Data: RentCafe; Note: Ranking includes cities with at least 100 renter households with incomes of more than $1 million; Chart: Axios Visuals
The number of millionaire renters in South Florida grew 571.1% from 2020 to 2022, according to the latest data from RentCafe.
- The combined number of millionaire rental households in the Miami, Ft. Lauderdale and Palm Beach metro area grew from 97 in 2020 to 651, data shows.
Why it matters: We’ve long been told real estate is the best investment you can make. But more people with extra cash are choosing to put it elsewhere.
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.
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.