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There’s been a lot of buzz around what is now commonly known as the “Great Resignation”. Whether these factors are from caregiving roles, ongoing COVID outbreaks, regional shutdowns or restrictions, or from the impacts of a stress-wearied and bold new society seeking to re-define their lifestyles, one thing is clear: it’s happening at a significant rate.
As real estate investors, these trends must be monitored as employment rates and housing demand are two factors that generally go hand-in-hand. Not only do real estate investors need to be reasonably assured tenants are employed and able to make their rent payments in full and on time, but the trends are important indicators of which markets are recovering strongly and likely to thrive more, over other markets that are experiencing significant economic, and therefore housing, demand shifts.
So, which states are thriving and moving forward, and which are struggling? Let’s take a look:
The 5 States with the Lowest Quit Rates:
5. North Dakota
Quit Level (Oct. 2021): 13,000
Percentage of Renters Statewide: 38.67%
Average Rent: $804
4. South Dakota
Quit Level (Oct. 2021): 13,000
Percentage of Renters Statewide: 32.18%
Average Rent: $769
3. Alaska
Quit Level (Oct. 2021): 10,000
Percentage of Renters Statewide: 35.26%
Average Rent: $1,201
2. Vermont
Quit Level (Oct. 2021): 10,000
Percentage of Renters Statewide: 29.12%
Average Rent: $980
1. Wyoming
Quit Level (Oct. 2021): 9,000
Percentage of Renters Statewide: 28.12%
Average Rent: $822
The 5 States with the Highest Quit Rates:
5. North Carolina
Quit Level (Oct. 2021): 157,000
Percentage of Renters Statewide: 34.69%
Average Rent: $931
4. New York
Quit Level (Oct. 2021): 173,000
Percentage of Renters Statewide: 46.48%
Average Rent: $1,309
3. Florida
Quit Level (Oct. 2021): 260,000
Percentage of Renters Statewide: 33.75%
Average Rent: $1,238
2. California
Quit Level (Oct. 2021): 396,000
Percentage of Renters Statewide: 45.14%
Average Rent: $1,614
1. Texas
Quit Level (Oct. 2021): 455,000
Percentage of Renters Statewide: 38.12%
Average Rent: $1,091
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About the Author
Ellie is the founder of Blue Lake Capital, a commercial real estate investment firm specialized in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.
A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.
Ellie is the host of REady2Scale , a podcast that highlights honest, insightful, and thought-provoking discussions on the multiple approaches for successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
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