Why are more millionaires renting?

Millionaire renters have tripled since 2019, and one in 11 now rents. An analysis by RentCafe says the number of renter millionaire households across the U.S. is now 13,700, a “staggering increase” in just five years. Southern metro areas are the biggest hotspots, with Houston, Dallas and Miami growing the most. “Places that had zero millionaire renter households just a few years ago are now experiencing rapid growth,” the report notes, adding that millennial millionaires are more likely to rent than other generations. The surge can be traced to multiple factors, including robust stock market gains, a desire to move on a whim and remote work.