The growing share of students in an urban population contributes significantly to the intellectual potential of cities and regions. It enables the development of labour markets, housing markets, and increases local consumption; this also enriches urban culture and creates an environment for new ideas to flourish. However, the question is how to retain this valuable human capital after graduation. In numerous student cities in Central and Eastern Europe, graduates decide to leave the places they studied in to settle in capital cities or abroad. Most studies on this phenomenon reveal that highly skilled people are guided in their decisions regarding migration by both economic and noneconomic factors. This paper presents the case study of Lodz, the third largest city in Poland, which has experienced a shift from its high level of attractiveness to students to a lower level of attractiveness to graduates.The study is based on cyclical research conducted among students of all public universities operating in the city. It reveals the durability of the city's image in time but also the temporary rather than permanent nature of the willingness to leave the city. In addition, it also reveals certain discrepancies concerning willingness to stay between students originating from Lodz and those born outside the city. Finally, the study confirms that noneconomic factors of migration (primarily the labour market situation), such as relational ties, self-attachment to the city, and marketing activities equally strongly affect students' decisions regarding staying in or leaving the city.