Phoenix ranks sixth in the nation for growth in millionaire renters, with a 519% increase between 2019 and 2023, as more high earners choose renting over buying. One in nine millionaire households in the region now rents, reflecting a growing preference for luxury, low-maintenance living. Nationwide, millennials make up the largest share of millionaire renters, driving this lifestyle shift in cities like Phoenix.
Source: https://www.bizjournals.com/phoenix/news/2025/06/16/valley-surge-for-millionaire-renter-growth.html
