The pandemic significantly shifted migration trends, particularly in urban areas like New York City and San Francisco. Initially, a mass exodus from Manhattan occurred, correlating with high apartment vacancies and falling rents. However, as lockdowns ended and city life resumed, many residents returned, and rental prices surged again. Conversely, Long Island, which saw an influx during the pandemic, has recently turned to an outflow. Similar trends emerged in San Francisco, where tech workers also experienced a return post-lockdowns. The dynamics now reflect complex evaluations of community needs.
It's not just about suburbs anymore. People are reevaluating what they want out of the community, and that's why we're seeing migration to certain places.
Net migration in Manhattan fell by a shocking 252% year over year in 2021, according to U.S. Census Bureau data.
Apartment vacancy rates went from historic highs to historic lows in a flash, and rents in the city are now substantially higher compared to the start of 2020.
A similar but more muted dynamic happened in San Francisco. Wealthy tech workers left after the onset of the pandemic as more companies allowed remote work.
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