{"id":173740,"date":"2023-01-31T09:22:13","date_gmt":"2023-01-31T16:22:13","guid":{"rendered":"https:\/\/inbusinessphx.com\/?p=173740"},"modified":"2023-01-31T09:22:13","modified_gmt":"2023-01-31T16:22:13","slug":"phoenix-is-a-magnet-for-wealthy-renters-boasting-more-than-10000-high-income-renter-households","status":"publish","type":"post","link":"https:\/\/staging.inbusinessphx.com\/?p=173740","title":{"rendered":"Phoenix Is a Magnet for Wealthy Renters, Boasting More Than 10,000 High-Income Renter Households"},"content":{"rendered":"<p><a href=\"http:\/\/inbusinessphx.com\/wp-content\/uploads\/2022\/11\/Soluna-Apartments.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium wp-image-172928\" src=\"http:\/\/inbusinessphx.com\/wp-content\/uploads\/2022\/11\/Soluna-Apartments-300x175.png\" alt=\"\" width=\"300\" height=\"175\" \/><\/a><\/p>\n<p>After a spectacular 82% growth between 2015 and 2020, the number of high-income renters has reached 2.6 million nationwide. What\u2019s more, we discovered a new type of tenants among the high-heeled renters: <span data-contrast=\"auto\">the millionaire renters<\/span><span data-contrast=\"auto\">, whose number has tripled in the past 5 years.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\"><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/az\/phoenix\/\" target=\"_blank\" rel=\"noopener\">Phoenix<\/a> claims 10th place on the list of America\u2019s top cities that have seen significant increases in the number of rich renters between 2015 and 2020. In addition, the capital of Arizona is the nation\u2019s 15th hotspot for wealthy renters, with a total of 10,419 high-income renter households. Meanwhile, the suburbs of <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/az\/surprise\/\">Surprise<\/a> and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/az\/chandler\/\" target=\"_blank\" rel=\"noopener\">Chandler<\/a> saw an even bigger influx of affluent renters than Phoenix<\/span><\/p>\n<p><span data-contrast=\"none\"><strong>Here are the main highlights<\/strong>:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"none\"> <strong>A spike of<\/strong><\/span> <span data-contrast=\"none\">122% in wealthy-renters<\/span><span data-contrast=\"none\"> pushed Phoenix high on the list compared to 2015. So, it comes as no surprise that<\/span><span data-contrast=\"none\"> by 2020 the city had 10,419 high-income renter households<\/span><span data-contrast=\"none\">, more than twice compared to five years prior. Rich renters represent 4% of the city\u2019s total renter population and make up the biggest high-earner renter community in Arizona.<\/span><\/li>\n<li><span data-contrast=\"auto\"> As <strong>home prices sky-rocketed in the past years in Phoenix<\/strong>, renting became an attractive option even for affluent people.To put it into context, the growth in home prices here was higher than the national average of 29%.<\/span><\/li>\n<li><span data-contrast=\"none\"> Although Phoenix is one of the high-income renter hotspots nationwide, it is not a magnet for millionaire renters. Instead, those who make more than $1,000,000 per year have a preference for major urban areas such as New York, San Francisco and Los Angeles.\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"> <strong>What is the situation in Phoenix metro?<\/strong><\/span><span data-contrast=\"auto\"> The number of high-income renters more than doubled in three suburban cities in the past 5 years. When it comes to the <\/span><span data-contrast=\"auto\">highest increase<\/span><span data-contrast=\"auto\"> in wealthy apartment-dwellers, <\/span><span data-contrast=\"auto\">Surprise takes the lead<\/span><span data-contrast=\"auto\"> in all of Arizona, boasting a <\/span><span data-contrast=\"auto\">336% increase<\/span><span data-contrast=\"auto\">. It is followed by <\/span><span data-contrast=\"auto\">Chandler (137%)<\/span><span data-contrast=\"auto\">, while the number of high-income renters in <\/span><span data-contrast=\"auto\">Glendale<\/span><span data-contrast=\"auto\"> grew by<\/span><span data-contrast=\"auto\"> 115%<\/span><span data-contrast=\"auto\">.<br \/>\n<\/span><\/li>\n<li><span data-contrast=\"none\"> Nearby Tucson also made its way up into the top 20 cities amid a 91% influx of high-income renters. Compared to 2015, the number of rich renter households almost doubled in the city, now boasting more than 2,000 rentals occupied by wealthy tenants.<br \/>\n<\/span><\/li>\n<li><span data-contrast=\"none\"> Nationwide, the number of renters with annual incomes of more than $150,000 grew by 82% between 2015 and 2020, faster than renters overall, who inched up by2% during the same timeframe. Meanwhile, the number of millionaire renter households tripled during those 5 years.<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">View the full report <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/millionaire-renter-households-triple-in-numbers\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.\u00a0 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a spectacular 82% growth between 2015 and 2020, the number of high-income renters has reached 2.6 million nationwide. What\u2019s more, we discovered a new type of tenants among the high-heeled renters: the millionaire renters, whose number has tripled in the past 5 years.\u00a0 Phoenix claims 10th place on the list of America\u2019s top cities [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":172928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[6],"tags":[5],"class_list":["post-173740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-trends","tag-hot-topics"],"_links":{"self":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/posts\/173740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=173740"}],"version-history":[{"count":0,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/wp\/v2\/posts\/173740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=173740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=173740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.inbusinessphx.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=173740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}