[Zillow's rental demand report](https://www.cnbc.com/2026/09/08/rental-demand-home-sales-zillow-report.html) confirms what Q2 earnings already whispered: affluent consumers are rotating out of high-cost metros to secondary cities. The data shows NET MIGRATION hitting places like Philadelphia and cheaper Sunbelt markets. For large-format retailers, this geographic shift poses a structural challenge.

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