Millionaire Renters Skyrocket

Big money is skipping the mortgage. In Greater Phoenix, wealthy renters are piling up fast, flipping old ideas about what high earners do with their cash.

Huge Spike In The Valley

New data from RentCafe shows millionaire renters exploding in The Valley. Between 2019 and 2023, the number jumped 519%, putting Phoenix sixth nationwide for growth.

• Sixth highest millionaire renter growth in U.S.
• 519% increase over four years
• One in nine millionaires here now rent
• Previously one in eleven
• Total count ranks Phoenix 16th overall

Millionaire homeowners are rising too, but renters are climbing even faster. The luxury rental market is swelling fast.

Also Read: Home Builders Cut Prices & Boost Incentives In Greater Phoenix

High-End Rentals Draw Deep Pockets

Camelback Corridor made waves when The Bergen opened. With prices from $8,000 to $16,000 monthly, it showed how far the luxury rental scene is reaching.

• The Bergen leads premium apartment options
• Camelback Corridor draws affluent renters
• Monthly rents hit $16,000
• More luxury complexes entering the market
• Upscale amenities fuel interest

Renters want flexibility. Developers keep building to meet demand for fully-loaded, hassle-free living.

Millennials Out In Front

Younger high-earners are driving much of this shift.

• Millennials make up 46% of millionaire renters
• Gen X holds 34%
• Baby boomers claim 17%

Millionaire homeowners tilt older. Gen X leads at 43%, followed by boomers at 36%, and millennials at 16%.

Arizona Wealth Climbs Fast

Phoenix’s millionaire renter surge reflects a bigger trend across Arizona.

• Scottsdale ranked second worldwide for millionaire growth
• More high-income households relocating to Arizona
• Drawn by taxes, jobs, lifestyle perks

Remote work, market gains, and tech expansion drive these moves. The Valley’s high-end housing market is adapting quickly.

Also Read: Construction In Greater Phoenix Reshaping The Valley’s Future

Nationwide Growth Mirrors The Valley

The national millionaire count tells a similar story. Across the country, wealthy households keep multiplying.

• Millionaire households grew 173% nationally since 2019
• U.S. total jumped from 57,478 to 157,012
• High-earning households ($150K+) up 60%
• Renters among millionaires climbed from one in 13 to one in 11

While Phoenix ranks sixth for renter growth, metros like Houston, Dallas, Miami, Atlanta, and Virginia Beach grew even faster.

Renting Millionaires Reshape The Market

More wealthy households are choosing rentals. They want flexibility, location freedom, and fully-serviced living without the upkeep of ownership. Arizona’s luxury rental builders are keeping pace, and this shift shows no signs of cooling.

Also Read: Luxury Housing Market In Arizona & The Valley Summer Shift