Renting is gaining ground for wealthy households. According to a new report from RentCafe, 1 in 11 millionaires is a renter, up from 1 in 13 in 2019.
The report, which analyzes IPUMS data, notes the number of renter households with an income of $1 million or more jumped from 4,500 to 13,700 between 2019 and 2023, adding 9,200 millionaire renters to the market. Millionaire homeowners also saw a significant increase during this time, climbing from 52,966 to 142,320 households.
“While homeowners still account for the lion’s share of millionaires in the residential sector, the much faster growth rate among renters marks an inflection point: Affluent individuals are increasingly drawn to the flexibility and amenity‑rich offerings of high‑end rental properties,” states the report.
According to RentCafe, the surge in millionaire renters can be attributed to several factors, including robust stock market gains over the last five years, the expansion of the tech sector, the flexibility from remote work opportunities, and the preference for turnkey living solutions versus the responsibilities of homeownership.
Here are some other key findings from RentCafe’s analysis:
- Sun Belt metros are hot spots for millionaire renters. The number of millionaire renter households in Houston surged from seven in 2019 to 179 in 2023, while Dallas saw an increase 14 to 185 during the same period. In Miami, the number of millionaire renters jumped from 26 to 314 between 2019 and 2023, while Atlanta increased from 20 to 221;
- In 2019, Charleston, South Carolina, had no millionaire renters. However, that changed between 2019 and 2023, increasing to 206 households. Oxnard, California, and Florida’s Jacksonville and Orlando also added their first millionaires to the market during this time;
- Known as a top destination for wealthy renters, New York City saw its millionaire renter households rise from 2,204 in 2019 to 5,661 in 2023—a 157% increase. San Francisco ranks second, jumping from 321 millionaire households in 2019 to 1,411 in 2023; and
- Outside of the hot Sun Belt and coastal markets, several less traditional markets with favorable business climates have seen an increase in millionaire renters, including Salt Lake City; Pensacola, Florida; San Luis Obispo, California; and Chattanooga, Tennessee.
