Zillow: Providence one of top places renters seeking to leave

PROVIDENCE is among the top 10 markets where renters are moving out, according to Zillow.
PROVIDENCE is among the top 10 markets where renters are moving out, according to Zillow.

PROVIDENCE – Providence is among the top 10 markets where renters want to move out, according to data released Thursday by Zillow, a real estate and rental marketplace.
Providence ranked ninth in Zillow’s list of markets with the largest percentage of renters seeking to move out at 23.2 percent. San Jose, Calif., topped the list at 37.5 percent, followed by New Orleans at 29.3 percent and Hartford, Conn., at 29 percent.
Monthly rent in the Providence area was estimated at $1,587, a 2.5 percent increase over the year, versus $3,509 in San Jose, Calif., where rent costs climbed 3.4 percent during the same time period.
No New England cities were on the other end of the list – markets with the largest percentage of renters seeking to move in. First on that ranking was Nashville, Tenn., at 42.2 percent, followed by Raleigh, N.C., 38.1 percent; and San Jose, Calif., at 34 percent. San Jose has almost an equal number of renters seeking to both leave and move into the city.
Zillow used data from Renter Profiles filled out by renters as they prepared to move to determine which cities are attracting outsiders.
“Affordable cities like Nashville, Raleigh and Austin, which have strong economies and vibrant cultures are most attractive to renters from other parts of the country, while tech markets like San Francisco and San Jose have a high-churn rate with people frequently looking to move in and out,” Zillow said.
It also said that markets attracting people from elsewhere in the country will experience rising rents, while markets that have a higher percentage of renters looking to leave show slower rent growth.
“An influx of people moving to new cities is among the drivers affecting demand and therefore affordability in many of today’s housing markets,” Zillow Chief Economist Dr. Svenja Gudell said in a statement.

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