The new economy is taking hold and Kansas City natives struggle to compete with new residents who have deeper pockets.
FIRST ON TKC . . .
New data: out-of-town movers are outbidding local renters in Kansas City
After we sheltered-in-place throughout much of 2020, residential migration came roaring back in 2021. Our newest Quarterly Migration Report finds that not only are more people moving, but movers today have higher incomes and higher budgets than ever before. This is putting added pressure on already-competitive markets and contributing to rising rent prices across the country.
Some highlights from the report:
- In 2021 Q2, the most common destinations for people searching to leave Kansas City were Lawrence, KS, Dallas, TX, and Denver, CO. On the flip side, people looking to move into Kansas City were most likely searching from Lawrence, KS, St. Louis, MO, or Topeka, KS.
- In total, 21% of searches into Kansas City are coming from out-of-town apartment seekers. This migration flow is putting pressure on local rent prices because these movers have budgets that are 13% higher than the existing residents who are also searching for a new apartment.
- On average, Kansas City residents looking for a new home have a monthly budget of $1,001, while renters searching from a different metro have a budget of $1,130.
Explore the interactive charts in this new Quarterly Migration Report. They contain national data as well as data for dozens of metros across the country. We expect these migration trends will continue to drive prices up in the coming months.
Developing . . .