From less competition to increases in rents, there are countless reasons this could be your year to make a move.
What a difference a year makes. In 2022, the market was all over the place, driving many potential suburbanites to pump the brakes and hang tight in their city apartments — at least for a little while. But now we’re a year older, wiser, and slightly less competitive, and that’s signaling to many that 2023 could be the year to make a move. Here’s what we’re seeing and hearing from coast to coast, and what you need to consider if you’re ready to start searching suburbia.
Rents are Skyrocketing
At the start of the pandemic, as newly remote workers fled cities and left apartments vacant, landlords around the country started slashing rents and offering incentives to fill up empty units. But as life roared back to normal, so have rents. From 2021 to 2022, the average year-over-year rent increase was 14.07% but some of the hottest markets—we’re looking at you Florida, New Jersey and New York, — saw increases over 20%.
“Many Clients are reaching out to us now that landlords are increasing the rents in the city and they want to explore the suburbs for a better value and lifestyle. We currently work with thousands of families leaving NYC and Brooklyn – helping them understand the nuances of life in different towns, the pros and cons of city life vs. suburban life – and more importantly helping them grasp the true intangibles of each of the over 500 towns we cover. We believe it is vital to understand the behind-the-scenes stuff in each town in order to truly make an educated decision – both from a financial and personal perspective! ” – Patti Natiss, NYC Strategist
East to West, Home is Best
It’s not just renting vs. home ownership that people are questioning. Where to live has also become a burning question as the shift to remote work opened up the possibility to work from anywhere. When given the choice to work and live wherever they choose, some people seized the opportunity to move to a new suburb, a new state, or maybe even a new country. But as life returns to normal, our Strategists are finding many of these people want to move back “home.”
Suburban Jungle Strategist Alli Levine recently helped Kate Worthey and her husband, David Lurie, find their way back home. At the start of the pandemic, Kate and David gave up their Brooklyn apartment, hopped in a car, and spent the next 18 months exploring the country from coast to coast. And although they found many communities they enjoyed, something was still missing—and they realized that something was back in New York. Working with Suburban Jungle, the couple started exploring Hudson Valley villages and found their home in Hyde Park, NY.
“Many people who left the city and moved around during the pandemic and are now ready to find their perfect new town to call home. Kate and David had an amazing experience traveling and exploring the country. Now they found the perfect community that felt like the right fit for their lifestyle… where they can live and thrive.” – Alli Levine, NYC Strategist
Cost of Living is Driving Relocations
It’s not just the pandemic that’s driving trends in moving. Rising inflation has changed the landscape, drawing people to move to locations where they can find more value. For some that means moving from an urban location to the suburbs, while others are picking up and moving to completely different cities with a lower cost of living, such as Atlanta.
“I have definitely seen an uptick in the number of clients moving to Atlanta looking to get a little more for their money. And in addition to a lower cost of living, the suburbs of Atlanta offer so much – amazing restaurants, an enthusiastic sports scene, and more.” – Kelly Lehman, Atlanta Strategist
Location Matters Most
The old saw, “What matters most in real estate? Location, location, location,” has never been more true. With the pandemic in the rear view mirror, people are reprioritizing what matters most when looking for a new home and new hometown. The at-home gyms, spacious square footage, and home office space that once topped the priority list may no longer be as important. What matters most to home seekers now is location: people want to find a home in a town that matches their lifestyles. And this is where Suburban Jungle is uniquely positioned to help.
“At Suburban Jungle, we put the focus on finding your hometown first. Our Strategists work with clients to take the guesswork out of finding the right hometown. We start by digging into exactly what people want in their community, then creating a list of towns that match their priorities. From there, we organize town tours so clients can fully experience the towns they’re considering. It’s a carefully honed process that works: we’ve helped thousands of people make a move and love where they live.” – Tim Ossmo, CEO Suburban Jungle
Ready to make a move? Let us help! Get in touch today and we’ll help you discover the town that is a perfect fit.