While there was much attention paid to people fleeing large cities last year, a recent report from Newmark shows that many just relocated to nearby suburbs.
Overall, the US Postal Service processed just 0.3% more change of address (COA) requests from 2019. In 2019, 5.2% of all COAs were out-of-state moves. In 2020, that number jumped to 5.9%. That translates to 237,000 more COA requests.
Markets on the West Coast illustrate this story of suburban migration. In San Francisco county, there were nearly 56,000 more COA requests by people leaving the county than arriving. After tabulating census numbers, Newmark says this decline is roughly 6.3% of the population.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
