The number of Bay Area tenants who earn $1 million or more a year has nearly quadrupled since the pandemic as young residents get rich faster than ever before in a housing market where demand far outstrips supply.
Call it the rise of the renting rich.
The number of millionaire renter households in the San Francisco metro area rose 273% from 2020 to 2024, according to rental listing and data site RentCafe. San Francisco ranks second nationwide, with 1,863 such households, up from 499 in 2020. Only New York City had more millionaire renters: 7,296, a 167% increase since 2020…