Phoenix Millionaire Renters Surge 355% Since 2020
The number of millionaire renter households in the Phoenix metro area rose sharply between 2020 and 2024, according to a RentCafe.com report.
Updated on Nov. 2, 2026 in Apartments
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Millionaire renter households in the Phoenix metro area rose 355% between 2020 and 2024, while millionaire homeowner households grew 662% over the same period. The analysis, drawn from RentCafe.com's report on U.S. markets, shows the Valley's wealthy population increasingly favoring rental housing.
Why it matters
The Phoenix metro now ranks No. 16 nationwide for millionaire households, and renter growth there outpaced San Francisco, Chicago and New York. For Phoenix residents, the trend signals rising demand for high-end rental housing among affluent households.
Phoenix millionaire renters grew from 20 households in 2020 to 91 in 2024, while overall millionaire households in the metro rose from 257 to 1,897, a 638% increase. The extraction does not specify whether the newcomers relocated to the area or whether local wealth growth drove the increase.
The players
RentCafe.com
RentCafe.com is an apartment rental listings and market research platform that publishes data-driven reports on the U.S. rental housing market.
The details
RentCafe.com's report compared millionaire renter and homeowner household counts across U.S. markets from 2020 to 2024. Analysts say many millionaires prioritize mobility and prefer to keep money liquid in the stock market rather than tie it up in real estate.
Timeline
2020: Baseline year for Phoenix and national millionaire household counts.
2024: End year for millionaire household growth measurements.
Market Context
The Phoenix millionaire renter surge extends RentCafe.com's multi-year tracking of affluent household counts across U.S. metros, which shows renter growth among the wealthy outpacing homeownership in several cities. Nationally, millionaire renters grew 229% from 2020 to 2024, compared with 193% for millionaire homeowners.
Phoenix renters may face increasing competition for upscale rental units as affluent households enter the market. Residents seeking apartments in higher price tiers should expect demand to remain strong given the sustained growth in millionaire renters.
The takeaway
Renting is increasingly a deliberate choice for wealthy households, not only a stepping stone to ownership. Phoenix renters and landlords alike should watch how this high-income demand shapes the upscale apartment segment.
Further reading
Explore more on the Apartments section for context on the Valley's rental market trends.
Source note: This article includes information reported by AZ Big Media.
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