The number of millionaire renter households in Houston jumped from 18 to 232 between 2020 and 2024, increasing a whopping 1,189%, RentCafe said in a new report. That puts the city at the forefront of millionaire renter growth in the United States.

Houston was followed by Naples, Florida, where the number of millionaire renter households increased 986%, from seven to 76.

Across the country, there were 5,592 millionaire renter households in 2020. By 2024, that number had grown to 18,400. That’s a 229% increase, compared to a 193% increase for millionaire homeowner households during the same time frame.

About half of those millionaire renters are millennials, followed by 33% Gen X and 14% Baby Boomers. In comparison, millionaire homeowners are 45% Gen X, 33% Baby Boomer and 19% millennial.

“We’re seeing a growing segment of renters who aren’t renting because they have to — they’re renting because they want the lifestyle that comes with a luxury, full-service residences coupled with the extensive amenities,” said M. Stephen Meek, senior vice president of development for active Houston developer StreetLights Residential. “They want the space, privacy and quality of a custom home, but they also value the convenience of a full-service building that supports a lock-and-leave lifestyle, without the concern of costly maintenance, property taxes or rising condo association dues.”