Millionaire renters more than triple in 5 years
The number of U.S. households earning at least $1 million annually while renting their homes has surged in recent years, reflecting shifting housing preferences among the nation’s highest-income earners.
The findings from RentCafe's new analysis offer insight into how income, lifestyle preferences, job mobility, and regional housing markets are reshaping demand for rental housing at the highest end of the market.
Where are Today’s Millionaires Renting and Buying?
According to RentCafe, millionaire renter households grew 229% between 2020 and 2024, outpacing the growth of millionaire homeowners.
Millennials account for nearly half of these affluent renters, while cities such as Houston, Texas, Naples, Fla., and Miami, Fla., are emerging as fast-growing markets.
Other in-demand metros for millionaire renters include Seattle, Wash., Los Angeles, Calif., and Denver, Colo.
"Nearly half of millionaire renters are Millennials, but Gen Z has posted the fastest surge in millionaire renters, with their numbers increasing 46-fold since 2020," the report states.
To read the full findings of the report, visit RentCafe here.
About the Author
Quinn PurcellQuinn Purcell
Quinn Purcell is the Managing Editor for Building Design+Construction. Covering the building industry for over four years, he has contributed to several award-winning industry reports, physical/digital magazines, and online news coverage. Quinn delivers content ranging from multifamily housing, technology, sustainability, and more.
For BD+C, Quinn runs the brand's 40 Under 40 program, covers product updates monthly, manages a blog partnership with over 50 AEC firms, and writes daily analytic-driven content for the website.