Even millionaires are renting. Here are 10 cities they're flocking to.

A luxury building in Brickell, a wealthy neighborhood in Miami with many businesses and residential buildings. ajansen/Getty Images

Even millionaires are renting in today's expensive real estate market.

Apartment-search website RentCafe found that the number of millionaire renter households grew by 229% when comparing US Census Bureau estimates for 2020 to 2024 with those from 2016 to 2020. That outpaced the 193% growth in millionaire homeowner households during the same period.

RentCafe defines a "millionaire renter" as a household earning at least $1 million a year that rents an apartment or house.

The company found that nearly half of millionaire renters are millennials, though the number of Gen Z millionaire renters has grown the fastest since 2020.…