Even millionaires are renting. Here are 10 cities they're flocking to.
As companies head South, they're bringing their workers with them. It's fueling a surge in millionaire renters across several Southern cities.
In the past few years, the number of millionaire renter households has skyrocketed in the United States, with Southern cities experiencing the most rapid growth. According to a study by apartment-search website RentCafe, millionaire renter households increased by 229% from 2020 to 2024, outpacing the 193% growth in millionaire homeowner households during the same period. This trend is driven by a combination of factors, including shifting corporate headquarters, lifestyle choices, and rental as a strategic capital move.
New York, Los Angeles, and San Francisco still dominate as the primary hubs for millionaire renters, but Southern metros are gaining the fastest traction. Cities such as Phoenix, Dallas, St. Louis, Denver, Los Angeles, Seattle, Miami, Naples, and Houston saw significant increases in millionaire renter households between 2020 and 2024.
Notably, Houston led the pack with a 1,189% increase, followed by Naples, Florida, with a 986% growth. The study suggests that the rapid job market expansion in these Southern metros, coupled with the relocation of corporate headquarters, is attracting high-income earners who initially rent before purchasing property.
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