While many markets are experiencing the continued national decline in rents, another trend has emerged, with some metros seeing more out-of-market renters than in-market renters.
Realtor.com, in its October report, says over the past six years 20 of the 50 largest metros have transitioned from being dominated by local renters to being more driven by out-of-market demand.
As an example, the report compares New York City, which has the largest share of demand from local renters at 74.8%, to Raleigh, N.C., which is attracting the highest proportion of out-of-market renters at 69%…