The number of millionaire renter households in the United States increased by 229% between 2020 and 2024, reflecting a growing preference for renting among affluent Americans, according to a report from RentCafe.
The study found that the number of renter households earning at least $1 million annually rose from 5,592 in 2020 to 18,400 in 2024. Although millionaire homeowners continued to make up the majority of this income group, their numbers grew at a slower rate of 193%, reaching 189,295 households in 2024.
As a result, renters accounted for a larger share of millionaire households, increasing from 7.8% in 2020 to 8.9% in 2024.
Flexibility Drives Rental Appeal
While the report did not directly survey households about their housing decisions, it highlighted flexibility and mobility as potential advantages of renting. Affluent households can relocate to different markets without the time, expense, and complexity of selling high-value properties.
However, the findings should be considered alongside inflation. The report did not adjust for changes in purchasing power between 2020 and 2024, meaning the $1 million income threshold represented different levels of real income over the period.
Major Markets See Significant Growth
Several metropolitan areas experienced substantial increases in millionaire renter households. Houston saw its numbers rise from 18 households in 2020 to 232 in 2024, while Los Angeles grew from 216 to 1,532. San Francisco increased from 499 to 1,863, and New York recorded growth from 2,730 to 7,296 households.
These increases suggest that high-income renters are becoming more visible across major U.S. housing markets, although growth rates in some metros were amplified by relatively small starting numbers.
Millennials Lead Millionaire Renters
Millennials represented 49% of millionaire renter households in 2024, making them the largest generational group in the category. By comparison, they accounted for just 19% of millionaire homeowners. Generation X represented 33% of millionaire renters, while Baby Boomers made up 14%.
Chief executives were the leading occupational group among millionaire renters, with 1,530 households, followed by software developers at 1,344 and other managers at 1,128.
Implications for the Rental Housing Market
The findings point to a changing relationship between income, wealth, and homeownership. While high earnings have traditionally been associated with purchasing property, the growing number of millionaire renters suggests that ownership is not the only option for affluent households.
For the single-family rental (SFR), build-to-rent (BTR), and broader multifamily sectors, this trend highlights the importance of understanding renter preferences across income groups. Flexibility, location, and lifestyle considerations may influence housing decisions alongside the ability to purchase a home.
Although millionaire renters remain a relatively small share of affluent households, their rapid growth underscores how rental housing continues to serve a wider range of American households.
Source: Yield PRO
