U-Haul one-way truck rental moves have decreased due to the recession. People are more likely to move locally due to limited employment opportunities in neighboring states.
The state of the economy has a trickle down effect on a lot of businesses, both in times of prosperity and in recession. And unfortunately this last recession has hit businesses hard. One area that has been especially hit hard is the housing market, due to the large number of foreclosures. With prices hitting bottom and people walking away from their homes in droves, it's no wonder that the housing market is in its present condition. And due to the lowering of house prices, fewer people are moving, especially across state lines. In fact, the number of people moving in general is at its lowest in a decade. That's because this recession has been countrywide, and to add fuel to the fire, there are no bright spots of employment opportunities either, regardless of location.
To back up the assertion that fewer people are moving across state lines, U-Haul Truck Rental Company has noted a difference in their clients' truck rental moving patterns. Usually, the number of one-way truck rental moves is either static or increasing. But with this last recession, that's no longer the case. Currently, the number of one-way truck rental moves, which usually refer to interstate moves, is down. That's due to the fact that employment opportunities in neighboring states are just not existent. For those people who are moving, they tend to move locally, which means that they return the truck rental to the same or nearby branch.
Here's some stats that back up the point that less people are moving across state lines.
Movement to the sun-belt states has come to a halt, as Nevada and Florida both lost populations. In fact, over the past two years, Florida has lost 50,000 residents.
The number of people moving from New York, New Jersey, Massachusetts and California has been sharply limited due to the economy.
The number of people moving to Arizona has sharply decreased.
U-Haul, however, predicts that the number of one-way truck rentals will again increase as the economic situation improves. Their chairman believes that the current drop in interstate movement is only a temporary situation, and that one-way truck rentals will again pickup.
