Phoenix Millionaire Renters Climb 355% Since 2020
Affluent renters in the Valley are growing faster than in most U.S. markets, which may shape competition for upscale apartments.
Updated on Nov. 2, 2026 in Apartments
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The number of millionaire renter households in the Phoenix metro area rose 355% between 2020 and 2024, according to a RentCafe.com analysis of U.S. markets. The Valley's millionaire renter count grew from 20 to 91 over that period, a trend that matters to apartment hunters and landlords alike.
Why it matters
Wealthy households are increasingly choosing to rent in Phoenix, which can shape competition for upscale apartments and the rental market for residents across the metro. The shift reflects a preference among some affluent renters to stay mobile and keep money liquid rather than tie it up in a home purchase.
Phoenix metro millionaire households grew from 257 in 2020 to 1,897 in 2024, ranking No. 16 nationally. Phoenix renter growth outpaced San Francisco (273%), Chicago (232%) and New York (167%).
The players
RentCafe.com
A rental listings and market data website that publishes apartment market research and analyses of renter trends across U.S. metros.
The details
RentCafe.com compared millionaire renter and homeowner household counts in each market across five years of data. Many affluent households in the analysis prioritize mobility without the commitment of owning a home, and many prefer to keep their money liquid and invested in the stock market rather than tied up in real estate. Nearly half of millionaire renters are Millennials, and Gen Z millionaire renter numbers rose 46-fold since 2020.
Timeline
2020: Baseline year for the Phoenix and national millionaire household counts.
2024: End year for the millionaire household growth measurements.
The Home Front
The RentCafe.com analysis sets national millionaire renter growth at 229% against 193% for homeowners between 2020 and 2024. Phoenix's 355% renter increase places the Valley among the fastest-growing markets for affluent renters in that dataset.
If you rent in the Phoenix metro, expect more competition for upscale units in the areas where affluent renters are concentrating. Compare current lease terms and renewal options before committing, and keep records of your rent history for future applications.
The takeaway
Rising millionaire renter counts in Phoenix show that demand for high-end rentals is growing alongside homeownership. Renters weighing a lease should review rent history and renewal terms, since competition in premium units may affect negotiating room.
Further reading
For more on how the rental market is shifting, see Apartments coverage across the Valley.
Source note: This article includes information reported by AZ Big Media.
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