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

Even millionaires are renting. Here are 10 cities they're flocking to. A luxury building in Brickell, a wealthy neighborhood in Miami with many businesses and residential buildings. ajansen/Getty Images 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 millionaire renters has grown the fastest since 2020. And while New York, San Francisco, and Los Angeles remain the biggest hubs for millionaire renters, Southern metros are seeing the fastest growth.Doug Ressler, manager of business intelligence at Yardi Matrix, the firm behind RentCafe's report, told Business Insider that while Western metros such as Riverside and Santa Cruz, California, and Northeastern metros such as Utica and Syracuse, New York, are losing millionaire renters, Southern metros are gaining them, largely thanks to their growing job markets."These declines are at the intersection of migration, wealth creation, lifestyle choices, and renting as a transitional or capital strategy," Ressler said. "As corporate headquarters relocate to the South, more senior-level executives are moving there. Many rent before they buy, helping drive the region's growth in high-income households and millionaires."Over the past few years, many companies, including Tesla, Oracle, Charles Schwab, and Palantir, have relocated their headquarters or opened new offices in Texas and Florida, bringing their workers with them. It's no surprise, then, that several of the fastest-growing metros for millionaire renters are in these two states. Below, the top 10 cities for millionaire renters. 10. Phoenix Phoenix Kruck20/Getty Images Number of millionaire renter households in 2020: 20Number of millionaire renter households in 2024: 91Percentage increase: 355% 9. Boston Boston. Sean Pavone/Getty Images/iStockphoto Number of millionaire renter households in 2020: 100Number of millionaire renter households in 2024: 481Percentage increase: 381% 8. Dallas Dallas. Kruck20/Getty Images Number of millionaire renter households in 2020: 30Number of millionaire renter households in 2024: 165Percentage increase: 450% 7. St. Louis St. Louis. Perry Spring/Getty Images Number of millionaire renter households in 2020: 15Number of millionaire renter households in 2024: 83Percentage increase: 453% 6. Denver Denver. miroslav_1/Getty Images/iStockphoto Number of millionaire renter households in 2020: 39Number of millionaire renter households in 2024: 235Percentage increase: 503% 5. Los Angeles Los Angeles. Michelle Smith/Getty Images Number of millionaire renter households in 2020: 216Number of millionaire renter households in 2024: 1,532Percentage increase: 609% 4. Seattle Seattle. Mekdet/Getty Images Number of millionaire renter households in 2020: 50Number of millionaire renter households in 2024: 445Percentage increase: 790% 3. Miami Miami, Florida. felixmizioznikov/Getty Images Number of millionaire renter households in 2020: 51Number of millionaire renter households in 2024: 538Percentage increase: 955% 2. Naples, Florida Naples, Florida. Paola Giannoni/Getty Images Number of millionaire renter households in 2020: 7Number of millionaire renter households in 2024: 76Percentage increase: 986% 1. Houston Houston. Dee Liu/Getty Images Number of millionaire renter households in 2020: 18Number of millionaire renter households in 2024: 232Percentage increase: 1,189% Read next Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Alcynna Lloyd is a real estate reporter with Business Insider. She writes about homebuying behavior, tiny homes, multi-generational housing, migration trends, and housing affordability.Prior to joining Business Insider, Lloyd was the Digital Media Manager at HousingWire.Do you have feedback or a tip? Find her on X/Twitter, LinkedIn, or email alloyd@insider.com. Cities