The number of millionaires opting to rent a home rather than buy one has soared — signaling a shift in how the wealthy think about investing in real estate.

Between 2019 and 2023, the population of millionaire renters in the US more than tripled, reaching 13,692, according to RentCafe.

While most in this deep-pocketed class still own — the tally of millionaire homeowners topped 143,000 last year – the surge in luxury leases suggests that liquidity and flexibility are trumping the pride of ownership.

The pandemic years coincided with the sharpest gains, especially in low-tax Southern metros such as Houston, Dallas, Miami and Atlanta. Large coastal cities, however, still dominate. 8

New York counted 5,661 millionaire renters in 2023, up from 2,204 four years earlier. San Francisco

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