Metro Areas with the Most Millionaire Renter Households

[Costanza]

More millionaire renters​

The number of millionaire renters in the D.C. area more than tripled from 2020 to 2022, according to the latest data from RentCafe.

Why it matters: We've long been told real estate is the best investment you can make. But with high mortgage rates and low inventory keeping D.C.'s homes pricey, more people with extra cash are choosing to put it elsewhere, writes Axios' Brianna Crane.

What they're saying: "Even though they're still a small group, the increasing number of millionaire renters indicates a shift in how well-off people approach lifestyle and investment decisions nowadays," RentCafe analyst Veronica Grecu tells Axios.

By the numbers: The number of D.C.-area households consisting of millionaire renters grew from 73 in 2020 to 244 in 2022 — 234%, according to RentCafe.

Data: RentCafe. Note: Ranking includes cities with at least 100 renter households with incomes of more than $1 million.​

The big picture: The number of millionaire renters across the U.S. nearly tripled from 2020 to 2022, per RentCafe data.

• Grecu predicts that number will continue to grow in the near term, especially in high-cost cities.

What's happening: Renting is the better deal in nearly every U.S. city right now. So instead of dumping their capital into homeownership, rich renters are growing wealth by putting their money into "stocks, bonds, their own businesses, or other assets," Grecu says.

• Inventory in D.C. remains low, especially in its most sought-after neighborhoods, meaning expensive prices and big mortgage payments.
• For instance, last year's median home sale price in Spring Valley, D.C.'s most expensive neighborhood, was $2.5 million.

"By renting — especially in top-notch neighborhoods — they can stay nimble, ready to move or shift their investments as the market changes," Grecu says.

Yes, but: This trend likely won't last forever, says D.C. agent Daniel Heider, pointing out that this could also be a result of a lack of enticing inventory in the market.

• "Owning property will always be the American dream," he tells Axios.

Mimi's thought bubble: Just thinking out loud here, but if I were a D.C. millionaire, I'd rent this four-bedroom, 5,000-square-foot Kalorama pad for a casual $12,500 a month.

https://www.axios.com/newsletters/axios-dc-9b518c53-32d7-41e4-9ee5-0b1822f4deba.html

 

[tallblacknyc]

I knew nyc would top the list

 

[jack walsh13]

I knew nyc would top the list

Word. I just recently looked at the prices to live in that Jenga building. Shit is insane.

 

[Jumbodicc]

I'm surprised to see Jax, FL.

 

[Costanza]

I knew nyc would top the list

But the margin! If you exclude San Francisco and LA, NY has about as many millionaire renters as the rest of the list combined.

 

[850credit]

I'll keep this in mind when I'm a millionaire, until then I'll continue living in my bad investments.

 

[Dr. Truth]

Guaranteed all those millionaire “renters” also own property. Click bait bullshit

 

[a1rimrocka]

I just can't see Winston-Salem actually having more millionaire renters than 2 high cost of living cities near water, or even Charlotte which isn't even listed

 

[Costanza]

Guaranteed all those millionaire “renters” also own property. Click bait bullshit

"Ranking includes cities with at least 100 renter households with incomes of more than $1 million"

When a family owns more than one home, they are still referred to as one household, correct?

If so, they are referring to cities with over 100 millionaires renting, not just cities where millionaires own a total of 100+ homes, which would be a very different set of data.

I don't think, then, that it makes sense to claim they all also own property because the article says "The number of millionaire renters across the U.S. nearly tripled from 2020 to 2022." Not the number of homes being rented but the number of millionaire renters.

So they all went out and started renting extra homes in 2020? Doesn't seem so. More likely, low-end millionaires in cities like San Francisco and DC are now more likely to rent than to buy a home outright.

 

[YoungSinister]

I just can't see Winston-Salem actually having more millionaire renters than 2 high cost of living cities near water, or even Charlotte which isn't even listed

Right
I was looking for Raleigh or Charlotte but saw WS…I was there this past weekend. Granted I was in only one area of the city, but I didn’t see much affluence. Meanwhile I love in midtown Raleigh, and I see supercars almost daily

 

[Dr. Truth]

"Ranking includes cities with at least 100 renter households with incomes of more than $1 million"

When a family owns more than one home, they are still referred to as one household, correct?

If so, they are referring to cities with over 100 millionaires renting, not just cities where millionaires own a total of 100+ homes, which would be a very different set of data.

I don't think, then, that it makes sense to claim they all also own property because the article says "The number of millionaire renters across the U.S. nearly tripled from 2020 to 2022." Not the number of homes being rented but the number of millionaire renters.

So they all went out and started renting extra homes in 2020? Doesn't seem so. More likely, low-end millionaires in cities like San Francisco and DC are now more likely to rent than to buy a home outright.

A lot of rich people snatched up cheaper suburban property or fixers and rent it out and rent another place for themselves to live in. The millionaire people who are renting are not actually paying the rent their tenants are.

 

[Amajorfucup]

But the margin! If you exclude San Francisco and LA, NY has about as many millionaire renters as the rest of the list combined.

And if you go by percentage of population DC is probably #1 by far.


The District.

 

[DragonXJC]

Guaranteed all those millionaire “renters” also own property. Click bait bullshit

Yup, apartment in the city for M-Th, sometimes reimbursed by the company since it's cheaper than hotel cost.
And a weekend/family home in Connecticut, Long Island or NJ.

 

[HUNTSVEGAZ]

Lease where you live, rent out what you own

Tried and true

 

[ArsenalCannon357]

Lease where you live, rent out what you own

Tried and true

LOL rehabbing for the new tenant as I type

 

[tallblacknyc]

And if you go by percentage of population DC is probably #1 by far.


The District.

340,000 millionaires in nyc

 

[DC_Dude]

I just can't see Winston-Salem actually having more millionaire renters than 2 high cost of living cities near water, or even Charlotte which isn't even listed

Right that she blew
My mind too

 

[DC_Dude]

Right
I was looking for Raleigh or Charlotte but saw WS…I was there this past weekend. Granted I was in only one area of the city, but I didn’t see much affluence. Meanwhile I love in midtown Raleigh, and I see supercars almost daily

Right

 

[HUNTSVEGAZ]

Right
I was looking for Raleigh or Charlotte but saw WS…I was there this past weekend. Granted I was in only one area of the city, but I didn’t see much affluence. Meanwhile I love in midtown Raleigh, and I see supercars almost daily

Is that right... Interesting

 

[praetor]

 

[Dr. Truth]

There you have it. Like I said Click bait bullshit