Even millionaires are renting. Here are 10 cities they're flocking to.
Source: Business Insider ·
As companies head South, they're bringing their workers with them. It's fueling a surge in millionaire renters across several Southern cities.
From the source
A luxury building in Brickell, a wealthy neighborhood in Miami with many businesses and residential buildings.ajansen/Getty ImagesCensus data shows that the number of millionaire renter households grew by 229% from 2020 to 2024.Apartment-search website RentCafe ranked the cities with the fastest growth in millionaire renters.Millionaire renters still favor New York and LA, but Southern cities are gaining them fastest.Even millionaires are renting in today's expensive real estate market.Apartment-search website RentCafe found that the number of millionaire renter households grew by 229% when comparing US Census Bureau estimates for 2020 to 2024 with those from 2016 to 2020. That outpaced the 193% growth in millionaire homeowner households during the same period.RentCafe defines a "millionaire renter" as a household earning at least $1 million a year that rents an apartment or house.The company found that nearly half of millionaire renters are millennials, though the number of Gen Z…
BestAIBroker analysis
- Finance-aware sentiment: neutral (+0.00 on a -1 to +1 scale).
- Event classification: OTHER.
- Market importance score: 29/100, weighting entity relevance, source credibility, multi-outlet coverage and recency.