Feb 14, 2024 - News

Dozens of millionaires are renting their Tampa Bay homes

Data: RentCafe; Note: Ranking includes cities with at least 100 renter households with incomes of more than $1 million; Chart: Axios Visuals
Data: RentCafe; Note: Ranking includes cities with at least 100 renter households with incomes of more than $1 million; Chart: Axios Visuals

There are 52 millionaire renters in the Tampa Bay area, according to the latest data from RentCafe.

Why it matters: We've long been told real estate is the best investment you can make. But more people with extra cash are choosing to put it elsewhere.

What they're saying: "Even though they're still a small group, the increasing number of millionaire renters indicates a shift in how well-off people approach lifestyle and investment decisions nowadays," RentCafe analyst Veronica Grecu tells Axios.

The big picture: The number of millionaire renters across the U.S. nearly tripled from 2020 to 2022, per RentCafe data.

  • Grecu predicts that number will continue to grow in the near-term, especially in high-cost cities.

What's happening: Renting is the better deal in nearly every U.S. city right now. So instead of dumping their capital into homeownership, rich renters are growing wealth by putting their money into "stocks, bonds, their own businesses, or other assets," Grecu says.

  • "By renting β€” especially in top-notch neighborhoods β€” they can stay nimble, ready to move or shift their investments as the market changes," Grecu says.

πŸ’­ Kathryn's thought bubble: If I were a Tampa Bay millionaire, I'd swallow my hatred of gray wood floors to rent this $11,000 a month "home in the sky."

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