Out-of-Town Rental Searches Surge, Pointing to Future Home-Sale Activity

Zillow’s latest analysis shows a pronounced increase in rental searches originating outside the metropolitan regions of several cities. Buffalo, New York; Chicago, Illinois; and Houston, Texas recorded the largest growth in out-of-town inquiries, followed by New Orleans, Louisiana, and Dallas, Texas. In markets that have already attracted newcomers—Salt Lake City, Utah; Raleigh, North Carolina; Hartford, Connecticut; and Nashville, Tennessee—out-of-town searches now outnumber local ones. The trend is viewed as a leading indicator of forthcoming home-sale demand.

CNBC

“Renting is often how people try out a new community before committing. When we see a market with a growing share of rental searches coming from outside the metro, that tips us off to a developing pipeline,” — Mischa Fisher, chief economist at Zillow, in a release

CNBC

The national median price of an existing home sold in July was $434,100, according to the National Association of Realtors. Buffalo, Chicago, and Houston all feature median home prices below this national figure, as reported by Realtor.com. Lower home prices in these locales appear to be drawing renters who may later transition to buyers.

CNBC

After several years of easing rents due to expanded supply, August rents rose month-over-month for the first time in four years, according to Apartment List, though they remain slightly below August 2025 levels. While most out-of-town rental searches stem from neighboring states, New York City renters are an exception, increasingly viewing listings in Sunbelt cities such as Raleigh and Florida’s Miami, Orlando, and Tampa.

CNBC

Analysts note that renting often serves as a trial period before committing to a purchase. The surge in out-of-town rental activity suggests a pipeline of potential homebuyers moving into markets with more affordable housing. As rental demand continues to climb, these regions may experience heightened home-sale activity in the coming months.

CNBC