HOUSTON (AP) — Houston has seen a dramatic rise in millionaire renters, leading the nation in the growth of high-income households choosing to rent rather than own homes, according to a new study.
Between 2019 and 2023, the number of Houston-area households earning $1 million or more annually and renting their homes increased from just seven to 179 — a 25-fold jump — the largest increase among the 50 largest U.S. metro areas, according to apartment listing platform RentCafe.
The trend reflects a broader shift in housing preferences among the affluent, as high-income individuals increasingly favor renting for reasons ranging from financial strategy to lifestyle flexibility.
Rising mortgage rates and soaring home prices have made renting more attractive, even for those who can afford to buy. In addition, the growth of luxury apartment complexes in Houston — many offering amenities such as fitness centers, pools and concierge services — has helped draw in wealthy renters.
Experts also cite the rise in remote and hybrid work as a key factor, enabling professionals to live in cities that offer more space and lower costs without sacrificing quality of life. Houston’s strong job market, lack of state income tax and comparatively affordable cost of living have made it a prime destination.
Nationwide, the number of millionaire renter households grew from 1,068 in 2019 to over 3,400 by 2023. Millennials now make up nearly half of this group, according to RentCafe, signaling a generational shift away from traditional notions of homeownership.
While the study did not specify which Houston neighborhoods saw the most growth, luxury rentals in Midtown, Montrose, The Heights and the Galleria area are likely contributors to the surge.
As the trend continues, analysts say the rise in affluent renters could reshape local housing markets and influence future residential development across the region.