Americans are staying put in these 5 cities—and flocking to these 5 others
New trends in how Americans are moving from city to city – or staying put – are developing in the post-pandemic real estate landscape. After the pandemic era’s explosion in working from home prompted people to flow out of cities in search of more square footage and a lower cost of living, things appear to be settling into new rhythms. A new report from Realtor.com sheds light on which cities are luring Americans with the promise of good jobs and affordable rent and where those needs are already being met. One spot of good news is that rent prices continue to trend down. Across the country’s 50 largest metro areas, the median rent asking price was down 1.5% in May compared to the year prior, marking nearly three years of declining rent prices. Last month, the national median asking price dipped to $1,686. “Combined with pricing trends, these data not only signal how competitive a rental market is, they show whether that rental demand is homegrown or coming from outside of the market,” Realtor.com Chief Economist Danielle Hale said. In its report, the real estate giant examined online rental searches to see how many people in major U.S. metros were shopping for a place to rent within their own city compared to browsing an out-of-town market. In cities with the lion’s share of searches originating locally, renters were looking to stay put, a sign that rent prices and the job market gave residents plenty of reasons to stick around. Las Vegas led the U.S. in the first quarter of the year for renters happy to find a place nearby. Out of the country’s top 50 metro areas, Las Vegas came in first with 70% of online rental searches originating locally. Austin, San Antonio, Houston, and San Diego trailed closely, a sign that conditions were broadly renter-friendly. Houston in particular saw an 11% boost in local renters searching for a new rental close by from 2020 to 2026. “These five markets stand out as renter-friendly destinations where softening rents, higher vacancy rate