Business & Finance
Out-of-town rental searches surge in Buffalo, Chicago, and Houston
CNBC reports that shifting rental interest toward more affordable cities could signal future home sales pipelines.
The short version
- Buffalo, Chicago, and Houston lead the nation in growth for out-of-town rental queries, according to Zillow.[CNBC]
- Zillow's chief economist notes that rising rental interest typically acts as an early indicator for upcoming home sales.[CNBC]
- National median existing home prices reached $434,100 in July, encouraging renters to look outside costly markets.[CNBC]
- Rents rose month-to-month in August for the first time in four years, while staying below August 2025 levels.[CNBC]
Key facts
- According to Zillow, Buffalo, Chicago, and Houston experienced the highest growth in rental searches originating from outside the area.[CNBC]
- Zillow chief economist Mischa Fisher stated that shifting rental demand typically serves as a leading indicator of future home purchases.[CNBC]
- Data from the National Association of Realtors showed the national median price for an existing home sold in July stood at $434,100.[CNBC]
- Apartment List reported month-to-month rent increases in August for the first time in four years, though levels remained slightly beneath August 2025.[CNBC]
- RentCafe ranked McKinney, Texas; Huntsville, Alabama; and Austin, Texas as the top three locations for renters based on living costs and income metrics.[CNBC]
What remains uncertain
- It remains uncertain whether out-of-town rental queries in cheaper markets will translate directly into long-term home purchases.[CNBC]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.