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U-Haul truck rentals are typically advertised at an affordable sticker price, comfortably in the triple-digit range. But a trend in Northern California is pushing the sticker price up to $2,000 and causing mistrust among Californians.
Whats The Cheapest Moving Truck Rental
Renting a 26-foot U-Haul truck big enough to haul a three- or four-bedroom house from San Francisco to Las Vegas came to $2,085 for four days. Renting the same truck going in the opposite direction is just a fraction of that cost: $132.
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What is causing the increase in U-Haul rental prices outside the Bay Area? According to the public policy think tank American Enterprise Institute, there are more people leaving the Northern California region than available trucks.
It’s not a new trend: Housing costs in California are so high that some people decide to leave the state entirely. AEI economist Mark Perry writes that the pricing of U-Haul rental trucks is one way to reflect that trend.
“This is a good example of supply and demand and market forces at work, with one-way U-Haul truck rental prices showing a relative decrease,” Perry said in a blog post explaining the price hike.
Perry says he looked at the costs of moving out of Bay Area cities to U.S. cities such as Phoenix, Portland, Austin, Nashville and Atlanta.
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The story has been the talk of Twitter, where it has become part of a general narrative about the cost of living in the state of California.
Last month, the California Legislative Analyst’s Office reported that the state experienced a net loss of nearly 1 million residents between 2007 and 2016. Most of these settlers moved to states such as Texas, Arizona, Nevada, and Oregon.
An analysis by real estate website Redfin published last month offers further evidence of the trend: San Francisco was the city with the biggest loss of residents, compared to New York with a net loss of 15,489 in the last four months of 2017. A net city loss of 12,532 residents.
Where did the people go? Redfin wrote that people are leaving “expensive, high-tax coastal markets like San Francisco, New York, Los Angeles” for homes in cities like Sacramento, Phoenix, Las Vegas and Nashville, where taxes are lower and housing is more affordable. . . “
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Perry at AEI found that renting a 26-foot U-Haul truck on a one-way excursion out of San Jose was also much more expensive than a round-trip.
We were curious about how much it costs to rent a U-Haul truck for one-way trips from San Diego, so we did some research and found U-Haul truck rentals for trips from San Diego. It was more expensive to take on. to another city than the other way around. That being said, the prices were not as high as in San Francisco.
Price comparisons show how much it costs to rent a U-Haul truck from San Diego to Las Vegas (left) and from Las Vegas to San Diego (right).
Price comparisons show how much it costs to rent a U-Haul truck from San Diego to Austin (left) and from Austin to San Diego (right).
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Price comparisons show how much it costs to rent a U-Haul truck from San Diego to Phoenix (left) and from Phoenix to San Diego (right).
If you live in California, tell us, have you ever thought about leaving the state and moving to another US city? If so, where would you go?
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How To Get The Cheapest Moving Truck Rental
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Are you looking for a bigger truck than the one offered by Rent A Car Fleet Vans? Schedule a large moving truck rental with Budget Truck. Choose from three sizes (12, 16, and 26-foot trucks) so you can move your entire apartment, entire house, or entire office in one trip.
Because Budget Truck has locations across the country, you can find a location near you and near your destination. Book a one-way moving truck rental if you’ve found a new home in a new city or rented locally, if you’re upgrading or downsizing in the same area. No matter what, affordable prices are included when you hire a moving truck with Budget Trucks.
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If a moving truck is a bit large for your needs, consider renting an inexpensive compact van, also from Budget Trucks. Enjoy 443 cubic feet of cargo space—plenty of room for some furniture, party decorations, or a box full of donations for your local thrift store.
Like moving trucks, cargo vans can be booked as a one-way rental or simply driven across the city and returned at the same location. Many people also prefer cargo vans over moving trucks because their compact size makes them easier to maneuver. Reserve a cargo van rental from Budget Trucks today. Two crossed lines form an ‘X’. Indicates a way to close an interaction or dismiss a notification.
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Renting a U-Haul to move outside of California can be 4 times more expensive than moving in due to high demand
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An easy way to determine who is going where is to look up rates for moving trucks between cities. And trucking rates for California cities go, well, they’re high. Certainly higher than rates in other cities.
This trend was first identified by Mark J., professor of finance and business economics at the University of Michigan-Flint. It was noted by Perry, who tweeted: “High demand and lack of available trucks making it expensive to leave California. Going to California. Getting really cheap due to low demand and excess of available trucks.”
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Not long after, Jalopnik reported a similar thing, where an apparent increase in demand is causing truck rates to skyrocket. Perry said the higher departure prices from California are a long-term trend that is “not necessarily related to the Covid-19 pandemic or the wildfires,” but Business Insider looked at the truck rental rates for themselves. This is what we got.
With a departure date of September 30, U-Haul moving truck rates from Austin, Texas to Los Angeles, California ranged from $711 for a 10-foot truck to $935 for a 26-foot truck.
On the reverse route, Los Angeles to Austin, during the same period, it ranged from $1,883 for the same 10-foot truck to $3,964 for a 26-foot truck. These prices are equal to the difference between two and four times relative to the upside.
From Austin to San Francisco, California, rates ranged from $459 for a 12-foot truck to $976.50 for a 26-foot truck, based on a Sept. 30 departure date.
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Prices have increased from San Francisco to Austin to $2,154.60 for a 12-foot truck and $5,420.70 for a 26-foot truck. These prices are equivalent to a difference of five times compared to the reverse journey.
It should be noted that one-way fares have historically been more expensive than round-trip fares. But a U-Haul spokesperson told Jalopnik that “it is reasonable to conclude that there is a high demand for outbound equipment in the market that reflects the high costs to outbound.”
Business Insider reached out to U-Haul and Budget, requesting additional data suggesting an increase in demand, how long they predict that demand will last, and how rental rates are determined.
Budget has yet to respond, but a U-Haul spokesperson provided Business Insider with the same statement it did to Jalopnik:
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U-Haul uses a proprietary rate and distribution system. Our management team considers many factors when determining the price for renting equipment from one location to another, including supply and demand. We try to make our team available here
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