Moving Here, Moving There

New report shows where Dallasites want to move, and who wants to come here

Chicagoans and New Yorkers are eyeing Dallas.

Photo courtesy of Greystar Properties

The economy is unstable, jobs are up in the air, and the global population waits to see when the COVID-19 pandemic will slow down. But some people are still thinking about moving, and according to Apartment List, they're seriously considering Texas.

The website's quarterly Renter Migration Report is out, using searches made on its platform between January 1 and April 15, 2020, to map where renters are looking to make their next move.

While current Chicago residents and New Yorkers are typing "Dallas" into their search bars, accounting for 3.6 percent and 3 percent of data exploring Big D, respectively, it's San Antonians who are truly interested. A whopping 23.1 percent of current Alamo City residents made exploratory apartment searches in Dallas this past quarter. Overall, 32.8 percent of those looking for a place to live in Dallas are searching from outside the metro.

Meanwhile, 8.7 percent of apartment hunters currently living in Dallas are looking to move elsewhere. They searched for Houston (4.9 percent), San Antonio (4.8 percent), and Los Angeles (4.5 percent).

Austin is the most popular Texas city in the report, with the region increasingly being seen as an alternative to the expensive coastal metros where tech jobs have historically clustered. A staggering 70.9 percent of searches for apartments in Austin come from outside the metro, Apartment List reports, the highest share among the nation's 50 largest metros.

Aside from the 25 percent searching from San Antonio, the 4.6 percent from Dallas, and the 4.5 percent from Houston, 4.2 percent of renters searching for apartments in Austin currently live in the New York City metro. Furthermore, 2.5 percent of inbound searches to Austin are coming from Los Angeles and an additional 2.5 percent are coming from the San Francisco Bay Area.

For as many people who want to enter Austin from San Antonio, there's nearly the same amount that would be doing the opposite. Austin renters searched for San Antonio (16.8 percent), Dallas (7.9 percent), and College Station (6.4 percent).

Chicago (3.3 percent), New York (3.4 percent), and San Antonio (22.8 percent) are also eyeing Houston, while H-Town residents are looking to keep it close in Dallas (8.9 percent), San Antonio (6.8 percent), and Austin (6.6 percent).

And though we've heard about it several times, where does San Antonio fall in all this? Turns out renters who currently live there are thinking about moving to Dallas (17.7 percent), followed by Houston (12.4 percent) and Austin (8.4 percent). Residents of McAllen (5 percent), Dallas (3.9 percent), and Houston (3.5 percent) are considering making San Antonio home.

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REAL ESTATE NEWS

More Dallas homeowners are becoming 'accidental landlords,' study finds

For Lease Real Estate Sign Hangs in Front Yard of House

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An increasing number of Houston homeowners are bcoming "accidental landlords"

Dallas homeowners unable to sell their properties are increasingly becoming “accidental landlords,” according to Zillow. The real estate marketplace’s newest analysis says that 3.4 percent of its local for-sale listings recently converted to rentals, making Dallas the eighth-worst U.S. city for the market trend.

In Texas, three cities rank higher than Dallas: Austin (4.1 percent), Houston (4.2 percent), and San Antonio (3.9 percent). Seven of the top 10 metros are in Texas or Florida. Denver (4.9 percent) ranks as the No. 1 city for the trend.

Zillow senior economist Kara Ng says today's dynamic is driven by choice rather than panic. Homeowners aren't being forced to sell; they're simply unwilling to accept what the market will actually pay.

"As the market continues to rebalance, sellers are facing a different reality than they did a few years ago," Ng said in a statement. "Bargaining power is tilting toward buyers, and homes are taking longer to sell, making renting out a property one way to buy time rather than compete aggressively on price. After all, today's sellers are rarely forced to sell, and it appears they are often unwilling to budge off of what their heart says their home is worth."

Nationally, the trend is nearing a record high. 2.3 percent of all Zillow rental listings were recently for-sale properties, second only to November 2022, when mortgage rates had doubled in a single year, and sellers were scrambling. That spike was shock-driven, but now stubbornness is likely fueling the shift.

Single-family homes make up the largest share of accidental landlord properties, but condos are seeing the fastest rise. Metros with the hottest buyer competition, including Boston, New York City, and Providence, Rhode Island, have the lowest accidental landlord rates.

For both local buyers and sellers, Goldilocks thinking is increasingly the norm. Sellers, especially those who bought during the COVID-19 boom, are holding their asking price firm to avoid taking a loss. Buyers, for their part, are refusing to compromise on concessions and repairs.

The 10 U.S. Metros with the highest share of accidental landlords are:

1. Denver: 4.9%
2. Houston: 4.2%
3. Austin: 4.1%
4. San Antonio: 3.9%
5. Portland: 3.7%
6. Tampa: 3.7%
7. Miami: 3.5%
8. Dallas: 3.4%
9. Jacksonville: 3.3%
10. Nashville: 3.2%

home market renting home ownership zillow rankings real estate