Massive exodus to Texas causing rental truck price spike in California
(Texas News Radio) — It’s becoming more expensive for Californians to move to Texas.
Well, the physical move itself is getting pricier.
KSEE-TV reported that truck rentals from major companies like U-Haul and Penske cost about $2,500 more from California to Austin than rental from Austin to California. For Budget, that difference was more than $3,000.
The TV station looked at trips from Fresno to Austin for February 27th and what it would cost to rent a 10-foot box truck from U-Haul, Penske, and Budget.
Trips from Fresno to Austin ranged between $3,700 and $4,200. However, rentals in the opposite direction cost between $1,000 and $1,400.
The reason for the difference? The companies told KSEE-TV it’s all supply and demand, as Penske explained in a statement:
Penske Truck Rental currently has more customers leaving California than moving back into California, which has been consistent throughout the pandemic period. This has caused a fleet imbalance due to the lack of return flow of rental trucks back into California. Thus, Penske ends up with an over-supply of trucks in Texas and not enough trucks in California.