Why New York's Millionaire Renters Are on the Rise

They can afford multimillion-dollar mansions, but a growing number of wealthy New Yorkers would rather hand over a rent check than pick up a set of house keys.

The New York City metro area is now home to more millionaire renters than anywhere else in the country, with the number of households earning at least $1 million annually and choosing to rent nearly tripling since 2020, according to a October report from RentCafe.

And while the ultra-rich still overwhelmingly favor homeownership, the region’s affluent renters are multiplying faster than their property-owning counterparts — suggesting that even for those with seven-figure incomes, buying a home isn’t necessarily the ultimate goal.