With generous tax breaks, a growing financial technology scene, and year-round sunshine, Miami is among the metros growing fastest in demand for millionaire renters.

According to a recent study by RentCafe.com, many of the nation’s wealthy are opting to rent. Their data shows that millionaire renter households have grown about three times as fast as millionaire homeowners from 2020 to 2024.

Miami’s number of millionaire renter households grew more than 10 times in the time period, climbing from 51 in 2020 to 538 in 2024, making the Miami Metro area the #3 fastest-growing metro for millionaire renters, trailing only Houston (Txs) and Naples (FL).

Miami’s growth didn’t stop with renters, however, as the Magic City saw a rise in their total number of millionaire homeowners as well.

The total number of millionaire homeowners in Miami surged by 293% (from 1,188 to 4,667) in just four years, earning the metro an #11 spots nationwide for wealthy property owners.

Miami, the study found, is not only growing fast, but maintaining its place as a large metro. The city came in at #5 nationwide for total millionaire renter households, more than double Houston’s. Only sunny Los Angeles joins Miami in the top five nationwide for both growth and total count.

On a state scale, wealthy renters are spreading across Florida as a whole. Naples saw growth from 7 to 76 total millionaire renters, and Tampa from 21 to 76.

Jacksonville (72), Gainesville (52), and Sarasota (51) have joined the game as new millionaire renter market players, with each jumping up from zero in 2020.

Millennials make up half of the millionaire renters, with wealthy Gen Z renters posting the biggest jump in property acquisition among all age groups.

The growth is expected from members of the generation, as many of them were approaching age 30 at the study’s last year of data collection (2024).

The study found that a majority of millionaire renters work in white-collar, high-earning fields like chief executives, tech professionals, and top financial managers. Meanwhile, most millionaire homeowners are chief executives, physicians, managers, lawyers, and judges.

Looking ahead, millionaire renters have their sights set on Lake Havasu City in Arizona, Charleston (South Carolina), and Oxnard (CA).

To read the full study, click here.