No. 5).