STOCKS | Zillow Says Rising Rent Is Pushing More U.S. Renters to Cheaper Markets

According to Sina Finance, Zillow's latest report said rising U.S. rents are pushing more renters to move to lower-cost markets. Buffalo, Chicago, and Houston saw the biggest increases in cross-city searches on Zillow, followed by New Orleans and Dallas. Zillow said rental demand is usually a leading indicator for home sales. Zillow chief economist Mischa Fisher said people often rent in a new city before deciding to settle down and buy a home, and that a rising share of out-of-town searches can signal potential homebuyers are forming. He said the sharp year-over-year jump in cross-city views for Buffalo and Chicago suggests a wave of inbound migration may be coming. The article said the cities drawing the most renter attention generally have lower home prices. According to the National Association of Realtors, the median price of existing homes in the U.S. was $434,100 in July, while Realtor.com data showed the median home prices in Buffalo, Chicago, and Houston were all below the national level. Apartment List data showed apartment rents rose in August for the first time in four years on a month-over-month basis, although they were still slightly lower than in August 2025. Zillow also said most cross-city rental searches on its platform come from neighboring states, but New York City is an exception, with New York renters heavily searching for listings in Raleigh and in Miami, Orlando, and Tampa in Florida.