Even millionaires are renting. Here are 10 cities they're flocking to.

Even millionaires are renting in today's costly genuine asset market.

Apartment-search website RentCafe established that the figure of millionaire renter households grew by 229% whenever comparing US Census Bureau estimates for 2020 to 2024 alongside those from 2016 to 2020. That outpaced the 193% growth in millionaire homeowner households during the identical period.

RentCafe defines a "millionaire renter" as a family earning at smallest $1 myriad a twelvemonth that rents an flat or house.

The business established that nearly fractional of millionaire renters are millennials, although the figure of Gen Z millionaire renters has grown the fastest since 2020. And during New York, San Francisco, and Los Angeles remain the biggest hubs for millionaire renters, Southern metros are seeing the fastest growth.

Doug Ressler, director of endeavor intellect at Yardi Matrix, the resolute rearward RentCafe's report, told Business Insider that during Western metros specified as Riverside and Santa Cruz, California, and Northeastern metros specified as Utica and Syracuse, New York, are losing millionaire renters, Southern metros are gaining them, mostly gratitude to their expanding job markets.

"These declines are at the intersection of migration, prosperity creation, manner choices, and renting as a transitional or chief strategy," Ressler said. "As company headquarters relocate to the South, additional senior-level executives are moving there. Many rent before they buy, assisting run the region's growth in high-income households and millionaires."

Over the former few years, many companies, including Tesla, Oracle, Charles Schwab, and Palantir, have relocated their agency or opened new offices in Texas and Florida, bringing their workers alongside them. It's no surprise, then, that multiple of the fastest-growing metros for millionaire renters are in these two states. Below, the top 10 cities for millionaire renters.