Nearly 80,000 people left New York City just last year, according to the latest Census Bureau data. 

The motivation for many is that big-city rents are increasing and people are looking for a more affordable lifestyle. 

“Good luck to anyone trying to move find an apartment. It’s not easy,” said New York City resident, Sophie Aldoh. 

RISING RENT PRICES PUSH RECORD NUMBER OF AMERICANS TOWARD HOUSING CRISIS, PROMPTING LEGISLATIVE ACTION

Realtors in New York City are seeing prices for apartment rentals jumping double digits.

“Prices are definitely up. In the last two years, I would say they went up a good 30 to 35%,” said Alpha Properites head Licensed Real estate Broker, Sunny Zachi. 

That’s the exact reason Olivia Mitros decided to leave New York City and start a new life in Georgia.  

“I just realized, you know, there are a lot of other really large U.S. cities that I could live in, that I can have so much more just for the money I make,” said Mitros. 

RENT PRICES IMPACTED BY ‘APARTMENT-BUILDING BOOM,’ REDFIN CHIEF ECONOMIST SAYS

Average on-bedroom apartment rate

The average price of a one-bedroom apartment in the United States is $1,208. That’s up $24 a month from 2022. 

Zachi partially blames the pandemic for the uptick in rent prices across the country. 

During that time, less and less developers built new apartment buildings. We are seeing that effect now. So there was about a quarter of what should have been built that was built in 2023,” said Zachi.

Other states seeing people bolt are California, Illinois, and Pennsylvania. The states seeing an increase of people moving in are Arizona, Texas, and Florida. 

MILLENNIALS LAMENT BEING UNABLE TO AFFORD HOMES, PAY RENT: ‘THIS IS INSANE’’

Map of states gaining and losing people

“I graduated college two years ago, now a lot of my friends are choosing not to stay just because it’s so expensive,” said New York resident, Olivia Nini. 

Some renters realize they can get more bang for their buck in other cities. 

 “I lived in a fifth-floor walkup in New York. No washer and dryer, no dishwasher. Here in Atlanta, I have a two-bedroom and a washer and dryer. I live in a luxury building and I pay less,” said Mitros. 

If you are looking to move, now is the best time to apartment hunt. Zachi says prices jump once the summer hits.

Read the full article here

Subscribe to our newsletter to get the latest updates directly to your inbox

Please enable JavaScript in your browser to complete this form.
Multiple Choice
Share.
2024 © Budget Busters Hub. All Rights Reserved.