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The pandemic and related lockdowns sparked a mass exodus from densely populated cities, as millions of Americans moved throughout the crisis, with many fleeing metropolitan areas. The vaccine-led reopening is far along enough now that some of these trends are reversing course.
The moves could be linked to financial services giants encouraging employees to return to offices, Jefferies said. The messaging sparked"a scramble for apartments" as those who left at the start of the pandemic flocked back to New York.Boston has similarly seen move-ins accelerate into the summer, the note said, while that city's population is lower than during the period just before the pandemic.Northern California, on the other hand, is struggling to rebound.
Every market that enjoyed net in-migration in the second quarter was either in Texas or the Southeast, Jefferies said. Four of the top five fastest-growing cities were in the major Florida hubs of Orlando, Miami, Jacksonville, and Tampa, the firm added.USPS data also suggests the city-to-suburbs exodus wasn't nearly as large as early narratives suggested.
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