In the last quarter of 2017, San Francisco had the largest number of residents move out of the city.. According to Redfin, San Francisco lost more than 15,000 residents, which was about 24% larger than New York, which had the second most residents leave. These residents are moving due to financial reasons (mainly the increasing cost of rent), political reasons, or really any other reasons that can cause someone to move. Regardless of their reason for leaving, they all need one very valuable resource…a box truck. The demand for box trucks has caused the price of renting a U-Haul box truck from San Francisco to Las Vegas, to be in the price realm of $2,000! The migration out of San Francisco is expected to rise; meaning, the cost of renting box trucks will do the same.
Not only does this price increase affect those moving out of the city, it greatly effects those moving within the city. Out Caring Transitions office rents U-Haul’s for our moves within cities and towns. This would have a significant effect on our cost as well as the price we would need to charge for our services. However, with every market change their will be adaptations #Capitalism. If this trend continues, you will see new box truck companies entering the market, as well as new service companies who may drive U-haul’s in from other states to assist with your move. Our Caring Transitions office operates out of North East Ohio, so we are not expecting to be effected by this price surge happening across the country in San Francisco. As long as U-Haul doesn’t decide to allocate their trucks from our market and move them to the very high demand market in San Francisco we shouldn’t feel the effect.
References:
https://www.redfin.com/blog/q2-2018-migration-report/