Millionaire renters surge: Southern cities lead the trend
A significant shift is occurring in the US housing market, as evidenced by a 229% increase in millionaire renter households between 2020 and 2024, according to data from the US Census Bureau. Apartment-search website RentCafe analyzed this trend, noting that while traditional hubs like New York and Los Angeles remain popular, Southern cities are experiencing the most rapid growth in this demographic.
RentCafe defines a millionaire renter as a household earning at least $1 million annually who rents their residence. The analysis revealed that nearly half of these high-income renters are millennials, with Gen Z showing the fastest growth rate since 2020.
Doug Ressler, manager of business intelligence at Yardi Matrix, explained that this phenomenon is driven by factors including corporate relocations and lifestyle choices. Companies like Tesla, Oracle, Charles Schwab, and Palantir have moved headquarters or opened offices in Texas and Florida, attracting senior executives who often rent before purchasing property.
This influx of high-income earners is fueling growth in several cities. Here’s a ranking of the top 10 cities experiencing the largest increase in millionaire renters:
10. Phoenix: 355% increase, from 20 households in 2020 to 91 in 2024. 9. Boston: 381% increase, from 100 households in 2020 to 481 in 2024. 8. Dallas: 450% increase, from 30 households in 2020 to 165 in 2024. 7. St. Louis: 453% increase, from 15 households in 2020 to 83 in 2024. 6. Denver: 503% increase, from 39 households in 2020 to 235 in 2024. 5. Los Angeles: 609% increase, from 216 households in 2020 to 1,532 in 2024. 4. Seattle: 790% increase, from 50 households in 2020 to 445 in 2024. 3. Miami: 955% increase, from 51 households in 2020 to 538 in 2024. 2. Naples, Florida: 986% increase, from 7 households in 2020 to 76 in 2024. 1. Houston: 1,189% increase, from 18 households in 2020 to 232 in 2024.
Source
“Even millionaires are renting. Here are 10 cities they're flocking to.”
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