Analysis: Orlando, Palm Bay are hotspots for migrating renters

by | Apr 14, 2022

 

With record-setting rent prices spiking nationwide, Central Florida continues to be a hotspot for those on the move, according to a new study.

StorageCafe, a nationwide storage space marketplace, analyzed 3.4 million rental applications from 2021, pinpointing the areas people are migrating to. A pair of Texas cities located in the Dallas-Fort Worth Metroplex — Irving and Lewisville — topped the list in luring renters in 2021. Cities in Central Florida also appealed to those on the move, with Orlando landing at No. 3 and Palm Bay taking the No. 5 spot on the list.

In total, analysts found that more than 10% of the people who moved out of state ended up in Texas, with Florida attracting 8.6% of the migrators.

“Florida reached out to renters last year with its Opportunities for Utilities and Rental Assistance program, and of course its climate — in StorageCafe’s recent study of ideal snowbird destinations, six out of the top 10 were in the Sunshine State. Overall, almost 40% more renters arrived in Florida as left it last year, with Orlando shining brightest among their preferred cities,” the report noted.

Diving deeper, Orlando featured the most outbound migration as a percentage of population among the 257 cities analyzed, but also recorded one and a half times more renters coming in than moving out. Notably, cities like Miami and Jacksonville provided substantial numbers of Orlando incomers.

StorageCafe added that the high fluidity may well be due to the changing employment prospects and the strong entertainment and technology sectors.

Additionally, millennials were the renters most likely to move across the nation, with the demographic 2.6 times more likely to relocate than Generation X, and 4.6 times more likely than baby boomers.

To few the full analysis and key findings, click here.

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