Here's another story in the @Zumper rent data
The "Brooklyn effect" in cities and states is very real during this market turbulence
Let's start with Brooklyn itself
-
Show this thread
-
For some time Brooklyn's % rent increases have outpaced Manhattan's, as people left Manhattan in search of a cheaper cost of living & better quality of life This continues to be borne out by our June data. YoY 1BR prices were:
Down 6.6% in Manhattan
Up 0.4% in Brooklyn2 replies 2 retweets 13 likesShow this thread -
Many people have also written about the Brooklyn Effect re the flight of people from SF to Oakland & Berkeley over the past couple of years In our June 1BR data OAK/BER got *more* expensive YoY while SF tanked:
Down 9.2% in SF
Up 4.9% in Oakland
Up 0.8% in Berkeley2 replies 8 retweets 42 likesShow this thread -
Many other neighboring, paired geos exhibit this same trend:
1.0% NYC (all boroughs)
15.7% Newark
6.5% Denver
8.8% Colorado Springs
1.0% Phoenix
7.7% Tuscon3 replies 3 retweets 10 likesShow this thread -
This data (we need some more months) could suggest that previously sought after states like CA and NY *aren't* about to empty because of Covid19, SIP, record unemployment and/or new remote work policies
1 reply 5 retweets 16 likesShow this thread -
The Brooklyn Effect may predict that a sizable migration will take place *within* states as people leave the central hub in search of a better quality of life relatively nearby Despite what you've read on Twitter, we're not all moving to Montana (yet)
3 replies 6 retweets 44 likesShow this thread -
Curious for
reads from people who have tracked this for years @kimmaicutler@scottbudman@HansenLouis@DianaOlick@News_Denise@CurbedNY@CurbedSF1 reply 0 retweets 11 likesShow this thread -
Again, full data if anyone wants to dig in here furtherhttps://www.zumper.com/blog/rental-price-data/ …
2 replies 0 retweets 14 likesShow this thread
I think we need another month of data but yes there are more backyards in the East Bay and still sufficient proximity to the business core of the region should things open up again.
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.