SAN FRANCISCO—On March 31, real estate company CBRE (Coldwell Banker Richard Ellis) Group released a report on migration patterns during the coronavirus pandemic that showed San Francisco residents moving to Texas and Florida at a high rate.
In an April 6 tweet, CBRE said “resident migration patterns are shifting as a result of COVID-19” and said “this report sheds light on where people are choosing to live and the implications for commercial real estate strategies.”
The report, “COVID-19 Impact on Resident Migration Patterns,” reveals that SF residents are moving out-of-state to Texas and Florida as well as within California, particularly Sacramento.
San Francisco residents relocating to Texas “increased by 32.1%” and Florida “by 46.2%,” Business Insider reported.
Using data from the USPS (United States Postal Service), CBRE Group, based in Dallas, Texas, said in its report that Sacramento “saw the most improvement in net-moves” in 2020, most of whom came from San Francisco, which “increased by 70%.”
Compared to other metro areas, SF residents relocated the most. CBRE said San Francisco lost 18.3 residents per 1,000 in the year 2020, which is double what the city lost in 2019 (9.3 residents per 1,000).
In addition, CBRE said there were “29 million address changes in 2020” and said the most affected zip codes saw “the number of move-outs increase by less than 5% of their total population.”
The company’s report also concluded that “most of the moves in the pandemic were short-to-moderate distance, often to nearby counties” and the “biggest cohort of this urban outflow is affluent young adults who are well-educated, childless, and can work remotely.”
CBRE believes that “the outflow from urban areas likely will subside as normal life resumes and lower rents lure back some” who relocated.
This report comes nearly four months after Public Comment revealed that USPS received “124,131 change of address requests originating in San Francisco zip codes between March and November” with most requests “directed to new addresses outside the City.”
Among some of the cities residents relocated includes Palm Beach County and Seminole County, both in the state of Florida.
In its April 2021 “National Rent Report,” Zumper lists San Francisco as the most expensive city in America to rent, with 1-bedroom median rent costing $2,650 and a 2-bedroom costing $3,500. Following SF at #2 is New York City, then San Jose, California at #3, and Boston, Massachusetts at #4.
Founded in 1906, CPRE is “the world’s largest commercial real estate services and investment firm (based on 2019 revenue)” and has “more than 530 offices (excluding affiliates) worldwide” with “more than 100,000 employees,” according to its LinkedIn profile.