New census data reveals that Americans are moving at the slowest rate in history. Experts point to an unpredictable economy and an increasingly expensive housing market as leading factors in the trend. Less than 10 percent of Americans moved in the last year. While this may sound like a lot, about 1/5 of Americans in the 1950s moved each year. Times have changed a lot since then says Scott Safadi of Cal Bay Property Management. Workers flooded the cities for factory jobs and the suburbs were growing overnight. Now, rent in major US cities outpaces the average income of residents, putting serious strain on mobility. The aging population is also worth factoring into the equation. As Baby Boomers retire, they're not looking to relocate year after year. Instead, many are searching for long-term rentals and homeownership. This is good news for the rental property world since lease renewals mean there are fewer vacancies to fill. While the news that the moving rate has slowed may seem disastrous at first glance, it may indeed be a side effect of a changing populace. Time will tell whether this new trend is here to stay. -- Scott Safadi, Cal Bay Property Management
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AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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