A new analysis has found that the number of New York renters who also cost as much as seven figures has risen sharply in recent years.
The Big Apple has a record number of wealthy residents, according to US apartment search site RentCafe.
“Our latest study reveals a spectacular jump in the number of millionaire renters in New York City, with this elite group tripling a record over the past five years,” reads a release for the survey, which was Published Monday.,
Using the most recent census data available to RentCafe, the site determined that, in 2015, the city’s renter population included 908 millionaires. By 2020, that number had grown to 2,457—a 171% increase, and three-quarters of the national total of renter households that earn more than $1 million a year. In contrast, San Francisco saw its millionaire renter rank from 17 to 294 – which, at 1,629%, made it the largest increase in the US. In Jersey City, there were exactly zero millionaire renters in 2015, but 104 as of 2020.
RentCafe looked not only at the geographic composition, but also at the demographic breakdown of America’s most affluent renters. Analysts found that Millennials have more millionaire renters than any other generation. Gen Xers came in second, Baby Boomers third, and Gen Z and the Silent Generation scored lowest.
The results were perhaps the least surprising when it came to the most popular jobs held by millionaire renters. Managers, financial services sales agents, software developers, lawyers and judges were among the most commonly found careers for the elite group.
Overall, the report concluded, the trend of high-income earners choose to rent is flying
“Nationwide, there are now 2.6 million Americans who choose to live in rentals over $150,000,” the study authors wrote.