Charlotte Now a Hotspot for High-Income Renters ─ Nearly Doubled in 5 Years


America’s high-income earners seem to be getting a real taste for renting, according to RentCafe’s newest study. Renters with an annual income of more than $150,000 nearly doubled in five years, reaching a total of 2.6 million. Among them, an unlikely new kind of renter is gaining ground: the millionaire.

Charlotte is at the forefront of this trend, boasting the largest number of high income renter households in all of North Carolina, followed at a great distance by The Triangle and Greensboro. More so, it landed on the 8th spot in the national ranking.

Here are some key-highlights:

  • In Charlotte, the number of rich renter households sky-rocketed by 87% between 2015 and 2020. Consequently, the city reached a high of 9,452 well-off renter households in 2020 (compared to 5,052 just five years prior).
  • Meanwhile, home prices  increased by 37%, leaving even those who can afford to buy (despite surging mortgage rates) with an appetite for renting.
  • High-income renters represent 6% of the city’s total renter population, which is the 2nd highest share in the state.
  • Despite its growing high-income renter population, Charlotte didn’t secure a spot in the nation’s top millionaire renter hotspots, where major urban areas such as New York, San Francisco and Los Angeles took the lead. 
  • Nationwide, the number of renters with annual incomes of more than $150,000 grew by 82% between 2015 and 2020. That’s faster than renters overall, who inched up by a mere 3.2%. What’s more, the number of millionaire renter households tripled during the same time frame.


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Curious to find out more about the nation’s rich renters? Here’s the full study, along with the  detailed methodology: