Millionaire renter growth is outpacing millionaire homeowner growth. In California, that may not surprise anyone, as housing costs in the state are among the highest in the country. But a new report shows just how much the number of millionaire renters is rising, even in some unexpected places in and around the Golden State.
The majority of millionaire renters — defined as those renters who have a total annual household income of $1 million or more and who are renting an apartment or house — are still concentrated in California’s largest metros, according to a recent report analyzing census data from apartment rental website RentCafe. Los Angeles had the biggest growth among California cities, with a 609% increase from 2020 to 2024. San Francisco saw a 273% jump and San Jose saw 215% growth during that time.
But the growth in one city just outside California’s borders may actually say more about the state’s millionaire renters than some of the cities within it. A popular vacation spot for Southern Californians, Lake Havasu City had 226 millionaire renter households in 2024. In 2020, it had zero. The town, situated along the Colorado River at the border between San Bernardino County and Mohave County in Arizona, has long been attractive for boaters, fishers and tourists seeking warm weather, but it may be attracting a newer, more affluent transplant: Millionaire renters seeking lower taxes and a cheaper cost of living.
Smaller towns just outside major cities also continue to grow in their share of millionaire renters. The coastal city of Oxnard, which is within California’s borders, had the third-strongest gains of cities with no millionaire renters in 2020. Within commuting distance of Los Angeles, the seaside city jumped to 92 millionaire renters in 2024…